Doing 'Right Stuff' Termed Key to Marketing

It's not how much marketing you can do, it's doing the right stuff, a marketing expert told mortgage brokers Dec. 7 at the Business Plan 2006 show in Las Vegas.Bill Hillestad, who runs his own consulting firm, added that it is not what marketing technique is being used, it is whether there is an underlying strategy. The key, he said, is that everything is aimed at adding more names to one's database or increasing the pull-through of closed loans. Citing data indicating that most people will seek a new loan every 29 months, Mr. Hillestad said mortgage brokers do not sell loans, they "create opportunities" for their customers, and the goal of being in the opportunity business is to create as many chances as possible to take advantage of those opportunities. He noted that every marketing campaign needs to be evaluated. Brokers need to know how many people are in their database, how much it has grown, the conversion rate resulting in a closed loan, how much it cost to put the name into the database, and how much it cost per closed loan, Mr. Hillestad said. Business Plan 2006 is being put on by LoanToolbox in conjunction with Broker and Origination News.