The 3 Steps To Marketing Like The Big Dogs From Home As An Independent Loan Officer

The 3 Steps To Marketing Like The Big Dogs From Home As An Independent
Loan Officer

The 3 Steps to​ Marketing Like the​ Big Dogs From Home as​ An Independent Loan Officer
You’re an​ independent loan officer that works from home,​ but you​ still want to​ sell like you’re backed up by the​ Big Dogs .​
That is​ not so hard when you​ know how to​ market .​
Sure,​ if​ you​ could market with XYZ’s big-time budget,​ then you​ could get more leads and close more loans .​
But,​ what if​ you​ don’t have that kind of​ marketing budget? There is​ still a​ way to​ get those leads; you​ just have to​ get smart about it​ - like the​ Big Dogs.
It all comes down to​ RESEARCH .​
The hardest part is​ figuring out what to​ sell to​ whom .​
a​ one-man band with 30 different products to​ sell needs to​ know HOW to​ promote,​ WHAT to​ promote and WHO to​ promote to.
1) Research which product you​ need to​ market.
When you​ start researching,​ you​ cannot go off of​ assumptions because you​ know what they say about
a-s-s-u-m-e (makes an​ ass out of​ ‘u’ and ‘me’) .​
What you​ have to​ do is​ go through your client list and tabulate what product you​ sell the​ most of .​
First calculate what product you​ sell the​ most of​ and then calculate what product you​ make the​ most money on​ .​
Those are the​ two products that you​ start with .​
However,​ if​ what you​ sell the​ most of​ is​ what you​ make the​ most amount of​ money on,​ then that is​ pretty fantastic – but not likely .​
You’ll probably find two products .​
Usually,​ you​ really have to​ do a​ sincere survey .​
You are looking to​ market the​ product that makes you​ the​ most income the​ quickest FIRST .​
Thinking it​ is​ a​ particular product rather than doing an​ empirical study is​ not marketing smart - because you​ may be wrong - believe it​ or​ not .​
When you​ are working from home,​ you​ need to​ be twice as​ smart when it​ comes to​ your marketing.
How you​ do it?
Make a​ spreadsheet and go through all of​ your past closes over the​ last few years .​
List them out: Product A,​ B,​ C,​ D – get every close you​ made over the​ past few years and mark down what the​ product was and what you​ earned off of​ it.
Product a​ earned 1%
Product B earned $900
Product C earned ½%
Product D earned 1500.00
You will be able to​ see exactly what product you​ are selling the​ most of​ and what product you​ are making the​ most money on​ .​
Then you​ can start marketing to​ your bread and butter first .​
Once you​ have consistently marketed that product for a​ while,​ then you​ can supplement your marketing strategy and market the​ other product,​ the​ one paying the​ biggest commission – while keeping the​ campaign continuing on​ your bread and butter .​
Marketing smart means marketing first what you​ sell the​ most of,​ the​ fastest .​
That is​ an​ important datum – it​ sums it​ all up.
Now that you​ know which product to​ start with,​ you​ have to​ know who is​ going to​ buy it,​ which comes to​ our next step.
2) Research to​ find who the​ audience is​ that you​ are going to​ sell to.
Not all audiences are the​ same .​
Take for example the​ Will and Grace Show .​
Not everyone would want to​ watch that .​
Just like there is​ a​ totally different target audience for the​ Lawrence Welk Show .​
(If you​ never heard of​ these,​ then more than likely you​ aren’t their audience.) Case in​ point: you​ have to​ determine who your audience is,​ which is​ called a​ market .​
a​ market is​ a​ type of​ audience,​ a​ type of​ user .​
So,​ figure out everything you​ can about that particular market that buys your bread-and-butter product .​
And you​ already have access to​ all their data – age ranges,​ credit scores,​ credit rating,​ income,​ etc .​
Tip: do another spread sheet.
Once you​ have the​ demographics of​ the​ people that buy your easiest-to-sell product,​ then get a​ list of​ that particular type of​ audience .​
You can go to​ a​ list company that you​ feel good about and have gotten recommendations for,​ and buy a​ list of​ people within that criteria.
The reason you​ want to​ do such a​ thorough job of​ finding out who you​ are selling to​ is​ that 40% of​ your marketing campaign’s success (success meaning whether or​ not you​ get a​ good response) is​ dependent on​ your list .​
Besides,​ it​ is​ your list and the​ postage that are going to​ be the​ most expensive parts of​ your direct mail campaign .​
I​ cannot stress enough the​ importance of​ a​ good list – it​ makes all the​ difference between marketing smart and…well,​ if​ you​ are not targeting your public,​ you​ aren’t really marketing at​ all.
After you​ research out who your target market is,​
3) Figure out what to​ say to​ them.
The thing about people in​ a​ certain profession or​ a​ certain industry is​ that they have been in​ their industry for so long and know so much about their profession that they start to​ think that people know as​ much as​ they do – or​ should know as​ much as​ they do .​
Most people are not educated in​ your particular product .​
Most people do not know there are all types of​ rates and products that are available to​ them depending on​ their credit,​ income,​ etc .​
And these people are not necessarily illiterate hicks from Country-Bumpkinville! They are educated people,​ but they have lots of​ other things they deal with everyday that take up all their time,​ e.g.,​ picking up the​ kids from school,​ dealing with the​ boss at​ work,​ etc .​
Not everyone is​ watching Alan Greenspan every day!
Another thing you​ need to​ know,​ before you​ decide what it​ is​ you​ need to​ say in​ your message,​ is​ that it​ is​ very hard to​ educate people – they don’t want to​ be educated necessarily .​
You need to​ find out what the​ button is​ that people will respond to,​ that will get them to​ come to​ you​ for loans or​ refinancing or​ what-have-you .​
a​ button is​ a​ word,​ phrase,​ picture,​ etc .​
that elicits emotional response .​
People may not understand No PMI,​ but they understand fast cash .​
What is​ it​ about them that would make your message mean something?
It is​ all analysis .​
To figure out what you​ want to​ say,​ you​ have to​ figure out what people will respond to​ .​
You don’t really want to​ say,​ I’m the​ best broker ever that can match up any product with any customer! although that may seem like a​ good idea .​
First of​ all,​ a​ lot of​ people don’t even know what a​ mortgage broker does!! So don’t say that .​
You have to​ market differently to​ different types of​ people.
People have different agreements and fixed ideas and experiences .​
For example: Someone that has bought several homes has more experience on​ that line than someone who has never bought a​ home .​
If you​ found the​ product you​ sold the​ most of​ was to​ first-time home buyers ,​ then you​ know they have little or​ no experience with mortgages .​
But everybody wants to​ own their own home; so what you​ want to​ say to​ them is​ you​ CAN own your own home – it’s EASY!,​ or​ something of​ the​ sort .​
Look at​ it​ from a​ different angle .​
One person,​ who is​ really into boats and is​ reading Nova Online – Speed Machines,​ would understand a​ jet hydroplane with a​ lightweight composite hull and a​ jet engine that could deliver 5,​500 horsepower with the​ afterburner lit .​
But another guy,​ who has never owned a​ boat before,​ may just think it​ is​ just another fast boat and all he’s looking to​ buy is​ a​ fast boat - without all the​ engineering details .​
You have to​ get your message across to​ your target market that is​ going to​ communicate to​ them .​
In other words,​ they are going to​ understand it​ and RESPOND.
Working out of​ your home,​ you​ don’t have access to​ the​ Big Mortgage Bank’s Marketing Department .​
When you​ don’t have a​ marketing expert telling you​ what to​ do,​ you​ may still need that expert’s help .​
So here again,​ do research to​ get that help or​ assistance .​
Go on​ the​ internet to​ find the​ biggest lenders web sites .​
Get on​ their mailing list .​
Look at​ their marketing materials so you​ can see what they send you​ – not you​ as​ broker,​ but you​ as​ a​ potential customer .​
Not only are you​ researching how you​ are making the​ most money,​ but also research how the​ Big Dogs are bringing in​ the​ clients .​
What are the​ materials they are sending to​ the​ end-user? There is​ no need to​ reinvent the​ wheel .​
Find out what is​ working and do that .​
a​ lot of​ those Big Dogs are doing postcards.
Here’s your assignment:
Now that you​ know,​ 1) which product you​ sell the​ most of,​ 2) which product you​ make the​ most money on​ and 3) what the​ successful big lenders are doing; start by mailing postcards (repetitively) to​ the​ first audience that buys Product (1) .​
And you​ will start generating the​ kind of​ leads that buy the​ product that sells the​ easiest .​
Then,​ while still marketing Product (1),​ start mailing postcards (repetitively) for Product (2) and you​ will start getting leads that will buy the​ product that will pay you​ the​ highest commission .​
You will first get leads from the​ most-volume product and then while you​ are still getting those and closing them fast,​ you​ will get leads that pay the​ highest commission .​
Make sense?
To recap:
• Research
• Pick your marketing media – I​ recommend postcards .​
You will get a​ lot of​ bang for your buck with that type of​ media.
• Find a​ resource for mailing lists.
• Get inside that public’s mind and BE them and figure out what they would want to​ know .​
This,​ by the​ way,​ is​ a​ trade secret .​
If you​ can get inside your public’s head and look at​ it​ from their viewpoint,​ then you​ can be a​ genius in​ your message .​
It is​ actually BEING them and looking at​ things from their viewpoint .​
Take Joe Blow who has never refinanced .​
Someone with average credit would probably be interested in​ a​ low cost equity line of​ credit so he can get money out of​ his house .​
Getting money communicates to​ people.
• Send out postcards repeatedly getting a​ specific message across to​ your target audience that communicates their button.
If you​ want to​ sell like the​ Big Dogs,​ then learn some marketing; get yourself educated .​
Actually,​ this will make you​ stand out instead of​ running with the​ pack of​ inexperienced,​ uneducated marketers (you’re competition) .​
Good Luck!

The 3 Steps To Marketing Like The Big Dogs From Home As An Independent
Loan Officer

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