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50% of Your Week Should Be Spent on Attracting Leads! How, If I’m a Broker?

As a broker, you’re no stranger to the endless cycle of administrative tasks—data entry, preparing documents, submitting loan applications, and following up with lenders. It’s easy to get so caught up in the day-to-day operations that you neglect the lifeblood of your business: attracting leads and expanding your network. Some brokers might even rely solely on word of mouth, which is a risky strategy for sustainable growth. So, how can you allocate at least 50% of your workweek to getting leads when you’re swamped with admin tasks?

The Importance of Lead Generation

If you’re spending less than half of your workweek on lead generation and client acquisition, it’s time to up your game. Here are some strategies to help you focus on what really matters for your business growth:

Reaching Out to Your Network

Your existing network is a goldmine of potential leads. It isn’t just about sending a quick message asking for referrals. It’s a strategic approach to tap into your existing relationships and expand your client base. This could involve a variety of methods:

  • Social Media Engagement: Regularly post valuable content on your social media platforms and engage with your followers. This keeps you at the top of their minds, making them more likely to refer you when the opportunity arises.
  • Email Newsletters: Sending out monthly or quarterly newsletters with useful information or market updates can remind your network of your expertise and services.
  • Webinars and Online Events: Hosting webinars on topics relevant to your industry can attract a wider audience and position you as an expert in your field.
  • One-on-One Meetings: Sometimes, a personal touch is necessary. Schedule coffee catch-ups or virtual meetings to discuss how you can offer value to your contacts or their referrals.

The key is to be proactive and consistent in your efforts. By diversifying the ways you reach out, you’re more likely to stay on the radar of potential clients and receive valuable referrals.

Following Up on Lost Leads

We’ve all had potential clients who seemed interested but never followed through. Instead of writing them off, why not follow up? Lost leads are often considered a closed chapter, but they shouldn’t be. These are individuals who showed interest in your services at some point, and there’s always a chance to rekindle that interest. Here’s how you can go about it:

  • Revisit Old Conversations: Go through your email history or CRM system to identify leads that didn’t convert. The first step is understanding why they didn’t proceed with your services. Here are some common reasons:
    • Timing Wasn’t Right: Perhaps your lead wasn’t ready to decide at that time. Circumstances change, and they might be more open to your services now.
    • Financial Constraints: Financial limitations might have held them back initially. With new loan options or better financial standing, they might be ready to proceed.
    • Lack of Trust: Building trust takes time. An initial conversation might not have been enough for them to commit. Reaching out again could show your persistence and reliability, tipping the scales in your favour.
    • Found a Different Solution: They might have gone with a competitor but found that the service didn’t meet their expectations. This is your chance to step in and offer a better solution.
    • Incomplete Information: Sometimes, leads drop off because they don’t have all the information needed to make a decision. Revisiting the conversation armed with comprehensive details can make a difference.
  • Personalised Follow-Up Emails: Craft a tailored email that addresses their initial concerns or questions. Provide updates on what’s new in your offerings that might now meet their needs.
  • Retargeting Campaigns: Use digital advertising to retarget lost leads. They’ll see your ads while browsing online, reminding them of your services.
  • Special Offers or Incentives: Sometimes, a little nudge is all it takes. Offering a limited-time discount or a free consultation could be the push they need to re-engage with your services. Showcase any new services or loan options that might be more aligned with their needs.
  • Phone Calls: A more direct approach, but effective. A quick call can often clear up misunderstandings or offer immediate solutions to their problems, converting a lost lead into a client.

Remember, the fortune is in the follow-up! By systematically reaching out to lost leads, you not only increase your chances of converting them but also improve your understanding of what potential clients are looking for. You can then use it to adjust your buyer persona as needed, and use it as a reference for your future marketing campaigns.

Leveraging Technology 

Nowadays, technology can be your best friend when it comes to streamlining operations and attracting leads. With the right tech tools, you can automate your repetitive admin tasks, and even boost your marketing campaigns with automation! Here are some examples:

CRM Systems

Customer Relationship Management (CRM) systems can serve as your central hub for tracking leads, managing client interactions, and even automating follow-ups. With a robust CRM like Salesforce or HubSpot, you can:

  • Automate Follow-Ups: Schedule automated emails or reminders to touch base with potential and existing clients.
  • Lead Scoring: Prioritise leads based on their interactions with your business, helping you focus on those most likely to convert.
  • Data Analytics: Use built-in analytics to track your sales performance, understand client behaviour, and refine your sales strategies.

Digital Marketing

While social media is crucial, other digital marketing tools can also help you attract and retain clients:

  • SEO and Content Marketing: Regularly update your blog with valuable content that answers common questions your potential clients might have. Tools like SEMrush or Yoast SEO can help improve your website’s search engine ranking.
  • Pay-Per-Click Advertising: Targeted ads can help you reach a broader but still relevant audience. Google Ads is a popular choice for this.

The goal is to make sure you’re spending at least 50% of your workweek on activities that directly contribute to your business growth and focus on what truly matters: generating leads and closing deals.

And if you need help in making the most out of these strategies without eating up your time? Let us chat and explore all your possibilities!

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Chris Brown is a Director and Senior Mortgage Broker at New Vision Financial Services. He runs a Sydney based mortgage brokerage that’s servicing clients since 2015.

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Sam Panetta is a co-founder and the head of the lending department at Aureus Financial. His business helps clients get the funding that they need to grow their business, acquire their dream home and build wealth through property.

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