Converting Prospects into Sales
Everybody recognizes the name of a man who, in the modern era, might be considered a marketing genius. Through creative networking that spread word of his work far and wide, people are still “sold” on what he offered two thousand years later.
While you probably care more about your business success in the next ten or twenty years than in the next two millennia, there’s still a “gospel truth” about sales that will ensure your business name will be remembered, now and in the future.
Here are twelve simple steps you can implement today to help convert reverse mortgage prospects to clients over the long term:
1. Be Socratic. Don’t drink hemlock if your reverse mortgage business isn’t where you’d like it to be! Instead, as Socrates counseled, know thyself. Just as these key questions help you serve prospects, focus inward and ask: do my strengths lie in finance, marketing, customer support? You can’t do it all, so figure out what you’re best at, and hire top-notch team members to handle the rest.
2. Think it through. Heard the joke about the house that was built without a roof? A bit drafty, but fantastic view of the stars. The same holds true for your reverse mortgage business. To do it right, you need to understand:
a. Target markets
c. Customer service
3. Farm the field. In other words, know the reverse mortgage industry inside out. With a deep awareness of your field plus sound business support from Reverse Focus, you’ll be off to a fine start.
5. Keep it green. Dollars and sense green, that is. Good financial records are second only to adequate capitalization in ensuring a fiscally flight-worthy business.
6. Go with the flow. Money is like a river; it needs to stay fluid to stay healthy. If you know your own income and expenses, you’ll be able to navigate the currents — and have a better understanding of your prospects’ cash flow as well.
7. Manage wisely. For entrepreneurs, this is often the most challenging aspect of running a business: not only do you need to wear the manager’s hat in terms of day-to-day functioning, you also need to motivate and train staff, as well as provide incentives to develop valuable team members.
8. Get branded. Who are you as a business? Everything from your company name and logo, website, signage and cards, to advertising and displays, should present a uniform image that clearly spells out what you do and helps customers remember you. Reverse Focus is your ultimate resource here.
9. Manage the back room. Computers didn’t eliminate paperwork and filing, they just transferred it to the screen. Make sure your records are clear, accurate and up to date.
10. Understand value vs. cost. The HECM can be a lifesaver for seniors with outstanding debt or minimal liquid assets — but it’s not a cost-free solution. Be sure both you and they understand the cost-benefit of a reverse mortgage before they sign on the dotted line. Shannon Hicks’ Industry Leader Update videos are a prime source of information.
11. Consult your elders. You’re in the elder service business, so seek out seasoned reverse mortgage professionals — perhaps someone who’s recently retired — and learn their success secrets. Even an established professional who’s still in business will likely be glad to share, as long as you’re not in direct competition.
12. Seek guidance. The inadvertent marketing guru whose name we all know 2000 years hence had a trusted team of twelve he consulted regularly. Do you have at least one mentor you can ask for business guidance when you need it?