?> Generating Leads from Past Prospects
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Dust Off the Old Prospects and Clients for Results

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One of the biggest killers of mortgage deal opportunity is our own “gut.” We think the next phone call, email, or lead is going to be the one. We think new is better and old is lost. However, the statistical reality continues to prove our “gut” wrong.

This is why staying top of mind on past prospects and clients is critical. Those old leads in your database are nearly twice as likely to close.

Why?

Anxiety/Indecision

This is the number one cause of friction in your mortgage deals. Customers are simply anxious and indecisive about the process. Face it the mortgage process is not like buying a book on Amazon. It is a little more complex and is signing you up for writing big checks every month.

This is going to make that first call more of a therapy and trust building session than a closing sales call.

If you are doing things right (using mortgage CRM and automated marketing) the aged leads in your database have been given the time and education to push through this resistance.

Relationship

Okay, so they have a little anxiety. Add to that the fact that they have no idea who you are, now you have no chance to close.

Relationships are important, especially in sales. That is why past prospects and clients that have heard your name and seen your marketing are likely to be more responsive to your pitch.

The better these touches are over time the more likely you are to generate sales from past prospects and clients. By better I mean they should be varied and as personal as possible. Too often even the best of us get lazy and have email blasts do all the work–that doesn’t feel like a relationship. However, email most of the time and an occasional call or handwritten note does.

Trust

A cold call is probably the point-in-time when a mortgage broker is the farthest away from a trusted position with a prospect. Why then would you think that the next lead in the door is going to be the hottest?

Fact is that trust is earned with time and experience. Consequently, your dusty old prospects and client leads are your hottest prospects. Again, assuming you have touched base with them a few times along the way.

Consistency

This one is a little secret, one Mark Green talks about as a motivation for starting Top of Mind, consistency is a killer sales weapon. You see most mortgage brokers aren’t consistent. We’re probably all a little bit ADHD. We jump from one shiny object (lead) to the next. Unfortunately, what the customer sees is a guy or gal that doesn’t follow-through.

Now to the smart mortgage broker this smells of opportunity. With a little consistency your database of clients will never have a question as to who their mortgage broker is, and new prospects will experience the diligence they will get after the sale.

Don’t forget the gold in your database–dust of those names, emails, and phone numbers and start closing more loans.

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October 19, 2009 by · Leave a Comment

About Troy

Troy Wilson brings an extensive knowledge base in Internet Lead Generation to the Top of Mind Blog As the owner of Next Wave Marketing Strategies, Troy works with lending professionals on integrating "aged leads" into their customer acquisition model. He currently resides in Austin TX with his wife Kelly and is the proud father of 2 boys.

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  1. Mark Green says:

    Hi Troy,

    Great article – especially your point about how major of a purchase decision a mortgage is to most folks. We often take the basics for granted because we live in this world 24/7.

    The cool thing about CRM is that over time we build a library of content we can leverage to help us guide clients through the process. Blogs, letters, emails, social media… even video marketing… all are great ways to help overcome common objections. Thanks again for the great article!

  2. Doug Dixon says:

    you bring up some nice points, people hear so many conflicting view today. We must reach out to our database and let them know we can give them accurate and truthful advise. I have to go do some dusting!
    – Doug San Jose Home Loans

  3. Excellent points, Troy! All of which are still the most cost effective approaches, too! I have a coaching client who sends funny youtube vids to his past customers every so often. I like this because it brings his own personality into the relationship and mixes up the contact goodies so that not everything that his clients receive is ALL about mortgages. Wishing you a great close to the 4th quarter!

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