ACTION090605 - How to Market Your Promise of Service Differently

The first article in the series introduced the five promotional opportunities that exist within the loan application process and the three major players to differentiate your promise.

The second article described how to plant golden seeds and your introduction to the Seller's Agent.

Today's article describes the second promotional stage, After Loan Approval, and the marketing opportunities that accompany it.

Stage 2: After Loan Approval

Do your loans pro-create during the application process? In other words, each time you take an application, by the time it closes, has it helped produce a new loan?

The purpose of marketing during the application process is to produce referrals that convert into new applications sooner. Most loan officers wait until a loan closes to begin soliciting referrals, although many forget to do it altogether.

If you read last week's article, you know the significance of planting golden seeds as early as possible. Stage 2 - After Loan Approval, continues nurturing the seeds.

The Borrower

If you've executed the suggestions I made in my previous articles, your borrowers are experiencing a different type of service - a better one. Unless it's the first time they've applied for a loan, the loan officer who closed their previous loan is not servicing them. Why? Possible reasons include: service wasn't good enough, the loan officer didn't keep in touch, or they're no longer in business. So instead, the borrower gets to experience service from you, the way it should be.

Emotional Peaks are Marketing Opportunities

The loan application process is an emotional rollercoaster for any borrower. When the coaster has reached a peak, and before it heads downhill, how do you capitalize on it? For instance, when you know the loan is approved, how do you celebrate it with the borrower? Do you congratulate them by phone, letter or fax? If you do, that's a good first step.

Golden seeds sprout from being watered; this is your chance to douse them. Send a balloon bouquet by courier to the borrower's place of employment and call when it's been delivered.

Balloons get noticed because they're obnoxious, which gets a buzz going among the employees. The balloons can be attached to any type of gift: coffee mugs (branded with your logo), cookies, picture frames, etc. Use items that can be kept on the desk, it becomes a permanent billboard.

Wait, it gets better. The most important item to include, in the form of a pre-addressed, postage paid or first class stamped reply postcard, is your survey. It asks three questions:

Do you see what it means to capitalize on an emotional peak and to continue the expectation created from my previous article about referrals? If you deliver good service and customers appreciate you, can you see the flood of future referrals from adding this classy touch?

The Buyer's & Seller's Agent

Don't stop with the borrower - celebrate with both Agents! They deserve to be included; besides, they're probably putting out a fire, like a loan not closing on another deal with a different lender. They'll find your news, the best news of the day.

If your budget supports it and doesn't violate RESPA (consult with your manager), send a cookie tin to each agent with a congratulatory note. If the tin isn't appropriate, send a hand-written congratulatory note.

Uh-huh, it gets even better. Send a one-page fax, using a large size font on your letterhead, promoting the loan approval. It's sent by fax to both Agents, but you know that someone other than them will pick it up. That's called free advertising, so be sure to include a promotional message with your contact information at the bottom of the page.

Promoting - After Loan Approval - gets the borrower and both Agents recognizing the quality of your service before the loan closes. This makes it easier to stand out and for your promise of service to be communicated differently. While other loan officers run around town soliciting agents by promising good service, agents are experiencing yours firsthand.

Watch for next week's article when I discuss the promotional opportunities prior to the loan closing.

ACTION E-zine

How to Market Your Promise of Service Differently Part III

This is the third of six articles in a series on how to market your promise of service differently.

Stage 2: After Loan Approval

The Borrower

Emotional Peaks are Marketing Opportunities

The Buyer's & Seller's Agent