What does a successful marketing system look like?

Posted by Feb12, 2018 Comments Comments Off on What does a successful marketing system look like?
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The problem that most brokers have is that they only do marketing when business slows down. If you wait until business slows down, you will be tempted to employ short-sighted marketing tactics which cost money and typically don’t result in generating profitable business i.e. short-term profit does not generate loan term value. It’s a loser’s game.

The powerful and free marketing tactics take a bit of time to work. For example, the marketing that I’m doing today in my business probably won’t generate new business for 1 to 2 years. And the revenue I am earning today is a result of the activities I undertook 1 to 2 years ago.

Long term marketing is highly profitable because it costs very little and generates targeted, profitable and loyal clients.

Therefore, you need a system that helps you invest a little bit of time in marketing and which will, in time, generate a flow of very profitable business. A system must have three important attributes:

1) Always be marketing – your marketing activities should be regular and ongoing. Therefore, you need to automate as much as possible and get into the habit of doing small amounts, regularly. It takes some time and effort, but the rewards are significant. Life rewards those who are consistent and persistent.

2) Make regular deposits in the goodwill bank – the goal of all marketing is to build trust, not generate leads. Once you have built a high level of trust, people will be attracted to you when they have a requirement you can fulfil. You no longer need to sell. The law of reciprocity is the most powerful influencer of behaviour i.e. you must give valuable and relevant information on a regular and timely basis.

3) Focus on the end game (long term) – the end game is to attract clients that will be loyal (won’t be price sensitive) and that will refer other like-minded clients to you. That is how you build an incredibly valuable and profitable mortgage broking business. Therefore, to attract the right clients, you must have the right message. Conversely, advertising special interest rates and discounts destroys long term value because it trains the wrong clients that rates are the only important factor.

In summary, undertake regular activities, focus on building trust and resist the temptation of undertaking salesy, short-term type marketing.

This approach is illustrated by the Mortgage Marketing Hourglass below (click to enlarge).

Mortgage Marketing Hourglass

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