The Target Compass

Following is a good primer for new and “still learning” originators and a reminder for veteran loan originators.
My secret to marketing directly to consumers is my unique “target compass.” It has allowed me to enjoy a generous income over my past 15 years in mortgage banking while building a residual income for my future.
As with any directional compass, mine has four essential components:

Target Market:
Identify your target market and learn everything you can about that target market. People who live in apartments with children who are paying $1200 a month in rent in a certain zip code who would save $2500 – $7500 in taxes is a great example. Some examples of target markets that I use:

  • FHA Buyer
  • VA Buyer
  • First Time Buyer
  • Credit Problem Buyers
  • Recently Divorced
  • Specific Professions:
  • Doctors
  • Nurses
  • Dentists
  • Teachers
  • Police and Security
  • Government
  • Firefighters
  • Financial Planners
  • Business Executives
  • Pilots
  • Local Business Owners
  • Specific Geographic Areas:
  • Cape Cod
  • Martha’s Vineyard
  • Nantucket
  • Vacation areas
  • Specific names of towns or communities
  • Brides and Grooms
  • Students (College)
  • First Time Homebuyers
  • Renters – Apartment and homes
  • Move Up Buyer/Seller
  • Move Down Buyer/Seller
  • Corporate Relocation
  • New Construction
  • Rehabilitation
  • Refinance Borrowers
  • Corporate Buyer/Seller
  • Executive Buyer/Seller
  • Resort Property Buyer/Seller
  • Parent’s of Children Going To College
  • Investment Buyer/Seller
  • Second Home Buyer/Seller
  • Vacant Land
  • Lakefront Property Buyers
  • Zero Down Buyers
  • Low Down Buyers

Target Time:

This is a critical navigational tool for creating a constant flow of new customers. For example studying the timing of brides and grooms and their buying habits, clients that bought their first home with you and researching when they will possibly be moving up. Taking the time to research each of the above target markets and their appropriate timing is a critical piece of your journey.

Target Medium:

Selecting the right medium is a fun part of the trip. A client may call you because they received a flyer on their card which had one of your strategic business partner’s on the back offering a “free pizza.” Some of the examples of the media that I use with great success are:

  • Flyers
  • Home Magazines
  • Newsletters
  • Yellow Pages
  • Inserts
  • Business Cards
  • Stickers
  • Post cards
  • Seminars
  • Workshops
  • Client Celebrations
  • Direct Mail
  • Classifieds
  • Free Publicity
  • News Stories
  • Personalized Clothing (Sweaters, Shirts, Jackets)
  • Personalized Jewelry (Watches, Pins)
  • Personalized Pens
  • Buttons with Messages
  • Display Advertising Pizza Cover
  • Telemarketing
  • Popcorn Boxes
  • Strategic Business Alliances
  • Ad Bench
  • Bill Boards
  • Magnets (Refrigerator)
  • TV
  • Radio
  • Poster Notes
  • Door Hangers
  • Weekly Shopper
  • Church Bulletins
  • Welcome Wagon
  • Restaurant Placemats
  • Area Maps
  • Bulletin Boards
  • Toll Free 800 HelpLine (Automated Prospecting System)
  • Videos

Target Message:

This is a huge piece that must be mastered—and here are some ideas that have worked well for me:

  • Daily automated home searches (value added service for your pre-approvals Home Finder Service (Valued added service for your pre-approvals)
  • Zero Down Payment
  • Toll Free
  • House Payment the same as Rent Payment
  • Huge Tax Benefits
  • Low Down Payment
  • Free Information
  • Free Money Savings Ideas
  • Free Reports
  • Recorded Message
  • Call 24 Hours a Day
  • Free MLS Link (Value added for your pre-approvals)
  • Consumer Awareness HelpLine
  • Best Buy Hotlist
  • Dream Home Hotline
  • Check your Credit Free
  • Free Home Seller’s Marketing Kit
  • Home Loan Service HelpLine
  • Select-A-Loan: 599 Home Loan Programs
  • Fire Your Landlord
  • Free HomeLoan Finder Service
  • Limited Time Offer (Create Scarcity)
  • Free-Recorded Message
  • Special educational reports

Like any navigational tool, it must be used with fine precision in order to gain the outcome that you are looking for. It takes research, focus and extreme dedication. If your marketing is presently not compelling your prospects to call, you may have a problem with your target, your time, your medium or your message or a combination. When you balance all four areas—you will create a wonderful flow of new customers that with continued work will turn into “advocates” of your service and be your residual income in the future.

by Cindy Worrell