The most important element to continued success for loan officers is the ability to build long-term relationships with clients. This is known as lead nurturing. Lead nurturing is a basic effort to maximize the potential returns for each lead. And among the most consistently effective ways to nurture leads? Email marketing.
Email marketing reaches potential clients in several ways. First, email marketing allows you to stay connected with clients you’ve already served who could potentially connect you with new clients. And email is often preferred over the phone because it allows your clients to receive your message when it’s convenient for them. For these reasons and others, email marketing is your best bet for fostering repeat business and encouraging word-of-mouth referrals.
Are you missing the mark?
Some of the most basic sales techniques you use every day are absent from traditional marketing emails. Think about the things you do when you have a potential client in front of you. You ask the right questions, appeal to their interests, explain all the benefits and work to close the sale. While email marketing doesn’t allow for the Q&A routine that is helpful in face-to-face interactions, other important selling principles can be included in your email campaigns.
Effective Email Marketing
It’s important to distinguish between sending periodic emails to your contacts and effective email marketing. Checking in with your clients is important, but you don’t want to miss the opportunity to provide value. Your email marketing should be designed to lead your clients to action that helps grow your business.
When your clients are not in the market for a new loan or refinancing, email marketing can serve as a way to stay connected. You can appeal to those clients by providing facts and figures related to the changing landscape of the lending community and by sharing trends and tools they may find helpful. Interesting, informative emails that allow you to demonstrate your expertise and express your willingness to help are the most effective.
Cultivating Relationships
Clients should feel that, as their lending professional, you understand what’s important to them. Your email marketing should reflect that, along with your commitment to them and your desire to keep the lines of communication open.
Your clients, potential borrowers and real estate brokers should feel a sense of security with their lender and that security is gained through an ongoing stream of communication. Email marketing serves to inform and persuade, but it is also important for relationship-building and encouraging future business. Additionally, word-of-mouth referrals are the most powerful endorsement a loan officer can receive; staying connected to your clients via email marketing helps keep you top of mind, making it easier for them to refer their colleagues, family and friends to you. Think of all the clients you’ve served and the multiple avenues for new business you have available.
Wrap-up
Effective email marketing is a way to gain future business that far outweighs the expense. A well-executed email campaign can elicit multiple new clients and encourage brokers to steer more business your way. You’ll be building a foundation for steady future business and increased revenue. Win-win!
Originally published 3/20/14; Updated 9/21/16.
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