Unlocking Growth Beyond Word-of-Mouth: A Strategy for Success
James McCracken - Mortgage Broker Business Coach
Renowned thought leader and business coach for mortgage brokers who want a profitable, scalable and valuable broking practice.
I hope this article provides inspiration or insights to help your realise your own potential so you too can operate a broking practice that provides you ongoing professional and personal reward.
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Prior to establishing my coaching practice, I consulted with my more than 1,700 advertisers from a diverse range of service-based industries.
The consultations used the a simple framework to understand their business and determine how best to help. GMAC: Growth, Market, Advertising, and Competition.
Interestingly, most advertisers said they relied primarily on word-of-mouth.
At face value, that’s a great thing, as warmly referred people are clearly the best enquiries anyone will receive.
When I enquired as to what made-them referral worthy, unfortunately a lot of people found it difficult to respond. Had they of been able to clearly articulate their value proposition, it could have been reflected in their messaging to attract other people looking for the same type of service.
And that’s why I am an advocate of the Power of 3?.
While word-of-mouth might be the # 1 channel to drive enquiry, for most brokers, it isn’t the only channel.
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Complementing word-of-mouth with other channels either online or offline can enable to you to reach more of your target audience and build trust and responsiveness so they engage your help when they are actively looking for a broker.
Why 3?
While some high performing brokers rely on little else than client referrals & repeat business, many high performers will have up to 3 primary irons in the fire that influence 90% (or more) of their enquiry.
It could be SEO, referral partners, a social presence, google reviews/maps, running paid ads, leveraging a FB group, effective networking or something else together.
The key here is to know the clients you’d like to work with, understanding your value and then playing to your strengths to attract your preferred clientele.
With this approach, it feels less like ‘effort’ and will be more sustainable and ideally, more rewarding and effective.
To your continued success,
James
Helping clients increase productivity and achieve growth through hiring experienced offshore staff at a fraction of the cost. If you would like to know more, look at the video in my featured section below ??
11 个月I agree, a warm lead through word of mouth is the best as people like to work with someone that someone they know has used and found successful. Google reviews are also great social testimonials. I also use consistent networking, I meet the same groups regularly, so we get to know and trust each other and become referral partners.