Consumer Direct Marketing – Don’t Leave Your Mortgage Business Without It

You may be very happy contacting and schmoozing Realtors/Agents/Builders and begging for their business or, possibly purchasing leads and then competing with three or more originators for the mortgage. But, there are many loan officers and mortgage brokers working with prospects, home buyers and sellers, many months before they even think about contacting a Realtor/Agent.

It’s called “Consumer Direct Marketing” and the mortgage professionals that are incorporating this principle into their marketing programs, are way ahead of you. And yes, it’s simply marketing to consumers, prospects, and clients long before they decide to make a mortgage decision.

The mortgage professionals that are using this principle have seen the handwriting on the wall and the changes taking place in the mortgage industry. I’m sure you’ve experienced the fact that many Realtors/Agents and even some Builders now have their own mortgage companies. They are competing with you head-to-head and originating loans themselves. They control the listings and now they are trying to control the entire transaction including the mortgage process and eliminate you from the deal.

By marketing directly to consumers well in advance you’re circumventing this possibility. You’re establishing a rapport, a bond, and enhancing your position as a trusted financial advisor with your contacts. You’re also approving them for a mortgage in advance further solidifying your position and totally eliminating the competition. A Realtor/Agent/Builder would be out of their mind to suggest that your client start the mortgage process all over again with a new loan officer and a new company. After all, the mortgage is approved and a quick closing is all but guaranteed, isn’t it?

Here are a just few “Consumer Direct Marketing” methods you could be incorporating into your marketing program to ensure your mortgage success:

1. You can market to your existing database ever month with timely mortgage and credit information, postcards, articles, and reports.

2. You can market to For Sale By Owners (FSBOs) and assist them in selling their homes and pre-qualify and pre-approve their prospects for them.

3. You can market to first-time home buyers and pre-approve them for a mortgage loan in advance and before a Realtor/Agent is involved.

4. You can market to anyone by providing free articles and reports such as Refinancing Tips, Home Buyer Tips, Credit Tips, Mortgage Tips, Mistakes People Make When Shopping For A Mortgage, and the like.

5. You can market to Divorce Attorneys, Financial Advisors/Planners, and CPA’s to gain referral partners and new mortgage prospects.

Yes, the mortgage business is changing. Don’t be left behind…and don’t be that “Old Dog” that can’t learn new origination tips. Change the way you originate loans and you’ll continue to prosper in the mortgage business.

Internet Marketing Appeal

Why is internet marketing so popular? What makes it so special? Compared to traditional marketing what makes internet marketing different?

The answer is quite simply, it’s cost versus it’s reach. In traditional marketing the choice of media is key. Internet marketing lets marketers choose between a wide variety of media. From newsletters, to video, to even one-on-one conversations.

One of the biggest benefits of internet marketing over traditional marketing is the low cost of entry. Just about anyone can throw up a Squidoo page at little or no monetary cost. This although a great benefit, is not the most important one.

Another benefit that online marketing has over traditional promotion tactics is the ability for instantaneous feedback. This is a main staple of direct response marketing. I’ll tell you want, the direct-response and direct mail kings of old would have a field day with the internet and world-wide-web.

The internet allows for almost instantaneous feedback. Meaning you can see if what you are doing is working or not. For example you can have stats on your website to see if the forum post you did a few minutes ago attracted any visitors.

Or you can test if the email you just sent to 7,000 people got you any sales. Or you can put up a little ask campaign, surveying your prospects thoughts, and get answers right away that you can put into your next product.

The feedback loop for online marketers is great, however that’s not even the best benefit of internet marketing. By far the biggest reason why internet marketing is a revolutionary form of marketing is it’s enormous reach.

The internet literally connects the world together. If you have a website, literally your reach if over a billion people. Over a billion people can visit your website, see your business offer, at little cost compare to traditional media.

A combination of the three, low-cost, instant loop and broad reach will provide online entrepreneurs with endless amounts of opportunity for some time to come.

How to Mix Your Sales and Marketing Efforts – And Why You Should

A traditional sales campaign typically involves a sales force following up on new leads from website inquiries, calls for more information, purchased lead lists, and referrals. Your sales force (or perhaps that is you) makes calls on potential new customers, completes the “dog and pony show” and then continues to follow up in order to convert that lead into a sale. Usually, this effort is easily measurable. You either see results or you don’t. The process is black and white.

In marketing, measurable goals can appear a bit grayer. But they don’t have to be. Each and every time you implement a new marketing strategy, you must affirm that it is indeed measurable. Otherwise, how else will you know if your time and money was well spent? Ultimately, the key here is to actually blend your sales and marketing efforts together for maximum return on investment. When you tie these two together, measuring the end result actually becomes that much easier.

Measuring marketing efforts can be a scary thought. Just as sales people have quotas, the marketing crew needs a measure of accountability, because every dollar that you spend on creating awareness (and ultimately sales) for your business should deliver a return on that investment. Sometimes marketers get tagged as an expenditure because they’re known for spending, spending, spending. In truth, your marketers are responsible for generating the leads that are handed over to the closers.

There are ways to change this misconception. The first step is to create sales and marketing programs and initiatives that complement each other. Let’s take a look at a few ways of doing this and how you can make this work for you:

1. Brand recognition – Marketers are continually developing a brand or identity for a business, and while this may not result in direct sales, these ongoing efforts are critical in producing sales over the long haul. Consistent, strong branding messages create an image that is top of mind for your customers, so when it does come time for them to buy, they think of you and not your competitor. If you were to ignore your brand and not create a solid identity, your sales would suffer in the long run.

2. Measuring brand activity – While it’s important to create and maintain solid brand identity, in today’s economic climate, that simply isn’t enough. You must create a way to effectively measure the impact of your brand. With the emergence of online marketing and advertising, we can now actually measure this type of branding more easily. You can now add call tracking or click tracking to your online advertising campaigns and gauge to what degree your efforts are making an impact and which ones are falling flat. Don’t just assume that your brand is being recognized. Use it in ways that can measured and calculated with an ROI.

3. Marketing is the lead generation arm of sales – As mentioned earlier, the sales force typically follows up on leads, regardless of how they are generated. But how are they generated? Some may be purchased while others may result from referrals. Still, a good portion of them typically come from your advertising, PR, direct mail, and website activity that falls into a business’ marketing mix. One way to measure these efforts is to create tracking codes, distinct links, or personalized URLs (PURLs) for each marketing piece in order to quantify how many leads a particular campaign may generate. Add language to a direct mail piece like, “Mention this postcard to receive a free widget.” Or create a promotional code that is when a customer requests more information from your inquiry form on your website. These tactics will allow you to actually determine where your leads are coming from.

Marketing and sales are not separate and distinct functions. They must work in synch to be effective and powerful. You may have to get a bit more creative in how you measure ROI, but it is possible to gauge your marketing efforts just as easily as it is to be accountable for your sales tactics. If you continue to look at sales and marketing as a package instead of individual entities, your overall efforts will be easier to measure as well.