Technology: Delivering value to your sphereDave Hershmannewsletters, marketing, database, value, credibility
For years I have been teaching loan officers the meaning and scope
of their sphere of influence. They come into my three-day advanced
class with 300 names in their database and leave knowing that the
number should be 3,000. Why? Because I am asking them to take an
inventory of their life. This inventory includes relationships,
experiences, educational background, skills, hobbies and more. Most
loan officers get in the business or try to increase their
production by attacking the world. I want them to attack their
world. It is the key to building a foundation rather than a
business model that puts them on a treadmill. It is also a key in
development of their unique selling proposition.
Of course, a logical question follows: If I have 2,000 to 10,000
in my sphere, what do I do with this list? The fact that you have
found this many contacts is only the first step. Yes, there are
many who know you, and you know them. And there are many with whom
you have something in common. Now you must:
-Develop a database. You can't keep in touch using sticky notes.
You must have the technology necessary to implement your
-Develop a marketing plan around the data. Instead of marketing
the world, you will now be able to build upon your life. A
marketing plan begins with prioritization. Some targets are more
important than others. Some will get a face-to-face meeting. Others
you will just mail to--for example, a newsletter.
-Deliver value through this plan. It is not enough to send a
letter or e-mail every month saying, "Give me a loan." This will be
quickly ignored. You have to deliver value.
This should be the objective of a newsletter service--to deliver
value. Well, it should be more than that. It should:
-Establish credibility. Not recipes or handy homeowner hints.
But real value that establishes you as an expert. I love brownies,
but I don't want cooking or handyman expertise from my expert loan
-Be relevant. Even though you want it to show you are an expert,
you need the average person to understand what you are telling
them. If you want them to take action, they can't be befuddled. It
can't be esoteric secondary terms or charts.
-Make the phone ring. With material they understand, there should
be response mechanisms attached to your newsletter service. Just
because you are not doing a sales job does not mean the phone can't
ring because you are making offers of value.
Today's newsletter must be flexible from a technology and
substantive viewpoint. That means you need to be able to distribute
the newsletters in different ways. For example:
-Face-to-face. Bring something to your important meetings. If
these are your most important contacts, should they not get
something of value?
-Mailing. Some still prefer snail mail. There is still room for
traditional four-page formats.
-E-mailing. When you are sending to 10,000 because you have a
steady stream of prospects, you don't have the time to deliver them
personally or the money to mail every week or month. Your
newsletter system must have an HTML component that facilitates
delivery to the masses. Keep in mind that when you e-mail, you must
comply with the CAN-SPAM Act, which, among other things, requires
for clear instructions for removal from your list.
Remember that your goal is to deliver value. This means that you
should not be sending the same piece to everyone on your list. It
must be more targeted. For example, you may want a sales article
for real estate agents and other business-to-business targets such
as financial planners. In this way, you are helping them build
their business. In addition, if you can provide pieces that they
can send to their constituency, you are basically leveraging your
efforts. An example might be consumer articles that are relevant to
their interest. There is nothing more effective than achieving
Consumers and business-to-business clients will not respond
unless the information is relevant for them. They will not pick up
the phone or e-mail unless they see a substantial benefit. The
substance usually needs to contain more than one piece in order to
generate a response.
In order to achieve these lofty goals, you don't just need the
substance. You need the technology necessary to carry out these
goals. Your newsletter system must have print and e-mail formats.
Even the print formats must vary from a one-page article to a
four-page newsletter. And you must have a robust customer
relationship manager system directing your efforts. You can do this
in-house or subcontract the work out. Either way, the results will
be worth it.
Wondering whether such a newsletter system exists? It does! Go
to www.originationpro.com and
you can download free samples.
Dave Hershman is a top speaker and leading author in the
mortgage industry with eight books--including two best sellers for
the Mortgage Bankers Association of
America. His mortgage school is the only comprehensive advanced
curriculum in the industry. For a schedule of classes, free
marketing samples, speaking information and articles by Dave call
(800) 581-5678, e-mail [email protected]