When a mortgage prospect has identified the need for a new loan to solve their financial problems or realize an opportunity before them, that is the time to make sure your products and services are directly in front of them.
These prospects, those who have identified the need, are in the middle of the customer journey. They have read the content you have published on your blog, read your Facebook posts and watched your videos.
The Customer Has Identified A Specific Need, What Do You Do?
By now prospects are informed about the solutions available to solve their problem or need. You have guided them through the choices available. You have illustrated the pros and cons of the solutions presented with sample case studies. You have also shared other examples of solutions you have provided which solved problems similar to theirs. You have delivered this informative content through your blog posts, Social Media posts and emails.
The mortgage prospects have narrowed down their decision to a few choices of loan products and service providers. Since you have partaken in their educational process by the content you have placed in front of them, you are “top of mind” as a potential service provider to solve their need for a new home loan. You now have a “relationship” with these prospects and you are better positioned to capitalize on this stage of their buyer’s journey than if you were just now entering the conversation that is already taking place in their mind.
An Example Case
To help you understand how to connect with a very specific prospect type, we are going to illustrate the process of engaging with a homeowner who needs a debt consolidation loan. We are going to help you lead this prospect to be “Sold On Your Concept” which is a specific solution to solve the problem of too much debt.
This homeowner has been struggling to keep up with the bills for months or perhaps years. This homeowner prospect also has a mortgage with an interest rate higher than the currently available rates. The homeowner has owned the home for long enough to have accumulated a fair amount of equity. They have read your special report on “The 3 most overlooked solutions to cut your monthly payments by up to 43% AND pay off your home early” which they opted in to receive via email.
Using your mortgage CRM, you follow up with emails showing them that the equity in their home is an asset which can be put to use by repositioning their current debt two different ways. They can lump their consumer debt into a new refinance loan or get a Home Equity Line Of Credit (HELOC). This is your solution based on your extensive experience. You have helped scores of homeowners just like this one solve their problem of too much debt. This is the concept you need to sell your prospect on.
Selling Prospects On Your Concept
When a prospect is sold on your concept of using their home equity to reposition their debt, through educational and informative content relative to their problem, it will be difficult for your competition to reeducate and resell them on a new solution. The ideal position is to be the first to sell the prospect on your concept by demonstrating the value your solution brings to them. “What’s In It For Me” needs to be addressed to their full satisfaction. You will achieve this by using relevance in your marketing content.
Relevance is not so much about what you sell but how you empower the consumer and lead them to see themselves in your marketing message. For example, publish a detailed case study of how one of your past clients cut their overall debt a whopping 35% by repositioning their debt. Drive the point home with the story of how they are paying cash for their first vacation in a decade, and couldn’t be happier.
Your content at this time could be testimonials and case studies comparing the financial impact of different options. You can deliver illustrations that clearly show the pros and cons of alternatives such as debt consolidation loans v.s. HELOCs. You take into consideration fees, the time to recapture the fees they spend on both types of loans. You give them a concrete idea of how much they will save with the new debt structure. You can also publish detailed testimonials demonstrating how past clients benefited from the solutions you provided, adding stories to help new customers see themselves with the same results.
At the end of each piece of content you publish now, include a strong call to action with an offer to prepare a personalized analysis, customized just for them. The offer should state there is no charge and no obligation on their part. Remove the risk to them 100%. The next logical step for the prospect should be to take advantage of the offer. After all, they are actively seeking a solution to a pressing need. You should now be “face to face” with a motivated customer.
Staying firmly connected with prospects through the early stages of their journey is where the marketer’s efforts begin to pay dividends. Properly executed marketing campaigns will put your product or service directly in front of those customers who are ready to make a decision to buy. Whether those customers are looking to solve pressing debt problems, buying their first home or downsizing to a smaller home.
The difference between engaging with them from the beginning vs. engaging with them at their final stages for the first time is the existence of a relationship and trust.
By mastering the process of marketing with relevance, you help your prospects see that you understand their needs at a deep level. You will no longer be negotiating on your heels because you have educated and pre-sold them on you and your solutions by now. Your sale and closing should be considerably easier than it is when engaging with a cold prospect at this stage for the first time.