Monday, August 29, 2005

"Work Your Contact's Contacts"

One of my neighbors is a mortgage broker. He has been in the business just six months, and has seen explosive growth, so much so that this month he was complaining that he is bogged down with "too many" loans to process. What has happened for him is an exponential flood of referrals, due to his referral incentive.

He only has two marketing tactics. They are simple, and the latter is very effective.

The first thing he does is hand out a flyer and business card, explaining to his friends on the golf course (yes, that's what he does all day) that he is a mortgage broker, can find them the best rate, will push for a fast close, and help them to understand the process every step of the way.

The second thing he does is give his client an incentive to bring him another client.

His incentive is a free vacation. They range from trips for two to Hawaii, to Vegas, and even 4 day Carnival cruises for up to 6 people to the Bahamas. All his client has to do to receive the free vacation is to find him another client. That's it!

How does he do it you ask? To tell you the truth, the vacations are only costing him about $375.00 each, which is about 7-8% of his average commission check, a very small price to pay for another sale. Next month, he plans to buy 25 of these vacations in bulk, lowering his price of each to about $150.00, about 3% of his commission.

This is the only marketing he does. He hands out business cards stapled to a flyer, and he offers a referral incentive. The power of the referral incentive, if what you're offering is good, can bring you exponential growth in no time flat. Its a way to reach your contact's contacts, and if those new clients reach their contacts, be prepared to hire some help.

If you're interested in finding out how you can purchase these vacation packages to give away to your clients as well, I'll send you the details in an email. Email me at


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