Actually I put that back to front, I should have said, ‘build your business name around your target market’ instead of ‘build your marketing around your business name. A fundamental concept that a lot of people get wrong is that you should look at what a particular group of people need and build your business to meet those needs. Unfortunately, what a lot of people do is to create their business and then try and find clients for it.
For example, if you decided just to target high net worth clients and called yourself ‘High Net Worth Home Loans’, then you are using your business name to segment your market and display your specialisation and relevance to that market. Or even easier is just to use something like ‘Home Loans for High Net Worth People’ as your defining statement on your business cards and other marketing materials that clearly describes what you do and who you do it for.
When I first starting in the mortgage industry, as an individual Broker working from my home in Perth, I received a call from someone who was moving here from Adelaide. They told me they had gotten their last home loan with my company and so wanted to use us again. That was great for me, but I had never been to Adelaide up to that time. This client had just seen ‘Mortgage Australia’ and had confused it with the myriad of other ‘Mortgage Something’ business names.
Also, this is an example that just doing a good job for your clients is not enough to ensure you get their next loan. It is clear that the original Mortgage Broker of these clients did a good job so they wanted to use them again. However, because that Broker didn’t stay in touch, they missed out.
For myself I chose the business name of MortgageAustralia.com in 2000 because it allowed me to secure the mortgageaustralia.com.au domain name which I knew would rank highly when people searched the terms ‘mortgage Australia’ on the internet. Later I changed it to the Mortgage Australia Group Pty Ltd, but originally I chose the name to match my marketing ideas at that time.
First Home Buyer Home Loans
“Leverage the strength that you have: that no one else can be you.” – Todd Wheatland