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Why Niche Marketing Makes Sense For Mortgage Professionals
By Tom
If you are currently struggling in your business or relatively new to the field of loan origination, you might want to consider changing your marketing tactics and concentrating on a specific niche.
Niche Marketing is quite simply the process of concentrating on a specific segment of the market, rather than the entire market. You're probably asking: Won't that reduce my prospects and limit the number of loans that I originate? The answer: When done correctly, absolutely not! In fact...it should not only improve your business...it will reduce your marketing costs as well...which means more bucks in your pocket.
So many of the people I have mentored have literally thrown away valuable marketing dollars in their quest of reaching too broad a market. They had become a "jack of all trades and a master of none." This little cliche has become an everyday figure of speech that describes anyone who is passably competent with various skills...but is not outstandingly brilliant in any one particular area.
Niche Marketing is the most effective way to break through the tons of competing marketing material and be heard by your target customer. Develop a good Marketing Niche where you can clearly stand out from the rest. Concentrate on a niche...become an expert...and you will become widely known and revered...and, you will be sought out continually for the knowledge you possess.
If you don't have a Marketing Niche, follow these simple steps to get started:
1. Identify your niche. Make a list of all of the possible niches you could market based on your knowledge, location, and interests. Your list may include a market segment, or a loan type, or even a geographical location.
Here are just a few examples to get that brain of yours into list mode: First-time Home Buyers; FSBOs; No-Doc Loans; Government Loans (FHA and VA); Construction
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Loans; A Specific Neighborhood (Real Estate Professionals do this one a lot); Schools; Service Workers; Reverse Mortgages; The Credit Challenged; Foreclosures; Home Improvement Loans (Refinance); and Investor Loans.
Spend some time here and pick a niche that you can throw your heart and mind into.
2. Define your niche. Write down all of the specifics and a detailed description of your niche. You need to answer these questions: Who are my customers? What kind of homes do they own or want to own? What is their estimated income? Do they have children? Where do they get information from?
The more detailed your description...the more effective you can be with your marketing material and what you need to learn to reach them.
3. Develop a niche Marketing Plan. In some cases you may be able to purchase a marketing plan that will get you started. More times than not, you'll have to develop a Marketing Plan for your niche. Ask yourself these questions: What do I need to do to become an expert and a trusted advisor in my niche? What is the best way to reach the customers in my Niche?
The more details in your Marketing Plan, the better designed and targeted your marketing material will be...and the result will be a response that far exceeds your previous experience.
In summary, make a commitment to your Niche Marketing. Continue to educate yourself about your niche. Have a written plan and stick to it. Commit to the long term and you'll find that prospects will react positively to your targeted messages. They will thank you for the information you provide, pass it along to friends and family and, best of all, they will be happy to refer you to others that may have needs. Yes...birds of a feather do flock together!
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