Building a marketing plan--utilizing the Internet and advanced technologyAeron StedmannInternet business planning, automated marketing, cost-effective
We are in the midst of momentous opportunity and change in
perhaps the fastest moving revolution to reach virtually every part
of the globe. The revolution and opportunity created by the
Internet and E-commerce calls for a unique, strategic, and
well-focused marketing business plan in order to compete in
mortgage market, both locally and globally. With increasing
competition and access to information, consumers are able to
explore and invest with companies at the touch of a keyboard or
click of a mouse. What this means for you as a business person is
you will have to carefully plan and design your approach to avoid
getting caught in the many pitfalls and traps that exist in the new
virtual marketplace. This article will attempt to provide you with
a concrete marketing plan to guide your business successfully into
a technology-driven, moneymaking machine.
Deciding where to start
There are several things to keep in mind from the start and
throughout the Internet business planning process. First, the needs
of the consumer are different online. Consumers are becoming more
adept at locating information and making informed choices regarding
their purchases. They also are looking for solutions that are
convenient and offer the lowest prices. To be successful, you must
orient your services so that the consumer receives efficient
service and competitive prices to ensure future and potential
business. You will also want to build in benchmarks and evaluation
tools from the beginning to remain on track and headed in the right
direction. One of the toughest parts of designing a business plan
is deciding where to start. This is especially true when the
marketplace is constantly changing, and when careful planning is
essential to keep marketing cost-effective. For example, new
technology and investment opportunities such as Palm tops, IPO
money, new levels of Chief Technology Officers, automated marketing
solutions, search engines, and E-partnerships all make for a
complicated scenario. So, assessing and determining the starting
point for the business plan itself is the crucial first step.
The most logical way to approach the needs assessment process is
to start with the fundamental goals. Then, collaborate with your
business partners and consultants to bring in the skills and
understanding on how to get there. This involves a thorough
analysis of the capabilities of the technology, personnel, and
market that you chose. Many times, people are unaware of the full
capabilities of technology such as newer javascript or other
interactive features that will make your Web site stand out above
the rest.
Cost-effective marketing
Performing an analysis of the origination of your clients will
assist you in determining the most cost-effective means to increase
business, and will also assist you in accurate budget planning. For
instance, what percentage of your business is procured through
referrals from networking, realtors, or CPA's? What percentage is
repeat business or referrals from previous clients, and how much of
your business is drawn in from advertising or telemarketing? A good
suggestion is to assign codes in your database so that this
information will be easily retrieved to assist your future
planning.
Increasing your ability to be cost-effective first involves
determining your actual costs. This is the point where you want to
do an assessment of the previous year's clients. Investigate where
they came from and how much you spent on each type of marketing
such as direct mail, telemarketing, or other active marketing
programs. Then, figure your costs for each, and calculate how many
loans you actually closed for clients who were acquired via each of
those means. That is your customer acquisition cost for those
segments of your business.
Now, figure what your acquisition cost was for clients who came
to you as repeat customers or from referrals. You may find that you
spent more time getting a new customer than, for instance, getting
a customer you obtained through a referral. Given these figures and
your income goals, where does it make the most sense to invest your
energy and marketing dollars to increase your business? This is an
important step in the business plan, especially when you consider
that now there are many more opportunities for marketing,
generating leads, and closing deals that may prove to be as or more
cost-effective than these "traditional methods."
Interactivity and access to information
E-commerce and interactive technology provide tremendous
opportunities for the mortgage business planner. Imagine recruiting
25 loan agents in a week using net branching as a model, and then
having a loan agent in the field equipped with a palmtop or laptop
with a complete 1003, DO/DU and LP credit reporting system. Then
suppose the customer is able to sign documents online using digital
signatures. You may never end up sending another loan package or
tracking down the customer in order to close the deal.
In addition to the connections and marketing capabilities of the
Internet, wireless communication, and other technology that has
expedited and improved marketing capabilities, there are other
marketing solutions that utilize automated telemarketing to create
niche markets, affinity groups, or referral sources. Other
marketing possibilities involve having the loan agent interface
with the client online. This is feasible by utilizing your Web site
as a storefront, and by using processing software behind the 1003,
a mini application in front of that, and access to credit reports
online or through your Web page, with the capability to send it
directly to Freddie Mac or Fannie Mae.
Co-marketing online
One company that combines these technologies into a comprehensive
easy-to-use system is LoanCity.com, which locates lenders for
loans. We have many clients using the system who find this to be an
easy lender solution. They save the broker time, and help them
boost their productivity through:
•a smart search engine that instantly matches the right
loan to even their toughest customer
•searching through real-time rates for more than 50,000 loan
programs
•making the broker an instant expert on more than 50,000 loan
programs by displaying the underwriting guidelines for all programs
at the time of search
LoanCity enables the broker to be more efficient because they
are a one-stop shop for loan selection, matching, underwriting,
docs, and funding. The broker can get access to virtually the
entire mortgage marketplace, but is also able to focus on doing
business electronically. LoanCity coordinates the technology, so
that the brokers can choose to do business in a method that is
either all-electronic or traditional.
Unlike many companies, they do not offer a consumer-direct
channel. Instead, they connect consumers to brokers through their
own network; thereby, serving as a source of lead volume for their
brokers in good standing. They believe that the future of E-finance
will be won by empowering the smart local expertsbrokerswith the
right technology to compete in the Internet age. For more
information, visit www.loancity.com, or call Larry
Gachis (
[email protected]) at (800) 281-2626.
Efficient automated marketing
There are new automated marketing solutions that provide leads and
generate marketing automatically. For instance, a 24 line
GoldSprint automated voice mail broadcasting system will call
200,000 individuals per month, directing them to your loan agents
at 0.5 percent response, or to your Web solution with a three to
five percent average response rate. You can also use the same
system from business to business marketing, to market business
partnerships. For more information, visit www.goldsprint.com.
In addition, you can add an interface that aids your Web site
solution for business to business marketing and for recruiting
E-partnerships. Data mining is also facilitated with the
collaboration of other companys databases while also co-marketing
and creating mutual benefits between customer bases. Furthermore,
there are different laws regarding E-commerce and E-electronic
transfer fees that allow you to give income to the referring
E-partnerships.
Successful Internet and advanced technology marketing
summary
Successful Internet and advanced technology marketing can be
accomplished with hard work and close attention to detail. It is
important to keep up to date on not only the technology but also
the degree to which the technology is generating the leads and
deals that facilitate increased business. While marketing is still
based on the same principles it was 10 years ago, the tools that
are at your hands are much more valuable than your
predecessors.
Aeron Stedmann is a nationally-known keynote speaker on
technology, E-commerce, and marketing. He is the author of Database
Marketing, and has developed automated telemarketing systems and
unique E-commerce business solutions. He is currently Vice
President of Marketing for Green Lizard, LLC, a Napa Valley,
California-based Internet business. Mr. Stedmann may be reached at
(707) 942-1469, www.stedmann.com, or E-mail
[email protected].
