Competition if FIERCE!  With the market the way it has been, there has been a tremendous influx of new agents and loan officers.  Everyone wanted to get a slice of the easy pie and who can blame them?  One of the biggest hurdles in today's market had been lack of inventory.  People are chomping at the bit to buy something, anything before the rates skyrocket.

With this in mind, how do you stand out from the crowd?  What can you do to maximize your exposure?  How can you generate more and more business?

Unfortunately, many of you focus entirely on this concept.  You strive to produce more and more business without realizing the most important aspect...your bottom line.  What good does it do you to increase your business by 20% if your marketing effort costs 50% more.  You may make a few more dollars, but in the long run you will be working harder to generate less per loan.  This is contrary to our goal!  You must strive to earn more per loan so that you can work smarter rather than harder.

With this in mind, how can you increase your business?  You can spend a ton more on advertising and other forms of public marketing, but we already know this won't accomplish your goal.  So what can you do that will get you more "bang for your buck"?

Joint Marketing!  This is a fantastic approach that can pay huge dividends.  Imagine this concept...you work closely with a lender, title company, attorney or other service provider.  You could market to their past clientele as well as they market to your past clientele.  Sounds like a plan!  But what is to be gained?

First, the power of third party endorsements.  Look at the advertising done today.  "We offer the best service" or "We're number one in your market".  They're all the same.  Everyone telling how great they are and why you should call them.  This type of marketing is normal, expected and WAY overdone.

Consumers, for the most part, block this marketing out.  They are inundated on a daily basis with it, so it carries little weight with them.  However, when someone else tells them how great you are, they put more credence into the statement. Testimonials are the most powerful advertising that you can offer.

Along this line, if your affiliated business partners tell their current and past clientele how great your service is, these people will be more inclined to contact you because they value the opinion of the person making the statement due to the fact that they have a previous working relationship with the individual making the statement.  Correspondingly, if you recommend your affiliated business partners to your current and past clientele, you create a symbiotic relationship that gives you more control over the final outcome...YOUR PAYCHECK!

Consider all of the different businesses with which you can or could be experiencing joint marketing.  The combinations are virtually endless.  For example, we have been going through a tremendous refinance market.  These people worked closely with a loan officer and a title company.  Imagine the impact if both of these affiliated business partners included you in a joint marketing effort.  How much more business would you realize for a very limited increase in marketing?

Another idea to increase your bottom line.

Just thought you should know.

Have a profitable day!

Steven