A digital marketing expert and speaker at the upcoming Better Business Summit has revealed what most brokers are failing to get right when it comes to marketing their business.
Digital Marketing Club founder Beth Powell told The Adviser that brokers must first form a clear idea of their niche before launching into a digital marketing strategy.
“The more that brokers can understand their niche, the more successful they can be with all their marketing including their digital marketing. Brokers probably haven’t been thinking niche where other businesses really have,” Ms Powell said.
“Once you’ve got your niche and you can express the value that you can offer, then you can start thinking about your product.”
Ms Powell explained a three-step online marketing process that begins with a ‘free’ initial offering, which is "something that is going to be of real, genuine value to the client”.
“We use digital marketing tools to get that attention," she said. “We offer them something for free – to download a checklist or receive a new piece of information. The client then starts to develop a trust relationship with you.”
The next step in the product chain is to offer a ‘middle-level product' that is not too expensive.
“Somebody buys into that, it’s not going to cost them very much money, they are still in the testing phase. It allows the broker also to work out is this somebody who will be a good future client for me on an ongoing basis.”
The final step is securing a long-term client. Ms Powell said brokers must also start thinking differently about their proposition, and identify ways in which they can offer continuous value to clients.
“It’s about changing the thinking of ‘I sell mortgages’, which naturally have high churn. I’ll see a mortgage broker and then I may not see them again for a number of years. Turn your mind away from that to think that you have a core product that offers continuous value,” she said.
According to Ms Powell, recent data shows that brokers are easily forgotten by their clients, regardless of whether the experience has been positive or negative.
“Brokers need to start thinking about how they can reach out and continually add value to their existing database,” she said.
“A focus on retention and reduction of churn is really where smart marketing is going now.”
Find out more useful hints and tips by attending the award-winning Better Business Summit 2017.
Running across five cities between February and March, the summit features a stellar line-up of speakers and showcases a jam-packed agenda crammed with practical tips, tools and strategies to help all brokers grow their business
With only limited tickets remaining in each state – book your seat now and don’t miss out.
[Related: Better Business Summit 2017 agenda revealed]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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