3 great referral marketing strategies

3 great referral marketing strategies

It’s no secret that some of your best leads are going to come from referrals.  In fact, this is one of the most important aspects of mortgage broker marketing.  People trust those they know, people that have had personal experience with your business and know what it has to offer.  So, it’s well worth your time to make it worth their time to pass you name along.

One of the simplest things you can do to bring in more referrals – and to keep solid client relations in general – is to keep the lines of communications open with your clients.  Sometimes people overlook their previous clients.  They’ve already done business with you,  time to focus on new ones, right?  That could be a costly mistake.

Basically, your previous clients are one of your biggest assets.  You’ve got their vote of confidence.  They may be a source of new business, but they are just as valuable as a source of new clients.  Keep in touch with them.  Set up a monthly or at least quarterly newsletter to keep them in the loop on valuable information.  Inform your previous customer base of changes to your business, additions to the team, new services, promotions, current specials, or rate reductions.

Remember to keep your clients happy.  Personalised thank you emails or handwritten postcards, a smiling face and hello when they see you, a polite voice when they call.  These are simple things, but they can go a long way.

Another simple tip is to have your customers save your number in their phone.  If it’s in their contacts, they’ll be able to reach you easily if the need arises in the future.  Plus, it’s easy to pass the contact along to friends and family.  This is another small detail, but the easier you make it for clients to get your number out there, the more likely they will be to do so.

But so far, we’ve just covered some of the good ‘operating procedure’ aspects.  Let’s look a bit further into some of the pro tips for generating more leads with referrals.

1. Use targeted referral marketing

This is one of the simplest tips, but well worth a moment to touch upon it. Postcards (yes, old fashioned snail mail cards) are a time-honoured technique to increase revenue and reach more clients.  But, instead of just sending loads of postcards and fishing for a lead, you can leverage your previous client base and reward existing clientele.  This is a simple, low cost strategy and here’s how it works:

    1. Generate a mailing list from your current and previous clientele.
    2. Create a smart looking postcard and include a great reward for each referral given.
    3. Mail this postcard out to your list a minimum of three times.
    4. Be ready to handle the new client calls that roll in.

 

It’s as easy as that.  But remember, you need to make it a good offer to inspire your clients to pass your information along.  Visa gift cards, raffle tickets on a hot item, these are just a few solid ideas.  While postcards aren’t a new idea for mortgage broker marketing, you may not be using them for referrals at the moment.  But, try it out and see how your clientele expands.

2. Automate your email follow-ups to generate referrals

This is pretty much the same as using postcards, but it offers a different channel to reach clients and keep your business to the forefront of their minds.  One of the biggest advantages is that you can set it up to run automatically.  Plus, you can set up a series of emails to ease clients into the process.

Here’s one way you can work it:

  • Input your client list in your email marketing system.
  • Write up a series of emails:
    • 1st – Thanks for your business!
    • 2nd – Win a $20 Visa Gift Card for each referral
    • 3rd – Win a free gift and help your family save money at the same time
    • 4th – Rates have dropped!  You can save even more money!

 

And that’s it!  Set up the timing so that the second email comes two days after the first.  A good spacing for the third is five days, and fourteen days for the fourth.  By following up consistently, you show clients that you’re there and happy to help.  This makes them more likely to think of you first when the moment arises.  The best mortgage broker marketing strategies are about maintaining visibility.

3. Partner with other businesses in the industry to massively extend your reach

This is a pro tip that most people overlook.  Spread your name around.  Get known by other organisations, and they’ll be able to send some of their clients your way.  You extend beyond your physical location, reaching channels out farther than you would otherwise be invisible too.

Here are some great partnership opportunities to keep in mind:

  • Tax specialists
  • Accountants
  • Attorneys & solicitors
  • Real estate agents
  • Insurance brokers
  • Inspection and certifying companies
  • Builders/construction companies

 

All of these businesses have access to people who could benefit from your services.  So, find out what they want.  Look for mutually beneficial arrangements.  Develop solid relationships and keep their staff aware of financing options or other relevant information.  You could even post a regular flyer or newsletter on their premises, if they are open to it.  Play your cards right, and you can increase the legitimacy of your business while bringing in loads of new leads.

These are just a few of the things you can do to maximise your leads.  If you’d like to know more, feel free to contact us.  At 101 Things, we’re dedicated to helping your business reach its full potential.