Whether you are a new mortgage loan officer, or an experienced loan officer, it’s always a good policy to review your mortgage marketing plan. If you haven’t had a chance to take a long, hard look at your mortgage marketing plan, this is the perfect time.
Some people avoid developing a marketing plan because they assume that it is a long, laborious task that involves high-level business planning. The reality is that a marketing plan is really simply a series of steps that you move through. You can go back to your plan at any time to refine it and modify it, especially as you gain additional experience working as a loan officer.
Here are some of the basic steps to help you get started with your plan:
- Start by defining your business strategy and your marketing vision. What are your ultimate goals for your business? What is your vision for implementing your marketing? How will you know if your strategy is successful?
- Define your target markets. Who do you hope to reach, what is their income level, what are their needs, are they first time buyers, refinancing clients, what is the average mortgage amount, etc.
- Establish your marketing objectives and strategies. What strategies will you implement for advertising and public relations?
- Develop a positioning statement. How do you compare with your competition? How do you differ from the competition? What is your niche market?
- Implement an effective contact management software program or database. Implement strategies to capture contacts through your website by offering newsletters, special reports, free tips sheets, or rate quotes.
- Develop a system for evaluating your success. Your marketing plan should be ever evolving. You need to have a plan in place to revise your marketing plan as necessary.
- Evaluate your technology for maximum productivity. Are you taking full advantage of the technology tools that can improve your marketing efforts? Does your webpage capture the attention of clients, does it establish your unique position statement, or does it look just like your competition? The proper technology can make a huge difference in how fast you can react to your marketing and customer response. With minor changes, you can easily deliver custom information for each client.
- Go back to the basics. Don’t overlook the power of referral marketing. Make sure that you follow up on referrals and keep making consistent contacts with those referrals.
- Ask for help when you need it. Sometimes you need a fresh approach or new ideas. Consult with a respected mentor or colleague, or consider a mortgage marketing coach.
By developing a strategic mortgage marketing plan, you provide pinpoint accuracy to your business. You will constantly revise and refine your plan to make the most of your business and develop a strong client and referral base.