Reverse Mortgage Marketing: The Best Social Media Platforms For Driving Business

Social Media Channels

The other day I was with my good friend Donald Graves who works as a Reverse Mortgage Consultant.  Our conversation turned to social media and Don mentioned that he doesn’t see the benefit in a social media platform like Twitter for himself.  He’s busy and he just doesn’t get what benefit social media could add to reverse mortgage marketing.

That got me to thinking about which social media platforms are the best for reverse mortgage marketing – here’s what I uncovered.  Don…this one for you dawg!

The following findings were from HubSpots 2012 research into the stat of inbound marketing.

Inbound marketing out performs outbound marketing

First inbound marketing (SEO, blogs, social media) as compared to outbound marketing (trade shows, network groups, shaking hands and kissing babies) was found to be more effective both from a cost, lead quality, and closing ration stand points.  But it turns out that the best inbound marketing platform depends on your business type, B2B or B2C.  Generally speaking  best for B2B LinkedIn, best for B2C Facebook.

Social Media Customer Acquisition by Channel

Best social media platform depends on industry

Diving deeper into the data results show that effectiveness of blogs, Twitter, Facebook and Linkedin varies by industry.

 

Social Media Channel Effect by Industry

Best platforms for Don and others marketing reverse mortgages

For banking, insurance, and financial services the research shows Linkedin and Twitter are the best platforms for building a tribe (the people who will give you permission to inform them).  But why? It’s not likely that there are very many 72 year olds on Linkedin or Twitter – but their children, grand children, accountants, attorneys, financial planners, and a host of other people who can send you leads are.

Remember what your potential clients are shopping for

For the most part your potential clients and those who can refer them are not shopping for a reverse mortgage (although they may think they are).  What they are really in the market for is a company and RMC they can trust – and you and I both know that’s not something easy to come by.  So what you need to sell is trust.

My advice

  1. Get and stay ahead of the competition by starting a blog and makeing it your primary inbound marketing platform (because research shows a direct correlation between the number of blog post and customer conversions)
    1. A blog is your digital media property.  If Twitter or Linkedin go belly up you’ve still got your Internet property to continue to lead your tribe.
    2. This will give you a platform to build your tribe
    3. Don’t be pushy – social media puts control in the hands of the consumer – they can turn you off just as easy as they can turn you on – and they will
  2. Use Linkedin and Twitter to support your blogging efforts

A few closing thoughts

  1. You likely won’t get leads or conversions overnight
  2. Don’t do it to make sales – do it because you like it – that’s the only way you’ll stick with it – and the only way your tribe will follow you
  3. Why listen to me anyway – because I’ve closed more than 100 reverse mortgage loans using inbound marketing strategies

Something to make you go – hmm!

  1. The technical information on reverse mortgages can be found on 7,820,000 different websites (the actual number of search results Google generated today for the term ‘reverse mortgage’)
  2. Find a way to give your Tribe something they can’t get anywhere else – a Purple Cow

 

Creating Want – How Nike, Michael Jordan and Mars Blackmon Did It

creating want nike jordan and mars blackmon

creating want nike jordan and mars blackmonCreating Want

I recently read a statement online that said the job of marketing is to create needs and sell to them.  Although this may have been true 20 years ago it is vastly inaccurate today.  Why?

There are no needs for marketing to meet anymore

Marketers have already filled every human need possible.  No one, especially in America, needs anything any more.  Does a company truly need a new website?  Does someone really need a new home?  Does anyone really need another book?  Did you really need that cup of Starbucks? Do I need a Brita water filter…really? What about a new car? No, no, no!

Because people truly don’t need anything any more and given that there are far to many alternatives for something that you can even make a case for needing the only thing left for marketing is to sell to….wants.  But even that’s not enough to dominate a market segment.

So what’s a marketer to do?

To be successful marketers must go beyond simply identifying and selling to wants to creating want.

Mars Blackmon & Michael Jordan made you want the shoes

No one ever has, nor ever will need a pair of Air Jordan’s.  Even if you argue your sneaks are torn to shreds you could make another choice and buy a pair of Converse or Addidas, etc.

In 1987 Nike marketing took a vastly different approach than other sports shoe manufactures.  They created a series of sneaker commercials focused on creating want for not just any basketball shoe, but the Air Jordan.  Watch and learn:

 

In today’s era

“Marketing’s job is creating want”

Ways to anticipate and then create want

Use social media to listen to what consumers are saying about your product, brand, industry, and competition.  This involves not just having a social media page like Facebook but actively monitoring mentions about a variety of topics related to your product, service, or industry.

Use web analytics to monitor how consumers are interacting with your website, what devices they access your site from, and from where on the planet (perhaps there’s a growing want for your product in another world market).

Use content marketing (read blogs) to discover who is already exerting influence on your audience and partner with them to create a trend.  If Nike had sold Air Jordan’s to the every basketball player in the entire basketball playing universe they would not have sold many shoes.  Instead Nike found Mars Blackmon (Spike Lee) who already had a major and credible voice in urban communities. When he said “Money..It has to be the shoes” kids believed him and that created a trend of wearing the shoes off court with slacks, jeans, suits, and tuxedos.

Update: 11/21/14

Here’s a great video I recently discovered of Pharrell Williams interview Spike

KISS – Googles Secret Sauce

KISS

Why does Google out perform Yahoo!, Bing, and all other search engines?

Because they keep it simple

Most people working in sales have learned the acronym KISS at some point.  It stands for Keep It Simple Salesperson.  It was taught to me as Keep It Simple Stupid.  Either way the point is if you can keep your presentations simple you have a good shot at winning.  And of all search engines Google does the best job at keeping it simple.

On the home page of Google today there are only 28 words against a white background.  Bing 68 against a full color picture and Yahoo! hundreds…I didn’t even bother to count, it’s a jumbled mess.

Is there a way for you to simplify your presentation, web page, elevator speech, proposal, etc.  If you can you will dramatically increase your chances at winning.

Someone Sneezed A Big Green Egg On Me

….and now I’m infected.

Big Green Egg
Photo courtesy of PaPeR.cLiP

Yesterday I had lunch with a colleague.  At some point the conversation turned to outdoor cooking.

Him: What kind of grill to you have?

Me: A charcoal Webber (of course…that’s what all real grill masters use….right)

Him: I have a Big Green Egg (the sneeze)

Me: err… A what?

He proceeds to tell me this phenomenal story about cooking restaurant quality steaks, cooking temperatures of 800 degrees, how it grills, smokes, slow cooks, and mows his lawn.  It’s the best cooking tool ever.

What does this have to do with viral marketing?

For years I had seen these Big Green Egg things in the mall but they never interested me (the marketing was ineffective on me).

However, one sneeze from a trusted source and now I’m infected.

Symptoms of my infection

I left the restaurant and immediately went over to the mall…looking for a Big Green Egg.  Later that evening I viewed their entire website.

I’m now seeking out the product.

What is ‘Sneezing’

It’s how ideas become viral.  First coined by Marketer Seth Godin, it occurs when a product is so remarkable that early adopters gladly spread the news about it.

Sneezing and sneezers are important today because consumers ignore advertising.  But they listen to their friends, and trusted advisers.

Is your product or service so remarkable that users are ‘Sneezing’ it?

Here’s a little something to make you go…hmm!  I just sneezed on you 🙂

Creating New Business Opportunities Using Mobile, Social, Information, and The Cloud

Digital Marketing

Digital MarketingFour independent forces social media, mobile technologies, cloud based systems, and information proliferation have all converged to create a single unique force that presents both opportunites and challenges for all organizations, marketers, and sales teams.

These forces come together in technology immeresed environments, and all organization, marketers, and sales teams are technology immeresed environments these days.

Best poised for growth will be those that find ways close the gap between stimulus and response through rapid deployment of  innovative products and services that reach new and existing customers in new ways.

Creating opportunities by closing the stimulus response gap

I purchased my first book form Amazon in the 1990’s.  Stimulus…I want to read a book. Response…order online have it in a couple of days.  Now with the proliferation of the Kindle the gap between stimulus (want to read a book) and response is zero.  I Simply download it using my 1-click settings.

Last night I decided to watch an old episode of my favorite ’80’s show the X-Files (stimulus).  I simply logged into Netflix on my home theatre and pressed play (zero gap).  When I got sleepy I logged in on my iPad and finished watching in the bed (use of mobile).

Amazon and Netflix use the cloud to achieve scale and reach, while the Kindles, iPads, and other devices I have use the cloud to enable seamless playback experience where ever I am.

Questions to consider

  • How can your organization, team, group, church, etc. enable consumers to get their results more quickly?
  • How are you empowering your knowledge workers to share their ideas via blogs, and other social media platforms?
  • Are you relying on increasingly obsolete promotional channels (TV ads, radio spots, newspaper, banner ads) to let people hear about your product?
  • Do you know who the real influencers are for your offering?  More importantly do they know you?