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Why Niche Marketing Makes Sense For Mortgage Professionals

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									?Why Niche Marketing Makes Sense For Mortgage Professionals

If you are currently struggling in your mortgage 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 mortgage 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 mortgage 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 cliché 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
mortgage 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
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
mortgage 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
mortgage needs. Yes...birds of a feather do flock together!

Tom Domin is the author of "101 Ways to Originate Mortgages" and publisher of
"Tom's Mortgage Tips" a twice monthly Mortgage Newsletter geared for Mortgage
Professionals. Put your mortgage career on the fast track and sign-up for FREE at /

								
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