Reposition your business to build on past accomplishments

Mark Redmond, marketing and business development director, NZ Power Distributors

As published in Scotsman Guide's Commercial Edition, January 2012.

Commercial mortgage brokers who are keen to turn around their business and see results this year should learn from how they fared in 2011, rather than just wait and see if recovery comes along with the new year. This requires a close look at what worked — and what didn’t — in your previous marketing efforts.

You should integrate a 3-R approach when setting your marketing goals this year:

• Review: To progress in your marketing efforts, you must review and analyze previous actions  to see what worked and what did not. Then examine your competition and see how many times you can look back and ask, “Did I lose business to rivals? And if yes, why?” Start by looking at what you can do better, and find the areas in which you can improve and gain momentum immediately.
• Revise: Once you find a few areas that worked for your business, build on them. For example, if you have learned that more business is coming from two to three zip codes or two to three cities or townships, add a few lines on your website to highlight how you are now serving those areas. This helps with search engines because people often search by zip code or city. This might even push your website higher on search results.
• Reposition: Use this foundation to highlight and capitalize on your areas of strength. If you’ve closed more deals in a certain type of commercial property market, list and mention it more frequently. You can even market it as a new service. Your goal is to bring in more business and to reposition your company as an expert in this market segment.

The next step is to know how to focus your marketing efforts on target areas. Here are 10 marketing tips that can help you increase your business and gain more visibility in a relatively short span of time.

1. Review and update your website. List your new services, add new content or embed appropriate keywords in the “home” and “about us” pages of your website.
2. Connect with nonprofit organizations and see which areas you can give to — not just money, but time and effort. This can bolster your credibility and opportunities, and add to your public profile.
3. Partner with other industry players, such as providers of services like insurance and business brokers or consultants.
4. Start a referral program. Consider offering a discount to anyone who sends you a referral. Don’t forget to thank them early and often.
5. Record educational videos that cover key topics like savings, reasons to buy now, or special monthly offers or incentives. Post them on your website.
6. Upgrade your technology to reach and manage more people.
7. Network and find ways to receive new leads. One way is to subscribe to a credible source for leads.
8. Write a press release on the things that set your business apart or partner with another business to co-author a marketing article.
9. Write articles or get your business covered in the media.
10. Expand your services. You can expand your resources and widen the network of partners with whom your exchange referrals for closings or loans.

A bonus point is to think about using you co-op advertising dollars for marketing. January is a good time to discuss with your current business partners if you can do some co-op advertising. This one marketing tool may nearly double your marketing resources.  •

Mark Redmond is marketing and business-development director for NZ Power Distributors, an energy-efficient company that specializes in helping mortgage brokers and commercial property managers with cost-saving initiatives for energy savings. Reach Redmond at mark@wessonventures.com or call (813) 403-1062.