Cost Effective Reverse Mortgage Marketing 101
Friday, 27 August 2010 11:09
Here are the five questions you need to ask yourself before you begin to customize your own limited budget Reverse Mortgage marketing plan:
- Where does my target audience live?
- What are the repetitive habits of most seniors?
- How can I get my message out to Seniors in a cost effective manner?
- What businesses are often visited by Seniors?
- Why would a Senior request information on Reverse Mortgages?
Common sense is really your biggest asset when it comes to marketing. I have included a few basic questions you need to ask yourself before you begin a marketing campaign. You will need to measure your results in order to fine-tune your program and really determine what's getting the job done for you. Do not be afraid of retooling your plan as the market changes. Just keep asking yourself, "What is my audience looking for and where are they finding it?" One thing the last five years in the industry has taught us is that you’d better be flexible because you are going to need it if you plan on surviving.
You need to get out of the office and meet business owners whose clients are predominantly seniors. Some of the more productive possibilities are Accountants, Financial Planners, and Elder Attorneys. Call and set up appointments first, as some business owners may take offense to a cold call, which may interrupt their current train of thought. It may take a while to make that connection, but do not expect the one call close as a referral source.
Having a good attitude is really important too. Most business owners are really attracted to individuals whom they feel are in good spirits. Local businesses are always much more apt to want a local source to refer their clients to, so stay in town (it saves gas too). Other cost effective ways of getting your message out to seniors is by visiting their housing developments and posting a flyer in the clubhouse (ask permission first). Study your product offerings and genuinely listen to your clients’ needs and you will find a way to succeed.
Other often overlooked opportunities are the small trade shows geared toward senior homeowners. Bring file cards with a few simple criteria for the senior to fill out (i.e. name, address, phone number, etc.) and in return, raffle off a plant or candle (everyone likes free gifts). Finally, consider joining a local fraternal organization like Elks, Moose, or rotary clubs. Approach local libraries or churches and offer a free workshop, which explains all the newest advancements and offerings made available through the HECM reverse mortgages. Most seniors don't know they can receive funds in multiple ways (i.e. a lump sum, line of credit, monthly payments, or a combination of the three). Seniors don't realize that if they have a mortgage, they can possibly pay it off with a reverse mortgage and relieve themselves of the payments forever.
Marketing is the combination of everything you do to advance your business in the most cost effective manner, yielding maximum returns. All of the above require a small monetary investment and can yield very substantial returns. This just requires a grass roots effort in today's market, as returns have been continually restricted. Pick up the phone and call five local business owners like those mentioned above; your business will increase and your attitude will improve.
.gif)