As we enter 2019, the New Year ushers in new opportunities for private money lenders to rethink the way they work. This year, dedicate yourself to working smarter, not harder, by boosting your brand through your existing, established marketing channels.
Here are some marketing ideas for 2019 that will help you improve your online presence and build your business.
Embrace Content Marketing.
It’s easy enough to say that you are going to market more in 2019, but sometimes people overlook the “low hanging fruit.” What about your past customers that may need your services again in 2019? It’s smart to stay in contact with your borrower and investor base through online content marketing, however these people are most likely getting pounded with weekly emails about lending options. Consider how to best stand out by posting or sending information about topics your borrowers and investors will find useful or entertaining. By sending relevant information, you’re fresh on their mind for when the time comes to begin the next deal.
Utilize Social Media.
Millions of Americans use social media every day. It is ingrained into today’s society. Use this modern-day marketing marvel to your advantage by promoting your business and services, while building an online following. Private lenders should use social media not to promote boring loan programs, but to post and comment on content that is relevant to consumers. How are the house flipping markets looking? What private money loan options are available to investors? Posting relevant and timely info allows you to still interact with your base while engaging potential new clients across multiple platforms. As a marketing professional or lender, you need to meet your customers where they are, and today – they are online.
Review and Purge Your Database.
Most private lenders have a database of old client contacts, but few clean up their records to ensure their content gets delivered. Too many bounces or spam notices can flag your domain and result in your newsletters or email content ending up in the recipients’ junk folder. Take the time to clean up your data by updating addresses, purging dead accounts, and adding your new prospects’ or clients’ email addresses to your database.
It’s not enough to send out your newsletter each month hoping that your contact information reaches the intended recipient. Ensuring your data is consistent and up-to-date across all of your marketing platforms is critical. Your website, social media profiles, review sites, blogs, and email marketing should all be consistently aligned with your brand. Failure to do this simple task could mean losing out on that next big deal because they called the wrong number or sent an email that went unanswered. Private money is historically a time-sensitive matter. If a borrower can’t get through to you, they will move on to your competitor.
Manage Your Reviews.
Today’s consumers have the power to affect a business like never before in history. Sites like Yelp, Google, and Facebook prompt consumers to post reviews of companies that they interact with. While a good review can mean new business, likewise, a negative review could permanently damage your reputation. In 2018, more than 95% of all consumers read reviews for local businesses, and 85 percent trust reviews as much or more than a personal recommendation.
Online reviews are critical for businesses, both for building your brand as well as managing your reputation. Anyone who has been in the loan business for some time understands that you cannot please everyone all the time. Negative reviews are a fact of life, even if you feel you did not deserve it. It’s how you handle those reviews that is the real challenge. When someone is accused of doing something wrong, the first human emotion is to strike back. Rather than complicate the issue, take time to step back and get to the bottom of the issue. Ask the reviewer what went wrong. Ask how you can make it better next time. You may not be able to erase the negative review, but you can show other potential customers that you are proactive in finding a solution to the problem if it occurs in the future.
Automating Your Marketing.
For private money lenders, managing a daily pipeline of clients and prospects can be a daunting task. When it gets busy, marketing seems to come last on the to-do list of most hard-working originators. With automation, you can set your email and content marketing to get posted or updated automatically.
Automation is a fantastic way to consistently reach out to an audience and stay in touch, even when you don’t have the time to write a blog or create a marketing piece. Several online tools can help you set up and manage automated marketing.
As the New Year begins, try to focus your energy on reestablishing and promoting your brand with current clients and reaching out to new prospects online. The economy is still red hot, and lending rates are holding steady. As housing prices continue to rise, more new homebuyers will enter the private money marketplace, while others will search out bridge and secondary financing. By getting your 2019 marketing plan organized and implemented, you will be in a better position to build and maintain a strong online presence that will refill your pipeline all year long,