Quicken IPO, Leads, Ads, and Social Media | The Letter X
Jun 13, 2020 1:06 pm
THE LETTER X
TLX Issue #8
Welcome to the Ocho! The 8th issue of The Letter X will focus quite a bit on marketing. I know shocker. I had a lot of great conversations this week, and it is apparent that our industry needs a reboot when it comes to how we approach marketing. For those that have followed my content, know that I am a big believer that marketing is the ONLY real way to 10x your business. In this issue, I am going to talk about some pressing topics, and if you hang out till the end, there is a cool giveaway. Now let’s get into it!
X Marks the Spot
Quicken has finally decided to take the obvious next step in their growth by filing for an IPO. According to analysts on "The Street," the Quicken IPO could be the most significant public offering of the year. Take the hot market for IPOs and add historically low rates plus the potential upside for the market as we come out of C19, and you have quite the story to sell.
The expected success of the Quicken IPO will definitely spur more investment in marketing, where quicken shines brightest, which is why there needs to be a focus on building awareness of your brand and getting to the consumer first.
As most lenders still fumble around with trying to figure out Social Media, there is still a misplaced focus on Instagram just because “it’s popular.” Don’t get me wrong, Instagram has an insane user base, and for certain individuals willing to put in the work, it will be a proper channel for business. But from a lender perspective, there are better ways to spend your resources.
Spurred by another “you have to be on Instagram” article, I decided to poll professionals in my network to see where most of their Social Media success was coming from. Facebook and LinkedIn were where it is at, and Instagram was a distant third. I even reached out to those in the industry that has been used as the example of “doing Instagram right,” and they also sourced most of their Social Media biz from Facebook.
My point isn’t that Instagram sucks, and you shouldn’t use it. I want to make that perfectly clear. My point is that you need to understand that there are a lot of variables and structures that need to happen to have success as the main lead channel. It 100% should be a channel you pay attention to, use to build awareness (especially with the younger crowd), but it should not be your primary lead generation focus when it comes to Social Media. As always, do your own testing, and if Instagram is your jam, then pay no attention to what I or anyone else says to the contrary.
Speaking of lead generation, I recently did a post on LinkedIn, where I talked about what MLO’s need to know before wading into the lead generation waters. I also did a podcast episode about why MLOs are probably asking the wrong questions about lead generation. Proper lead generation will significantly amplify your sales numbers, which is why you want to start off on the right foot.
Speaking of Amplify and Sales, Anthony Casa and Rene Rodriguez had another great Weekly Sales Meeting this week which I highly recommend you check out.
For the last few months I have been talking about how eventually Google will follow suit with Facebook when it came to running housing ads. Well that time has come and if you are running any type of PPC ads you will need to rethink your targeting.
As someone who was born and raised in California, I can tell you with certainty that “California will always California” when given the chance. Apparently after learning NOTHING from the debacle that was the hastily written CARES Act, California decided to double down with AB 2501 and the MBA along with other trade groups voiced their opposition.
Speaking of the MBA below is their chart o’ the week covers Q1 of 2020 where independent mortgage banks and mortgage subsidiaries of chartered banks earned an average pre-tax production profit of 61 basis points (or $1,600) on each loan they originated
I am very excited to have Laura Brandao, President of AFR Wholesale, be a weekly contributor to TLX with her Say Yes Everyday content. If you don’t know Laura or have seen her content, she brings a ton of positivity to our industry, and I cannot wait to share that with you each week.
Say Yes Everyday by Laura Brandao
What’s one simple habit you can do to create a positive ripple in your life? Everyday we spend 60% of our day repeating the same routines and decisions as the prior days and 35% of our time is spent reacting to the day, that only leaves 5% for new experiences.
What if we stopped repeating our yesterday’s and started creating fresh new tomorrow’s? How? By saying YES every day, this is a mindset that I implemented myself 2 years ago & I will never stop because I have lived more in 2 years than the last 10. So, how does it work? Everyday as you start interacting with your family, your team, your clients, your email, voicemail don’t go on auto-pilot. Listen and be present as if it’s the very first time you have met them or read an email and then SAY YES to the moment as if you realized that this moment in time will never come back, what would you say, how would you react?
Each week I am going to share with you something to say yes to but remember the whole key is that you have to do it with no expectations of a reward you do it because in that moment in time you are open and tuned in. This week I want you to reach out to a few connections personal and business and tell them that you were thinking about them and you don’t want or need anything, you just wanted to check in and say hello. I can’t wait to hear the results, please share: firstname.lastname@example.org
What We're Listening To
Presented by: REAL Disrupt
Positively Charged Biz - Liz Irish and Dr Melissa Bird
The Confident Closers - How to Adapt to a new Environment when Fear wants to Lead
Laugh, Lend, and Eat - Michael Hammond, Founder of NexLevel Advisors
BSN Live - Facebook Group Rooms & Software Purchases
Marketing Interrupt - Bypassed: Mortgage Pros Being Left Behind by the Digital Consumer
This Week's Giveaway
In honor of Alec Hanson being on the Marketing Interrupt Podcast, I am buying a few copies of his book Bypassed to give away to TLX readers. In order for a chance to win a copy simply text "bypassed" to 66866 and follow the instructions. Good luck!
Have you joined the Mortgage X Mastermind yet? I would like to invite you to join our community that is 100% focused on helping MODERN industry professionals be found, relevant, and make an impact. I hope to see you in the group!
I would also like to invite you to a webinar that we're hosting at UAMP (Utah Association of Mortgage Professionals) next week Thursday, June 18th from 12pm - 1pm Mountain. Guest Speaker Matt Atkinson will be showing you 5 Strategies to Build a Real Estate Portfolio to Replace Your Mortgage Career. You can register here.
I hope you enjoyed TLX #8 and I hope you have a great weekend!