Mortgage Brokers: Marketing on a Tight Budget
Now More Important Than Ever To Market Yourself Effectively
Apr 25, 2009
As we find ourselves in the most difficult market conditions our industry has ever faced, it is now more important than ever to market yourself effectively.
Business is increasingly difficult to find, and you can no longer rely on people finding you. The lender competition in the industry has nearly evaporated, the big four banks are taking almost every application, and clients seem to not want much of a choice anymore. So why do they need the services of a broker?
For brokers to be critical to our industry they need to offer choice, competition and customer service.
So, how do you get yourself noticed? Even though there are fewer brokers, how do you market yourself when you have no marketing budget?
Ask For Referrals
The first thing to do is to call every one of your existing clients. Yes, every one. It is far easier to sell to an existing customer than to find a new one, and far less expensive. If they personally do not require your services at this time, then ask for referrals. Try asking “who do you know who would also benefit from the services I provide?” This is the cheapest, and by far the best, form of marketing you can do.
Local groups
Call into your local tennis or cricket club and ask if you can place a note on their community noticeboard. Your flyer needs to be very simple and eye catching, promoting your ability to save people money whilst offering excellent service. Something along the lines of “Save $$$ each month” or “FREE Homeloan Check”
Networking
Most people either do not know what networking is, or fear it, or both.
Networking is simply getting yourself, and what you do, known to as many people as possible. For example, there are internet sites dedicated to assisting you to network (such as LinkedIn) and where you can join and invite people to ‘connect’ with you. There may already be a group of people in your local area on LinkedIn, who meet regularly specifically for networking. All you need to do is search for them.
Other networking opportunities involve attending meetings of local groups that interest you. This can be a sporting group, a business group, or a special interest group (political, environmental, local government). Once they get to know you they will often use your services or refer you to people they know.
Every time you meet someone, they always ask what you do. Have a thirty-second "pitch" rehearsed and ready, and finish by giving them your business card. “I save people thousands on their mortgage by finding the best product for them” is one way to start your "pitch".
Always have business cards on you, no matter where you go! Every person you meet is a networking opportunity!
Summary
All of these marketing ideas take up time, your time, but they are also very inexpensive. All you need are business cards, some colourful flyers and you are a one-person marketing machine.
Not everyone can afford advertisements in the local newspaper every week, and these often only show a return after you have placed half a dozen advertisements in a row.
The secret is to be your own business development manager and marketing advisor. It is very difficult to take a step back and work on your business rather than frantically working in your business, but you should spend one hour per week thinking about your business in order to be successful.
Sometimes, several hours spent with someone who specialises in assisting small businesses can be money well spent.
So get out there and tell as many people as you can what you do. It is surprisingly effective and extremely economical.
