Daryl Spector is a former loan originator and founder of
Close More Loans USA, a digital marketing agency whose
mission is to empower loan originators around the country
to close more loans, make more money and have more
time for the important things in life. If you want to see how
your website stacks up to the competition, go to
10x-your-loan-pipeline.com. Reach Spector at
Review Your Reviews
Marketing a bad reputation wastes money and hurts your business
By Daryl Spector
When someone asks, “What type of work do you do?” you probably say some- thing like: “I’m a loan originator,” or “I’m a branch manager,” or “I own
a mortgage company.” While these are factually true
statements, behind the scenes, the only business you
should really be in is the marketing business.
If you’re not out there marketing yourself and your
business daily in order to get new clients to fill your
pipeline, the reality is you won’t be in business very
long, and you won’t make any money because you
won’t have any clients.
As technology gets better and ever-more innovative marketing options become available, it seems like
it should get easier to attract new clients. But with so
many choices, like Facebook, Twitter, Instagram, paid
directories, search-engine optimization (SEO), pay-per-click marketing, video marketing, content marketing
and referral marketing all available — to name just
a handful — how do you know where to spend your
Regardless of what marketing methods you choose,
you generally will see better results if they are part of
an overall marketing strategy that includes reputation
marketing. If you choose to invest money in SEO and
Facebook ads to attract new clients, for example, your
marketing results will suffer if you haven’t spent any
money marketing your reputation for when those new
prospective clients find your company online.
So, what is reputation marketing? Wikipedia defines it
as “the marriage of the fields of reputation management and brand marketing.” In other words, reputation
marketing takes great reviews that consumers leave
online about your business (reputation management)
then markets and showcases those reviews as part of
your overall marketing strategy (brand marketing).
Here is an illustration of how this works: Let’s say
there are three mortgage companies with identical
services. Company A has one three-star review online,
Company B has no reviews at all, and Company C has
seven five-star reviews. As a consumer, which business are you most likely to contact? If you said Company C, you are like most consumers today.
What are clients saying about your business? Do
you know? Are you minimizing your bad reviews and
marketing your good reviews? If you have no reviews
posted online, or worse, negative reviews that you
have not followed up on to mitigate their impact, plus
you’re not marketing the good reviews you do receive,
race and are at a big disadvantage.
What we are talking about here is reputation marketing, which is different than reputation management.
You can’t make any money managing your reputation,
but you can make gobs of money marketing it. Managing your reputation is important, to be sure. You
want to make sure you don’t have a bad reputation.
But when you begin marketing your good reputation,
your other marketing efforts will pay off and your
business will increase.
To understand the power of reputation marketing,
you have to understand how modern consumers make
decisions. You see, consumers are no longer interested
in who is listed first in Google, Yahoo, Bing or the Yellow Pages (although being listed on the first page of
results is still important). What they are interested in is
which of those companies seems to be the most reputable. Even if you don’t know it, your company’s reputation is out there for the entire world to see.
To illustrate this point, simply perform an online
search for your company name followed by your city.
What will come up is a results page littered with noth-
ing but reviews and review stars from sites around the
internet. You might be surprised at what you see. If
you see nothing at all about your company, that’s not
good either, because that’s what consumers will find
out about you — nothing. You’re Company B and you
just lost a new client to Company C.
If you think consumers don’t do exactly what
is described here, think again. Ninety percent of
consumer-purchasing choices are influenced to
some degree by online reviews, according to a 2013
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