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Choosing the Right Marketing Outlets
Guest articles > Choosing the Right Marketing Outlets
by: Daniel Milstein
With the ever-changing marketplace, there are many new strategies appearing everyday to use as a branding outlet. In order to remain focused and relevant, you must follow two necessary guidelines in the fast-paced business world: concentrate on profitable strategies and adapt to technology.
You must concentrate on profitable strategies. Most new salespeople start by focusing on a variety of niche audiences that might have an interest in their product/service. In addition, there is a tendency to engage in diverse marketing activities, including advertising, seminars, direct mail programs and special events. However, it's crucial to concentrate on programs and niches that are the most profitable. Do your research to determine which potential markets haven't been overexposed, those that the competition hasn't yet developed. Make a detailed analysis of your most profitable activities during the last two years. What has given you the best return on your investment? And bear in mind that this is an ongoing process: what works today may not be as cost-effective tomorrow.
Top producers have a better grasp of the latest technological developments, including Internet marketing and social media techniques. Unlike their techno-phobic counterparts, they are 'grad students' of sales-related technology, and look for ways to incorporate it in their operations. Technology is one of the topics we discuss with prospective originators, and I emphasize that we are seeking people who are willing to take advantage of the various Internet and related opportunities.
However, there is a flip side to embracing technology advancements; we can't ignore the human element. In 2001-02, many experts argued that the Internet would soon make loan originators obsolete, that borrowers would find online research and purchases so easy they would no longer see the need to have direct contact with salespeople. Of course, this was a huge miscalculation. Consumers will buy books, CDs, shoes, and a wide variety of other items through online sources. However, when it comes to the major life purchases, such as a home mortgage, automobile, financial planning and life insurance, most people prefer to have an expert with whom they can discuss the details and develop a personal relationship. There is a comfort level provided by personal interaction that a computer screen just cannot match. If a customer is in danger of losing their home or needs some reassuring words about their future needs, knowing that they can talk to me or another salesman makes a big difference.
I recently had an opportunity to counsel one of our loan officer trainees, who had become quite fond of Internet sales. I explained that the way to long-term sales success is creating a bond with customers, making them feel like they are the most important people in your life. 'Web-based applications can't explain the process to the customer or discuss their personal situation the way a salesperson can,' I stressed. 'If you become a Web-only salesman, three months from your closings, nearly 90 percent of your customers won't remember your name. And if they do, they would remember you as my assistant but never as an expert in the finance field.'
There have been incredible technological advancements in recent years that have allowed for multiple marketing outlets to appear. There are pros and cons to choosing an outlet, depending on your sales focus you should rely on either the human element or the technological element.
Daniel Milstein is the bestselling author of ABC of Sales. For more information, visit: http://amzn.to/ABCARTICLES.
Contributor: Daniel Milstein
Published here on: 19-Aug-12
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