Take advantage of the Internet!Chip Cummings, CMCInternet, technology, Web sites, Internet marketing, permission-based marketing, DRIP marketing campaigns, blogs, autoresponder systems, E-newsletters
In the 24 years that Ive been in the mortgage lending game,
almost everything has changed. I go back to the days of
hand-calculated APRs, the no White Out rule on hand-typed 1003s,
and remember nervously waiting hours for approvals while outside an
underwriters door!
Thank goodness those days are long gone, but many originators
are still slow to accept change--and risk losing their business
because of it. For whatever reason (spelled e-x-c-u-s-e!), many
loan officers simply dont take advantage of the variety of Internet
options available to them. Obviously, the Internet offers a wide
range of possibilities, from the instant Fannie/Freddie approvals
and doc prep to AVMs and instant pricing. Those are a given ... but
what about marketing? Do you know how to really reach your
prospects in this new age? With so many choices out there, are you
making the most of the opportunities the Internet offers? Most
originators arent, so that will be the primary focus of this
special article for The Mortgage Press.
Websites
There are many types of Web sites out there, but they all fall into
three basic categories:
1. Informational;
2. Operational; and
3. Marketing.
Sites developed for marketing purposes include stealth sites,
mini-site networks, blogs and community sites. All of these are
designed to drive traffic to your main site (creating customers),
or to drive them into a DRIP marketing campaign (as prospects).
Stealth sites are nothing more than one-page Web sites, designed
to deliver information (personal value), in exchange for the
prospects name and e-mail address (at a minimum). Called
permission-based marketing, this is how the majority of online
leads are generated, many that are being sold to you right now! By
having your own stealth site, at least you can generate your own
leads, and have the exclusive rights to them! Does LendingTree or
LowerMyBills.com ring a bell?
Stealth sites are not about you or your company, but are
constructed around three or four targeted keyword phrases for
maximum impact and exposure through search engines and
Pay-Per-Click (PPC) advertising. For example, if you are targeting
first-time homebuyers, then you could develop pages around renters,
wedding dresses, or baby showers ... all demographically related
markets for people possibly in the market for their first home.
Mini-site networks extend the reach of stealth sites, by
creating a series of keyword-driven pages into a single resource
site. Beginning marketers try to incorporate all of their
products, services or value into one page, thereby diluting the
results (such as conventional, FHA, VA, construction, ARM loans,
etc.). By breaking them out into separate pages, you have a much
greater likelihood of reaching the right target market, and
increasing your conversion rates into your autoresponder DRIP
marketing campaigns.
You can develop these sites on your own (if you enjoy that type
of thing), or contract it out to an international developer at a
very reasonable cost. Visit www.eLance.com or www.Guru.com to find all sorts of
freelance developers. Make sure to know and state specifically what
you want, and monitor the site closely for conversion rates!
Blogs are one of the most underused marketing mediums available
today, and one of the easiest to set up. Free blogs are available
at blogger.com (Google), Wordpress.com, BlogHarbor.com, TypePad and dozens of others, and
can be set up in minutes! Posting articles, comments, news and
information and events that are keyword driven can increase traffic
from your niche markets, and drive them into the stealth sites or
your main Web site. The bonus is that the search engines such as
Google and Yahoo! absolutely love blog content, and your
visibility will increase dramatically.
Adding Really Simple Syndication (RSS) feeds, which are
automated postings and notifications back to subscribers (such as
past customers, prospects, real estate agents, etc) will also allow
you to reach more people without the worries of e-mail
deliverability, spam filters, etc. These can be added through your
blog provider, or services such as www.FeedBurner.com.
Community sites such as My
Space, Craigs List, Orkut, Tribe, or even MSN and Yahoo! are a great way to position
yourself in front of highly target niche audiences. I have one
client who is getting one closed deal per month as a result of his
MySpace page!
Online Leads
Besides developing your own lead source through stealth sites, you
can purchase leads from a variety of sources (no kidding, right!)
There are five benchmarks for determining whether or not leads are
profitable:
1. Price;
2. Use ratio;
3. Quality;
4. Age; and
5. Temperature!
Before diving in to the world of purchasing leads from an online
supplier, make sure you have developed a solid system for following
up on them. There will be a lot of competition, and these people
will be getting hammered from all directions. If you dont have an
Ultimate Customer Experience (UCE) designed for these people, it
will backfire on you, and all you will do is spend a lot of money
for some useless phone calls.
Go with trusted sources (such as those found through Encompass
ePASS system, or NAMB partners) and talk with at least five other
clients who have used their leads within the last 30 days. You will
want to check their satisfaction level before diving in!
Autoresponder systems
An online database with the capacity to send out broadcast messages
as well as themed, sequentially timed marketing e-mails is an
absolute must in todays world of marketing. An autoresponder system
allows you to collect information from your prospects, incorporate
data from past clients, and store all that information at your
fingertips in an online environment. Many originators still feel
reluctant to use online database systems for fear of loss or use by
unauthorized parties. Get over it.
A recent study conducted by Marketing Sherpa (November 2006)
indicates that 81 percent of Fortune 500 companies now have an opt
in autoresponder system connected to their main website. For most,
an online database communication system is their primary marketing
tool! In actuality, the Internet is a safer place for your data
than the laptop youre carrying around right now!
While there are tons of providers out there, you want to pick
carefully. Dont use a service that you feel might have a
conflict-of-interest, or one of the many so-called free services.
There are always strings attached, and you wont have access to many
of the critical features youll need. Some of the more popular
systems are www.SimpleAutoresponders.com,
www.InstantInternetCommerce.com,
www.ConstantContact.com,
as well as many others.
Start with the right one, and make sure you have the
capabilities of importing/exporting leads, nice easy to use
templates, comprehensive statistic reporting, as well as unlimited
list and messaging capabilities. You do not want to have to redo
your system a year later!
E-newsletters
Electronic newsletters, or e-zines are also an incredibly easy and
inexpensive way to keep in touch with your clients, prospects and
affiliate partners. Using the templates within an autoresponder
system, you can create you own, or use a system such as www.SimpleEzines.com. There
are many online newsletter or content services available as well,
so look into great resources like Barry Habibs Mortgage Market
Guide, Tim Braheems Loan
Toolbox or the Mortgage
Coach.
Make sure that you deliver it regularly, and personalize the
content whenever possible. People like to know that there is a real
personality behind the newsletter, not just some canned
content!
Audio and video
Have you seen all the crazy YouTUBE videos all over the place?
Yeah, so have millions of other people! Thanks to fast-moving
technology, it has gotten really easy to add audio and video to
your Internet marketing arsenal. With the advent of You Tube and
others such as Google Video, Yahoo! video, Hello World, and more,
anyone can be a star. From a marketing point of view, you can now
reach thousands (or millions!) of people with a simple camcorder or
a simple phone-recorded message.
From customer testimonials and team member introductions to
audio/video newsletters and affiliate partner promotions the
creative ways of using these mediums are only limited by your
imagination! For an example of my audio/video newsletter, go to www.TheMarketingMinute.com.
Sign up for a free subscription to receive more examples.
One of the keys to successfully marketing yourself, is in
developing a strong relationship with the prospect. With the tools
that are available today, originators can master that relationship
through the Internet. So, what are you waiting for? Start taking
advantage of what the Internet has to offer today!
Chip Cummings, CMC, an originator for over 24 years, is a
recognized expert in the area of e-marketing, author of Stop
Selling and Start Listening! Marketing Strategies That Create Top
Producers and a frequent speaker around the country. He can be
reached at (616) 977-7900 or at www.ChipCummings.com.
