One of the great strategies that can explode your referral partner network is direct marketing. By engaging in a deliberate campaign at targeted relationships such as real estate agents, accountants, attorneys, etc., you can multiply your referral business rapidly with little investment. However, the key to a deliberate targeted effective marketing campaign is that it must be properly designed and executed completely.
I have witnessed repeated mistakes (and even made some of them myself) that many loan officers and mortgage companies make when launching a marketing campaign to develop referral partners. To make sure that you don’t waste time, money and effort, your campaign must contain the following seven success elements:
1. Make sure you properly define your target list.
2. Deliver your message in a manner that stands out.
3. Your message must keep the recipient’s attention.
4. Clearly explain the benefit the recipient will receive by speaking with you.
5. Call to action.
6. Consistent follow-up.
Below is a breakdown of each critical success element so you can maximize your results.
►Success Element #1: When you engage in direct marketing, you want to make sure that you are spending your time, energy and resources reaching out to referral partners that are doing business and are in the position to refer business to you.
►Success Element #2: You have to get the envelope opened. One of the most effective tools I use to deliver my message to the target is the U.S. Post Office Priority Mail Service. For only $4.95 you can send your target a Priority Mail envelope that is genuine and is guaranteed to get opened and the target will remember receiving it.
►Success Element #3: Once the letter is opened, you must keep the target engaged. One of the most powerful tools I use is I personally handwrite my letter to them. If your target is worth developing a relationship with, they are worth the time to send a handwritten note. For an example of a note my coaching clients use to develop real estate agent relationships go to www.WarriorSalesAcademy.com/resource.
►Success Element #4: You must remember that your target reads whatever you sent them with one question in their mind, “What is the benefit to me?” Your marketing piece must clearly state that your intention is to help them make more money, get more clients, etc. Remember … don’t tell them everything. The goal of your marketing piece is to get their attention.
►Success Element #5: Make sure your marketing piece has a “Call to Action.” Unless you tell them what to do, they are not going to do anything. You must specifically tell your target what action to take, and why to take it. For example, call a specific number or visit a specific Web site for more information.
►Success Element #6: A clearly defined presentation is critical in creating a relationship. Delivering your message to your target once you make contact is critical to your success. You must practice your benefit presentation so when you are granted the appointment, you make the most of it.
►Success Element #7: The biggest mistake that loan officers often make is that they sit and wait for the phone to ring after having sent their marketing piece. Research shows that by making follow-up phone calls on your direct marketing piece, you will increase your results from 80 percent to 200 percent. Don’t call just once … keep calling until you get them on the phone and they say either “No” or “Yes.”
Ron Vaimberg is president of The Warrior Sales Academy and a leading national trainer and coach to MLOs. He may be reached by phone at (866) 360-6645 or e-mail [email protected]