Why is Gary Barlow like the mortgage industry? No it’s not a joke, although at one stage, Barlow was the butt of several. Here was a man whose career seemed finished (while we let Robbie Williams entertain us), who was living as a semi-recluse in LA and whose weight gain was as marked as his band’s fall from favour. As he wrote in his 2006 book, My Take: ‘Madame Tussaud’s melted down my dummy because they needed the wax to make Britney Spears. Why only Britney? They could have made all three of Destiny’s Child.’
With the help of friends and family, Barlow tackled his weight problem, regained his self-confidence and started to focus on his true talent, songwriting, finally getting back to where he and the rest of Take That belonged – on stage, in front of thousands of old and new fans, putting on a great show based on their classic hits and high quality new material like ‘Rule the World’ and ‘Greatest Day’.
So what’s the parallel with the current ‘meltdown’ in the mortgage market?
Well, you too are probably facing the toughest period you will ever face in your career. Your company is likely to be ‘overweight’, in terms of its costs exceeding its revenue. You are ‘out of favour’ with your customers, who think that they can get a better deal by going directly to the dual-pricing mortgage lenders. Thank goodness you don’t have Robbie Williams to worry about as well.
In short, it is time to:
get your business into shape
focus on what you are good at
use intelligent and targeted marketing to reconnect with your customers
Here are a few practical tips on how to market your business in the ‘meltdown’.
Get your business into shape
Act like a new business. Remember how careful you were with money when you first started up? Spend your marketing budget wisely and cut your risk by using freelance experts on a project by project basis. With your competitors in disarray and the opportunities out there waiting to be taken, you cannot afford to hire experienced senior people on a full-time basis, but you do need the sort of strategic expertise such individuals possess.
So paying by the day with no fixed contract reduces your risk to almost zero, especially when the consultant concerned has a proven record of delivery
(Another money-saving tip: get your next set of business cards from www.vistaprint.com. Order three weeks in advance and it’s as little as £5.00 for 250 cards, including delivery.)
Focus on what you are good at
Find the particular type of customer that you really understand and focus on their specific needs. Do not get distracted by chasing after every single piece of potential business, as you will end up without a unique selling proposition (‘USP’) – which is what makes someone choose you instead of your competitor. What is it that makes you stand out from the crowd? Today’s customers demand excellence and differentiation. Why should they choose you? If you have a clear ‘USP’ and a specialist niche in the market, you can tell them exactly why.
Use intelligent and targeted marketing to reconnect with your customers
Lead purchase and direct response advertising has become less effective with the tighter lending criteria now being imposed by lenders; what appears to be a reasonable average cost per lead turns out to be an unreasonable average cost per completion.
Try using new methods to generate your own leads in an integrated campaign. Make sure your client database is accurate (especially with regard to email addresses) as this marketing tool is the most valuable asset you possess. Integrate regular but relevant email communications (bringing real value in the form of money-saving and revenue-generating tips) with local PR (radio, press and online) and free seminars on key financial topics that your target market will find of most value. Focus, all the time, on your USP and your target customers’ specific needs.
This is how you built your business in the first place and it is the way to “relight the fire” in your business again. And if the plan seems to be taking a while to work, just “try a little patience”, as Gary Barlow would say!
Freelance mortgage marketing expert Ian Giles can be contacted by phone on 07 747 800 517; or by email on ian@iangilesmarketing.com or you can visit his website at: iangilesmarketing.com
