This month's tip is sure to add 1-2 loans per month to
your pipeline if you will read carefully and implement what you read here on a
consistent basis.
We all know how important follow-up is, and most of us
(at least the ones who want to be successful) follow-up with all past-clients
on a regular basis.
But have you ever asked yourself WHY you are
following-up? What is the point of marketing to past customers? Why do you
spend hours a month licking envelopes? Why do you invest thousands of dollars
to send cards, flowers and gifts to your past-clients? In short, what is your
GOAL? What is it that you desire to happen as a result of your efforts?
If you're like most originators, you don't have a goal
for your follow-up. It just "seems" like the right thing to do and heck...it
can't hurt to send a client a birthday card, right?
Well, today you need to step out from the crowd and add purpose to your
post-closing activities.
The primary objectives for past-client follow-ups are:
1.) To keep "Top Mind Awareness". i.e., - you want people to remember YOU the
next time they need a mortgage loan.
2.) To develop a deeper relationship with the client and additional familiarity
about your business.
But, while these are noble goals, there is a third
objective you must not overlook:
3.) To obtain past-client referrals.
And, I am sorry to say, the third goal is rarely realized
by the average originator. First, because most originators don't realize this
is THE main purpose of past-client marketing, and second, because I don't think
they have a good strategy in place to ensure the goal is met.
Most originators expect too much
out of their past-clients.
Listen, your past clients are not going to send you
business just because you send them a monthly newsletter with a great soup
recipe on the back. And they are not necessarily impressed with birthday cards,
either. It's a nice touch, but not something that will make them jump out of
bed tomorrow with the primary goal of getting you a new loan for your pipeline.
The rule of thumb is this: You are marketing to
you past clients to obtain referrals. Therefore, you must have a clear and
concise plan in place to ensure this occurs.
So where do you begin?
1.) First, realize that you MUST ASK your clients for
referrals directly. You can't just place a tagline at the end of your e-mail
that says "know anyone who needs a loan - send them to me". You need to call
your clients and make a heartfelt request for their referrals.
2.) Make it your goal to get one referral from each
client per year. And follow-up multiple times to make sure that occurs. Just
imagine how huge your business would grow if each client sent you just one
referral, and that client sent you a referral, and so on. As Benjamin Franklin
said, "compound interest is the eighth wonder of the world". And this is
compound interest applied to your business.
Make your business a success by setting clear
and distinct goals for your follow-up.