When it comes to sales strategies, most of us are guilty of sticking to the familiar and what has worked for us in the past. After all, if it isn’t broke, why fix it?
The problem, however, is that times are changing. Thanks to the Internet, consumers approach home buying much differently than they used to. And if you don’t adjust your approach accordingly, you’re likely to miss opportunities.
If you’re looking to energize sales right now, consider the following strategies:
Do Email Marketing
According to a 2016 survey by the Direct Marketing Association (DMA) and Demand Metric, email has a median ROI of 122%, which is several times higher than direct mail or social media. Unfortunately, most loan officers are either using email marketing incorrectly or not at all.
In a nutshell, great email marketing is personal, informative, and consistent. Don’t use email marketing just to sell to people — use it to educate and inform your audience. For example, let your contacts know what is happening with mortgage rate trends, and give them tips on how to save for a down payment.
Keep email messages short and to the point, and consider having your email system automatically personalize each email with the recipient’s name. That simple step alone will increase your email open rates.
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Get Seriously Social
According to the Consumer Financial Protection Bureau, almost half of all consumers consider only one lender or one broker before deciding to apply for a loan. What this means is that many borrowers will go with the mortgage professional they know best — and social media is a great vehicle for staying in front of prospects.
If you decide to use more than one social media platform, using a social media management platform like Hootsuite or Sprout Social can make it much easier to manage multiple accounts at once. However, most loan officers find Facebook to be the best social media platform for reaching possible borrowers. Facebook allows users to share posts and videos of almost any length, making it a great tool for demonstrating your expertise and building trust with prospects.
Facebook Live boosts engagement. According to Livestream, more than 80% of consumers prefer to watch live video from a brand to reading a blog, and 82% prefer live video over social posts. However, professionalism is key. This means practicing what to say, minimizing background noise, and making sure your lighting and connection are good.
The key to success with Facebook is to post something several times per week and to acknowledge and respond to everyone who leaves a comment. It’s also important to have fun. Share posts that are entertaining and funny (but in good taste) and/or miscellaneous posts such as restaurant reviews and events that are happening in the community.
Try Video Marketing
The statistics on online video are impressive. There are more than a billion YouTube users, and according to Digital Information World, more than half of all Americans watch videos online daily. Half of all Internet users now look at videos about a product or service before they buy it, according to Google.
Of course, with video marketing, the investment and learning curve are a little higher than with email or social media. But for the same reason many people prefer movies over books, video is simply more engaging than print. Many of the top mortgage professionals incorporate video into their sales strategy by publishing video testimonials and little bits of advice in response to questions they’ve received from clients and through social media. One can get a lot of mileage out of videos by sharing them on Facebook, on LinkedIn, on Twitter, on your website and in emails.
It’s never too late to try something new. Each of these strategies are proven and do not require a huge investment. So why wait?