6 Critical Steps Allow You to Expand Your Prospect Base By Narrowing Your Marketing Focus
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home | FREE Articles | 6 Critical Steps Allow You to Expand . . .

6 Critical Steps Allow You to Expand Your Prospect Base By Narrowing Your Marketing Focus
~ Doren Aldana
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If you market to everyone, "your client will be no one."  This is an old marketing saying that is as true today as it was when it was first spoken. Mortgage professionals waste an immense amount of their marketing dollars on ineffective advertising that blasts their general message to the entire marketplace. I call this "spraying and praying."

The Solution: Niche Marketing

Niche mortgage marketing on the other hand, allocates a smaller portion of your marketing budget on building a list of likely prospects and then investing the rest on converting those prospects into clients. The result is a more effective use of your precious marketing dollars and a much higher prospect to client conversion rate -- not to mention a significant increase in referrals.

By definition, niche marketing is narrowing your marketing efforts to a group(s) of prospects that have a high likelihood of refinancing or buying a home.

There is literally no limit to the number of niches you can go after. Here are just a few examples...

1. First Time Home Buyers

2. Seniors over 62 (Reverse Mortgages)

3. Business Owners (No Income Verification)

4. Commercial

5. Debt Consolidation (Home Owners with High Interest Debt)

6. Jumbo mortgages

7. FSBOs

8. New Immigrants

9. Renewals (Mortgage Holders with 5 yr terms up for Renewal)

10. Real Estate Investors

11. Credit Challenged Buyers

You get the picture. The bottom line is once you come to intimately know the hot buttons of the niches you've selected to market to, your ability to convert prospects into clients becomes infinitely easier.

Your 6 Step Niche Marketing Program

Setting up your own mortgage niche marketing program is simple using the following six step process. Each step in the process is important to the ultimate success of your niche marketing program. There are no shortcuts to niche marketing success.

Step 1 - Choose a Niche

When choosing a profitable niche to market to make sure that it's one that you can easily contact by mail. A good choice would be a niche in which mailing lists are readily available. If at all possible, your niche should be one that communicates amongst itself through community groups or events. It helps if your niche suffers from problems that a mortgage professional can solve. Lastly, ensure that your niche has the money to purchase a home or has a need to refinance.

Perhaps the easiest method of choosing a niche is to review your client list and look for groups of people in the same occupation or subculture groups. The beauty of this method is that the niche you choose has already proven that they want or need a mortgage. Each specific niche has a unique set of problems and aggravations that they have to deal with when trying to get a mortgage. That's where you come in...

Step 2 - Develop your Brilliant Marketing Message

Once you've chosen your niche, your next step is to develop the mortgage marketing message that you will deliver to your prospects. To develop your message you'll need to know: What problems or issues they are facing? What results are they looking for? And what is it about your service or approach that is going to interest them and make them remember you? Why should they choose you to do business with you vs. every other option?

Materials you should expect to develop are a lead generation special report or financing guide. The guide can be 3-10+ pages in length and should provide valuable information that will help your prospect become more informed and make wiser financing decisions. This financing guide can be in written form or better yet, a CD or DVD.

You'll also need to create promotion tools. The purpose of the promotion tool is to promote your free guide. An example is a 3 -card campaign of Mortgage Marketing Postcards.  Your postcards should focus on the hot buttons of your target audience and should position the free guide as a solution to their unique problems and frustrations (as they relate to getting a mortgage or refinancing). Some other examples of promotional tools include space ads, classified ads, radio/TV ads, emails, direct mail newsletters, sales letters, fax broadcasts, voice broadcasts, etc.

You should also create a "What People Are Saying…" testimonial book that contains endorsements from clients in your niche. If you really want to supercharge this tool, include pictures of your clients standing next to their newly purchased home or with a BIG oversized cheque showing how much cash they got access to.

You'll need a brochure or rack card. But not a standard mortgage brochure -- one that is custom developed for your niche. So if you chose to market to renters and general contractors, you should develop two different brochures that include messages and free guides specifically targeted to the needs of each unique niche. The brochure doesn't have to be glossy and expensive. But it does need to talk directly to your niche and address their unique problems.

Lastly, use a 24 hr call capture hotline in your Call to Action (CTA). If you're not already using a call capture hotline in your marketing, I can absolutely guarantee you're leaving thousands of dollars on the table in lost deals. Stop being such a cheap @$$ and invest the measly $20-30 per month on this little piece of technology. It'll increase your response rates overnight, PLUS, it will help you hold every ad dollar accountable to results. Why wouldn't you want that? Go to DorenRecommends.com for a list of preferred vendors.

Step 3 - Obtain or Generate a List of Prospects

Your list of prospects is the most valuable element of your niche marketing program. First, look for existing lists of niche prospects. For example, if you're targeting business owners you might buy a membership list from your local Chamber of Commerce.

If you chose renters you could purchase a list of renters from a list broker or you could simply do an unaddressed mail drop to an apartment complex. For a list of preferred list brokers, go to DorenRecommends.com

Step 4 - Contact your Niche

It's time to assemble your marketing message and send it to your niche market. This will be done in two steps. First, send your postcard or promotion tool offering your free report or guide. Ask your prospects to respond by calling you to order their free guide. The next step is to send the guide to those who responded to your mail out and combine it with a note stating the benefits of taking the next step with an application and/or a free consultation.

WARNING: The next step is a common area where many mortgage professionals either cheat or skip altogether by just sending a one-step offer to the list. People are tired of one-step, "in your face" marketing. They want to be courted first. By sending good, non-salesy offers that promote valuable free information you'll be establishing a warm relationship, which will compel your prospect to respond.

Step 5 - Follow-up

Following up with your prospects is key! 98% of all mortgage professionals rarely follow up after their first mailing yet studies have shown that a prospect needs to see you and your offer at least three times to make a decision. That's why you should always plan on sending three postcards in sequence, two to three weeks apart, for optimal results.

Once you start receiving requests for your free guide, the next step is to convert them into an app and a closed deal. Here's a few secrets to help you convert more of your leads into cash in the bank.

Secret #1: Call the prospect back within one business day (ideally the same day) and confirm their mailing address. No high pressure sales tactics, just say hello, let them know you're about to mail the guide they requested and ask if you have the correct address. Then before you hangup, ask for their permission to call them back in a week to see if they received the report and to answer any questions they might have. They'll always say YES! Then wind up the call by saying, "Did you have any questions I can answer while you have me on the phone?"

Secret #2: When you follow-up by phone a week later, ask them if they had a chance to read the guide and if they had any questions. Regardless of whether or not they read the guide, this is your opportunity to ask them about their situation. What inspired them to request the free guide? What were they looking for? What problem did they want to solve? If they are ready to take the next step, this is the time to take their application over the phone and book your next meeting face-to-face or by phone.

Secret #3: At the end of this process you'll end up with three groups: 1) Prospects 2) Applications 3) Closed Deals. If you are serious about increasing your lead to deal conversion rate, you need to develop a follow-up marketing campaign for each of those three groups. For optimal results, you should be contacting these people at least once per month via direct mail (monthly newsletter) and 2-4 times per month via email. Without this essential follow-up system in place, you're leaving thousands of dollars on the table in lost deals, referrals and repeat business.

Step 6 - Develop a Niche Referral Program

Now that you've taken the effort to establish your niche marketing program you should leverage your efforts by implementing a systematic referral program. Remember when I mentioned that it was important to choose a niche that communicates amongst itself? This is why! If you've created a happy client they will begin to talk to others in your niche.

For example, if you've targeted business owners in your city, they will start to talk about you in their monthly meetings and informal get-togethers. You can multiply this by rewarding your clients in some way when they tell their friends.

Be sure to implement "mortgage referral systems" so that it is an established process in your business that gets measured and generates a steady stream of quality referrals on autopilot. 


There is a misconception that if you narrow your target market that there will be fewer prospects to market to; however, you'll find the opposite to be true. Once you begin to tailor your message to the specific needs of your niche and you begin to receive word-of-mouth advertising within your niche, new clients will come out of the woodwork. In fact, your client base will actually expand.

To be competitive in today's economy you need to consider new methods and marketing techniques to reach more high quality prospects. Niche marketing is a proven way to uncover new prospects, increase closing rates, and boost referrals.

Resource: if you don't want to invest the time and hassle of creating all of the promotional materials described in this article, such as the educational free reports, ads, postcard campaigns, rack cards, etc., become a coaching member and use our Done4U Marketing Tools.

About the Author:

Doren Aldana, the nation's leading Mortgage Marketing Coach, is dedicated to helping mortgage professionals attract more clients with less effort. Aldana is also the author of a Mortgage Marketing Audio Seminar, "21 Secrets of Superstar Mortgage Brokers and Loan Officers!" To get your free copy click here.

To access the proven mortgage marketing resources and profit producing tools discussed in this article visit our webstore or join our mortgage marketing coaching program.

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