“Marketing is everything and everything is marketing” – Regis McKenna
I have already introduced the four components of every Mortgage Broking business and discussed how each component must be a process for building trust with your clients, with the ultimate goal of becoming their Trusted Advisor.
- Initial Marketing — generating inquiries from new prospects
- Sales — proving to these prospects that they should use your services
- Operations — helping your new client to get their next home loan
- Post-Sales Marketing — generating future inquiries and referrals from past clients
With that clear goal in mind, I will dig deeper into the topic of Initial Marketing, which, by now, you know I firmly believe is the most important part of any thriving business.
“Marketing is not an event, but a process… It has a beginning, a middle, but never an end, for it is a process. You improve it, perfect it, change it, even pause it. But you never stop it completely.” – Jay Conrad Levinson
As I said at the start of this book, it is more important to be a great marketer or ‘lead generator’ of what you do than a doer of what you do.
I like to put it in the form of this question that every broking business needs to answer:
‘ ‘What can I systematically do that will get the attention of potential borrowers in a way that gets them to consider trusting me, so they contact me, predisposed to engage my broking services?’’
This question is what marketing is all about. How you answer that question defines your lead generation, and therefore your business. It applies across all methods of generating clients – advertising, personal networking, establishing referral relationships, referrals from clients, etc.
As Mortgage Brokers, we can’t meaningfully differentiate ourselves from other Brokers in terms of the reality of the products we provide — home loans. We can produce better or worse levels of service and outcomes for our clients, but we all have a very similar range of products to offer. We can’t invent a brand new type of home loan, and even if we could, if it is successful it will be replicated and offered by others.
All we can do is be better than the next Broker at getting our message out about what we can do for people. And that is what effective marketing is – telling the story of what you can do for people so they come to you when they need it.
The Mortgage Broking story is a great one. Every Broker, when they sit down with a person sceptical of Brokers and is able to properly explain what we do and how we do it, almost always ends up creating another advocate for our industry. That’s why every year, a greater percentage of borrowers chose to get their loan through a Broker than the year before.
You should never assume that people understand what we do, how or why we do it. Recently, I was speaking with a fellow parent from my daughters’ school who said ‘I don’t understand what you guys get out of organising a loan, how you make money.’ He had never used a Broker and he did not know we were paid by the lender, and when I told him we were, his initial thought was that it must be added to the loan. When I was able to give a brief explanation of how it all worked, it removed at least one barrier that has stopped him using a Broker.
In general, it is a lack of knowledge or misunderstanding of what Brokers do, of what we know that they need to know, that holds a lot of people back, as well as having a particular Broker they have been given a reason to trust.