Low Cost Marketing Ideas By Dave Hershman
In this harsh economic environment, everyone is faced with hard financial choices. Because of the economy, business may be slower than you would like. In response, you should be doing more marketing. Of course, marketing costs money and there is less money to allocate towards marketing when business is down. My message is that marketing does not have to be expensive. Many think that marketing is expensive because they equate marketing with advertising. Advertising is a form of marketing, but marketing encompasses areas outside of advertising. There are plenty of inexpensive marketing solutions that are very effective. This is the perfect time to be implementing these lowcost alternatives.
OCTOBER 2009 O
MONTANA MORTGAGE PROFESSIONAL MAGAZINE
O www.NationalMortgageProfessional.com
Make a phone call
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implement our networking plans. From personal networking sites such as Facebook, to business connection sites such as LinkedIn, you now have a new way to get the word out and meet people. More and more business people are using these sites to market their services, make connections and more. There are even seminars on the topic of using these sites to implement effective networking plans.
Targeted advertising As we mentioned previously, advertising is expensive. This means that we want to make our advertising as costeffective as possible by reaching out to the right targets. Instead of casting a net over the entire city, try placing an ad in your church bulletin. These people already know you and you will be supporting your church.
A phone call to your Deliver e-mail sphere is one of the most newsletters and effective and inexpensive articles to your “Many think that marketing actions you sphere marketing is expencan take. It does not Once again, your sphere is sound like a phone call a targeted market that sive because they can be that effective, but will be more cost-effective equate marketing try making three calls than reaching the masses. with advertising. each day. Three calls per You need to build your Advertising is a form day will add up to more sphere list and find a way of marketing, but than 750 calls per year. to deliver value in a cost Together, these calls can marketing encompass- effective manner. E-mail es areas outside of make a major difference newsletters are extremely advertising.” in your results. To realize effective and the delivery these results, you must costs are next to nothing. make sure that you prioritize your calls. Prioritizing will dictate that you make Write an article or issue a the calls to the targets that have the news release most potential business to refer or the Marketing yourself as an expert epitogreatest need for your services. Finally, mizes the definition of cost-effective. you must set goals beyond getting direct People seek out experts for their advice referrals. Perhaps someone within your instead of shopping them for prices. sphere of influence can introduce you The good news is that articles and news to a significant referral partner. releases cost little more than sweat equity. Another example of marketing Network as an expert is to hold a seminar. Many When you ask for an introduction dur- local organizations would love to host ing your phone calls, you are starting an expert and having a host lowers the the process of networking. Calls to your cost of the seminar. Also, the news sphere are an effective means to net- releases you send out may lead to inviwork, but they are not the only means. tations to appear on radio and TV For example, try attending networking shows. Now you are getting the same events. Most events are inexpensive effect as mass advertising for no cost! and developing one great relationship could give you the same result as many Use synergy partners thousands of dollars of advertising. The most effective marketing produces referrals from partners. Spend more time Social networking focusing on how you can help your partThe new age gives us a new vehicle to ners build their business and they will do
the same for you. This is called the law of reciprocity. Applying synergy to your marketing efforts gives you maximum reward for the least cost. Take a look at any marketing you are doing right now. What is one additional step that could make it more effective? It takes less money and energy to make an adjustment in what you are doing now as opposed to starting completely new activities?
Dave Hershman is a leading author for the mortgage industry with eight books and several hundred articles to his credit. He is also head of OriginationPro Mortgage School and a top industry speaker. If you would like to stay ahead of what is happening in the markets, visit ratelink.originationpro.com for a free trial or e-mail success@hershmangroup.com.
Mortgage Marketing 101: Weathering the Storm the economy. I have a rule in my office … once your inside the door of my “Change is not always fun, because we office, I don’t want to hear about how like the way we do things now. We prefer bad the economy is. I don’t want to to continue our lives as before.” hear, inside my space and on my time, —John Lombardi, University of Florida anything negative. I know what is hapPresident (1990-1999) pening in the economy. There is no sense to dwell on it. This “Celebrate your success only takes precious time and stand strong when and drains expensive adversity hits, for when energy. Don’t be a pesthe storm clouds come in, simist. the eagles soar while the What can you do? Will small birds take cover.” you try to change the mar—Author Unknown ket? This was the perfect storm. The financial marWhat do you do when kets froze, the real estate the phone stops ringing? prices and sales plummetWhen wholesale lenders ed, the economy tanked fold? Guidelines are and regulation is over“There is no “magic tightening to unbearwhelming. You have to deal able levels? When home bullet” in this article. with the world that the Wall prices plummet? When I am not the late night Street financial “experts” TV host who will government regulation left us. You can’t fight the is agonizing? storm. Be realistic. show you the pill to For the last several enhance or enlarge years, it has been a broEducation you income. ker’s market. If you According to Florida Nevertheless, I do opened an office and Association of Mortgage hope that I make you provided good service, Broker Past President turn opportunities the phone rang and you Nelson Locke, “Business into victories.” earned a nice living. Well, is slowing down nationMr. and Mrs. Cleaver … wide and Florida is no Wally and the Beav are losing their exception. In the future, the most home in Mayfield! successful brokers will be those with There is no “magic bullet” in this arti- the most diversification. Think about cle. I am not the late night TV host who what you offer. Consider educating will show you the pill to enhance or yourself in areas that you might not enlarge you income. Nevertheless, I do have experienced in the past.” hope that I make you turn opportuniThe number one thing you can do to ties into victories. After you implement insure your financial future is invest in some of the ideas in this article, the your education. Some educational promarkets may be depressed, but you will grams that might be helpful are: not be. O Loan products; Attitude O Negotiating; Don’t get too mushy about the past. It’s O Sales; history. Live in the here and now. Stop O Marketing; and whining. Become very realistic about O Management. By Gary Opper