When it comes to marketing, brokers’ business styles and culture will dictate what strategy works for them, says Choice CEO Stephen Moore
Developing a marketing strategy is one of the most important factors for brokers looking to grow their business. In the most recent member survey conducted by Choice, almost a third (31%) of brokers indicated that generating leads from marketing efforts is one of their highest priorities for business growth in the next 12 months.
Yet ‘marketing’ is not a catch-all term, and many successful brokerages approach the idea in many different ways, says Choice CEO Stephen Moore. “Many business owners think of the word ‘marketing’ and automatically assume they need to take out expensive ads, or get themselves in the newspaper in order to generate results,” says Moore. “In fact, when you’re looking at a sector like mortgage broking that is based so much on individual recommendations, approaching marketing at a local or even individual level may be much more effective.”
Of course, to understand what your marketing strategy should be, you really need to understand who you are trying to market to. “This will decide who you approach to start those referral conversations and what kind of marketing may be best,” says Moore. “Are you looking to target sophisticated property investors? If so, you will need to think about connecting in with existing businesses that service that market, like accountants or property investment advisors. If you’re looking more at mums and dads, it makes sense to get more involved in your community , like sponsoring a sports team or joining the Chamber of Commerce..”
Getting existing customers to be your advocates is also important, says Moore. “Many brokers pride themselves on a great service experience and think that will speak for itself, but it’s still important to proactively remind your clients how important referrals are to you,” he says. “Be confident - according to the recent MFAA Consumer Sentiment Report, 86% of clients are likely to recommend their broker, so don’t be afraid to ask for referrals.
“You could also think about rewarding and thanking your clients if they bring a great referral to you – even a simple gift like a bottle of wine lets them know how much you value their positive recommendation.”
Repeat business is another key consideration for brokers when developing a marketing strategy, says Moore. "Don’t just think about the new customers you haven’t tapped into yet, but also existing customers that you might be able to service better,” he says. “This is where a strong CRM system can really come into play – if you can organise it so you are regularly touching base with all your previous clients for key events like birthdays, loan anniversaries or important developments in the property market, you’ll be surprised how often this will jog clients’ memories to come in and see you.”
While many broker businesses may be doing one or more of these things successfully already, it also pays to review and refine your marketing strategy regularly, says Moore. “Even if you are tracking well in terms of things like referral and repeat business, it’s wise to continually evaluate the success in your marketing effort and ask yourself ‘What more can I be doing?’”, he says. “There might be one particular strategy you can add to the mix that will really help you to get to the next level in terms of growth.”
To see how Choice can assist with your marketing needs, contact a partnership manager today