When it comes to new business, loan originators know that word-of-mouth marketing can often be the most successful. This kind of marketing is about spreading information about you and your business organically, through people who feel motivated to share in their network and send new business your way. Of course, some traditional marketing methods are still important to maintain, but the more you can leverage your credibility and encourage people to spread the word, the more likely those valuable referrals will come your way. Here are some of the best ways to encourage word-of-mouth referrals:
Establish strong connections
Your credibility is extremely valuable as an LO, and one of the best ways to build it is through creating stronger connections with people. This means making real connections, not just with each client, but with others in your network as well. Making connections in your community is necessary to build visibility and credibility. Once you’ve created new connections, maintaining and strengthening them by really getting to know each other is equally important. The more people feel connected to you and trust you, the more willing they’ll be to give your name to their friends and family.
Refine your CX Strategy
People will only be willing to share your name if they feel they can stand behind your level of service. Therefore, your credibility largely rests on the quality of your customer experience (CX). This CX refers to every interaction someone has with you, your brand, and your business. This means everything from the home page of your website to your first handshake with someone and every interaction through until the closing. Establishing a thoughtful CX strategy with all the tools to win over clients will help your chances of future referrals. This CX even continues after the closing, so make sure you’re keeping in contact with past clients to keep your name at the top of their mind. Give them a reason to want to talk about you with their network and spread the word.
Go above and beyond
Being professional should be a top priority, but personalization is equally important. The more LOs cater to the individual needs of their clients, the more likely they’ll be to deliver a standout experience — one that inspires people to talk about it. The extra effort shows and speaks to your character and credibility. This extends beyond clients. The more you go above and beyond for other people you know, including work contacts, referral partners, acquaintances, etc., the more people will be encouraged to share your name.
This goes along with the idea of exceeding expectations. It’s important to add value to your interactions with other people. With clients, this means offering them something useful. Whether this comes in the form of helpful information, referrals, or even more general help, this kind of effort speaks volumes. People will respect that you care enough to offer them something rather than just asking for their business. Even something as simple as sharing an interesting article can be enough to show that you’re a valuable connection to maintain.
Ensure client satisfaction
You might think your client is happy with your service only to find out after the closing that they were less than satisfied in some areas. It could be more subtle — maybe they were just adequately happy, but weren’t wowed to the point where they wanted to share. Rather than waiting until after the closing to find this out, check in on their satisfaction along the way. Even having them complete a short survey of their experience so far or asking them questions less formally can help you figure out more about their needs and expectations. This way, you’ll be more likely to end with a satisfied client who is motivated to share your name.
Word-of-mouth marketing is essentially free, and it can often be the most powerful kind for your business. It’s about delivering valuable service, offering help, and forming the kinds of connections that encourage people to want to help you in return. How do you work to increase your word-of-mouth referrals? Share with us below.