“All wealth is based upon systems.” – Dan Kennedy
By thinking in terms of systems we can better understand our business and how to make it work better.
As Brokers our business system is a series of repeatable and measurable steps that produces clients with new home loans. Your marketing system is one part of your business system and is in turn itself not just a single action but a series of steps you follow to get clients to hear about you and move them to accepting your services. You want to have a number of marketing systems in your business tailored to each category of client you target.
A ‘marketing asset’ on the other hand is a tool you use within your system, and can be as simple as a business card, an email you send or a radio advertisement. You use marketing assets in your marketing system to produce the desired output — new clients.
An example of a marketing system might be one you have for people you meet who express an interest in a cheaper loan when you tell them you are a Mortgage Broker. It starts with the conversation you have with them, then handing your business card to them and offering to email them a report on property values in their suburb, a follow-up phone call to discuss the report, then putting them onto your database to receive educational from you, building your profile and value proposition to them. Eventually the person replies to one of your emails and you make a formal appointment.
In this example your marketing assets are the conversation you have with them, your business card, the property value report, the follow-up phone call and the update emails your client gets by being on your contact list.
I include in here the conversation and phone call because just like a print advertisement, they can be worded poorly or well and the results can be measured and improved.
At any point your prospective client may exit the system (by not replying to your phone call or unsubscribing from your email list) or they may jump ahead to arrange an appointment earlier. It depends on the quality of your marketing assets and also on a range of other factors about the client you may not yet know. Perhaps they just refinanced and aren’t interested in going through that again, or they are on a long term fixed rate, or maybe their sister is a Mortgage Broker and they will never use anyone else.
But your goal is to apply a system that gives you the maximum chance of success. We can’t control their personal factors, just the effectiveness of our marketing assets and having a complete system that gives you the best chance to capture the client now or in the future.
By looking at this as a system we have the potential to improve each of these steps and the individual marketing assets used at each step.
In addition, we can then involve other people into this system to handle certain steps or automate some of them. When the system is very well defined, you can even remove yourself from it entirely and put other people in to do the whole thing, with clear instructions for them on exactly what they have to do.
In fact, your ultimate goal is to systemise yourself out of your business.