Mortgage Marketing Tips: #41
7 Important Steps For Developing A Mortgage Marketing Plan
by Reed Hoisington

Ask yourself this question...

In 1994, 40% of the mortgage company`s nationwide closed their doors because they had no idea how to generate a steady flow of prospects once the refi boom of the early 90`s was over. Are you going to be around next year? By the way, the best year I had in this business was 1994!

Developing A Mortgage Marketing Plan...

There Are 7 Steps:

I can`t stress enough how important it is to develop a workable, and flexible, mortgage marketing plan. The first step is knowing where to begin. A road map doesn`t do you much good if you don`t know where you`re going. Laying the proper groundwork is necessary for your mortgage business success.

Whether you`re a mortgage company owner, or a loan officer, or someone thinking about going out on your own, asking (and answering) the following questions will help you construct a meaningful marketing plan. Too many `hopefuls` just set about on their success journey bulldozing their way through. You don`t have to work that hard! The methods you will develop as a result of asking yourself these critical questions can give you 20x the success you`d have had otherwise.

(1) What are you offering? When you design your business or success plan, you must decide what your target market is. What is it you plan on selling? What mortgage products, what mortgage programs are you going to offer? Who else is offering them to your market? Has it been done before? What sales strategy was used? Do homeowners need it or want it? Where will you advertise? Who will your competitors be?

(2) Have you done your homework? Is there a large segment of the population that will want or need your mortgage products or your services? What`s the size of that market? Is there ample room for expansion?

(3) Can you do it better? Are your loan programs or service already being offered by other direct response mortgage marketers? Can you do it better? Can you expand and improve upon the opportunities that are being offered by competitors? Can you offer better guarantees,
rates, prices, quality, and/or services?

(4) How will you be making your money? Will you be targeting prospects with a specialty mortgage program? Will you be offering more than one type of product (e.g. conforming and non-conforming loans)? Will your targeted market and product allow for growth and expansion?

(5) Who will run your operation? Who will be responsible for writing your mortgage ads, sales letters, brochures; who`s answering the phones, taking the applications, keeping the books, processing the loans, etc.?

(6) Does your plan include budgeting? Your first mortgage marketing budget may be the most difficult to develop, but it will be worth the effort. A budget will help you analyze the results of your efforts. By your next business year you`ll then have more mortgage marketing factual data and a basis for market budgeting.

(7) Do your plans include `testing`? How will you stay on top of things? Do you know how to determine which loan offers are pulling the best responses? What are your net profits on each offer? Which targeted group is getting back to you the fastest, responding to your offers and sales material? Will your testing indicate if there is a need to offer other programs? Those that can then be made available to your potential customers?


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