Earn more profits by using a voice newsletter broadcastBob Morandigital recording, broadcasted by telephone, voice newsletter
In January, a new client contact service called the voice
newsletter blast was launched for our bank's vice presidents and
top loan officers. They received inbound calls from their past
clients during the next day, all of January and even into February.
Several loans have already closed and more are in processing. What
is a voice newsletter?
A voice newsletter is a digital recording in the loan officer's
own voice of three hot mortgage-related topics that is then
broadcasted by telephone to a list of their past clients, top
referral partners and other top prospects. What makes the voice
newsletter so effective?
The voice newsletter is so effective because it is highly
personal. The most profitable source of new business is from
existing clients. For many banks, it is a source of revenue that is
not being tapped to its full potential. What key component makes a
voice newsletter ideal for tapping into this source?
One of the key components is the use of the loan officer's own
voice. During the entire mortgage process, from initial contact
with a person, through processing, underwriting and closing, most
loan officers talk to their clients several times by phone. The
sound of the loan officer's voice becomes part of the client's
memory, and when they hear it again in the voice newsletter, it
evokes a recognition response that is more highly satisfying than a
keep-in-touch call by someone else. The three components of a voice
newsletter blast are client list, content and communication
vehicle.
The client list is intentionally limited to people that the
individual loan officer has personal contact with. On purpose, it
is limited to people that the loan officer has spoken with several
times over the phone, has a good rapport with already and has a
desire to stay in front of. If you graded the people in your
contact management system using a ranking system, these would be
your top clients. The client list already exists in your loan
origination software, your contact management software and your
cell phone. Simply have your information technology department
export it and you are ready to go. The next key element is the
content of the voice newsletter.
The content of the voice newsletter should have a structure that
repeats every month. This gives it the characteristics of a
publication in the client's mind, and helps to distinguish it from
a typical voicemail message. An example of a structure that would
work well is: Administer a greeting and value statement, introduce
three bullet points that are newsworthy or time-sensitive, provide
a re-cap of the three points with a call to action, present
administrative notes and offer an appreciation statement with
contact information. Where is the recording done?
We do the recording right in our office. I print out the script
for that month's issue and bring in our vice presidents and top
loan officers, one at a time, to record it. It usually takes two or
three takes for them to be satisfied with their newsletter. The
entire issue lasts from 90 seconds to two minutes; we mention that
in the broadcast so the client will be more inclined to listen to
the entire issue.
We then broadcast the voice newsletter to our client list using
the same computer that our outbound telemarketing department uses.
That computer has 16 outbound phone lines attached to it, and each
has a plan with unlimited minutes. During most of the day, the
system has loan officers on it that are calling new prospects.
Since the lines already have unlimited minutes, the voice
newsletter does not cost anything additional.
An unexpected benefit that we have received from the newsletter
broadcast is that it has helped us recruit top loan officer talent
into our bank, as it provides a method of support and marketing
which may be unavailable to them presently.
In summary, by using a voice newsletter, we are able provide
timely information to our existing clients to let them know that we
still have their best interests in mind. Our relationship with them
does not end at the closing table. Through the use of technology,
we are able to leverage the recognition power of the loan officer's
voice by recording it once and then making hundreds of one-to-one
contacts with existing clients.
Bob Moran is the director of business development for Worldwide Financial
Resources. He may be reached at (732) 698-0300 or e-mail
[email protected].
