In the January issue of your marketing matters we introduced you to a young gun of the industry who is achieving fantastic results. His key strategy is simple – get out and meet lots of people. Using a combination of open homes, networking and sponsorship of community events he meets up to 300 new people per month!
Of course, sponsorship of community events is a popular strategy for many mortgage brokers. Tossing a few snags on a barbie and chatting to locals would SEEM to be a good way of raising your profile and generating leads within your community. My observation is that sponsorship CAN be a good brand awareness exercise – if done correctly – but it’s NOT necessarily a lead generation exercise. It can take a long time before leads AND loans start rolling in.
I have seen many brokers use this strategy only to eventually lose hope – and interest – after a lot of lost weekends and very few income opportunities.
If brand awareness is your sole aim then sponsorship can be terrific – if you have the time and money to invest in making it work. But I doubt brand awareness is the primary driver for most businesses that enter into sponsorship arrangements.
It’s great to provide the sausage sandwiches at an event because you get to meet everyone. Who doesn’t love a sausage sandwich? But it can be hard work too. You’ve been up since the crack of dawn, the BBQ is fired up, you have your signage, umbrellas and brochures to hand out and there are people lined up around the park…
But where does it go from there? Well usually… nowhere. Why? Because you didn’t give them a reason to call you.
After all, just because you give them a sausage don’t expect a loan.
You really have to do more than just feed them!
So what SHOULD you do?
Firstly, why do you WANT to pursue sponsorship? Is it simply to be an involved parent? That’s great. Enjoy! Or perhaps you want to build your profile in the community? That may also be a worthwhile exercise – but you generally need to take part regularly and promote your brand consistently.
However, if generating income is your primary aim then you need to consider the following:
- What is your time worth? Time is money. How many loans do you need to write to make the hours and financial outlay at sponsorship events worth your while? 1 or 2 loans per month? More? If you’re happy giving up weekend time to get 1-2 loans a month you need to estimate how many leads you need each week to:
- create the enquiry, to
- lead to appointments, to
- deliver those 1 or 2 loans.
- Then – and this is often the missing link – you need to collect their details to capture every possible lead!
- Even more importantly, you need to have a communication system in place so you can follow up every lead – with a friendly reminder of how you met to stop them from OPTING out of your ongoing communication.
PLEASE NOTE that I said ongoing communication!
That’s right! The missing element I see in most sponsorship strategies is 1) an easy, effective and non-threatening method for collection of names and contact details and 2) a marketing strategy and established communication system for initial follow up PLUS ongoing communication for further engagement with your leads.
Your new leads may not need a loan right now but chances are they – or someone they know – will need one in the future!
So what IS the best way of collecting leads AND turning them into loans? Well that’s a whole new subject. And, I have some fantastic and original ideas!
Want to know more? Then you don’t want to miss our upcoming webinar…
Will brand awareness send me broke?
Date of webinar: Wednesday 30 March 2:00pm – 3:00pm AEDT
Most businesses are told to ‘sponsor the local footy club’, ‘attend the school fete’ or ‘have a sausage sizzle at nippers’ etc to gain more community awareness and generate leads. The problem is that this can be quite expensive to set up and attend. Then you can very well leave without any new names for your database.
Join YCM to hear about what not to do and what you can try next time you’re running a community project.
While you’re here we will also talk about ‘social networking’ and how to gain headway in the online social world.
Would you like to know more about our program?Call the office TODAY on 02 9526 9999 to speak to Linda. She will tell you HOW you can use the YCM marketing program to generate NEW leads and long term clients.