Email Marketing, The Moving Parade

A mortgage originator client writes, “Bill, I am email marketing to real estate agents who have prospects who could use a “no income check mortgage loan for Residential Investment properties and commercial properties. Sent out an email to my list of 5000 with moderate results. What should I do to increase my response?”

There are a few different issues we need to address. One is that the target audience is NOT the final customer. The final customer is the loan applicant. The target audience is the real estate agent. The message MUST be how this loan originator can get the real estate agent more business.

Another issue is figuring out how to stop thinking of the target audience as a group to sell to and to begin thinking of them as a group that wants to buy. A large part of this issue is timing. And timing is where engagement comes in.

Still, a third issue is figuring out what the heart of the target audience, the bull’s eye, is all about. Who are they? What keeps them up at night? Who else wants their business and why? What language do they use?

Without getting too deep — after all this is just a 500 word article — are 5,000 real estate agents the correct match for this mortgage originator who sells subprime mortgages? Probably not. Most of the real estate agents’ customers are probably pre-approved. It would be better if the email list of this originator was of real estate agents who work with customers who suffered foreclosure, bankruptcy, or in some other way, took a hit on their credit. That’s a much smaller list.

What are these agents doing to get more business? Are they involved with cleaning up distressed properties through property preservation specialists? Are they getting deals from banks? Are there a growing number of cash investors who are willing to consider a wide variety of investment vehicles?

These questions, and many more, are a few topics that the loan originator could talk about in his or her communications with his more targeted list.

Because there are so many resources for the marketplace to tap into when researching a solution, they (the marketplace) no longer solely rely on one marketing piece. They search and search until they’re ready to buy. It’s a moving parade. The job of today’s direct marketer is to continually communicate with the marketplace valuable information with the “right” message to the right audience so that when the customer is ready to buy, the compelling choice is YOU, the marketer who has been at each intersection of the parade providing great information.

With that thinking in mind, this loan originator must figure out a way to find real estate agents on his list who specialize in distressed situations and start to segment that email list based on the wants and needs of his prospects.

The idea is to become the hero to your list(s). How can you help them? And once you figured that out, go deep. Begin to explore HOW they would be helped further by applying different approaches. Where can they find prospects? How can they approach them? How can they close the deal (by using your service)?

Finally, start growing the relationship by communicating compelling content to your list frequently. Be there when they’re ready to make the decision to buy.