Twitter is becoming one of the best marketing tools for any small business. As a result it has real potential for businesses with a very large potential market, like debt. Statistics indicate that a large percentage representing a growing segment of Americans are experiencing significant debt problems. Those people are on Twitter and other social media-looking for answers.

Unfortunately, most of the debt folks that I see using Twitter are going about it in all the wrong way. They are blasting their network with spam and actively broadcasting debt-counseling offers. Most Twitter users will immediately reject this approach and you will see your unfollow rate skyrocket.

Here is a much better plan:

1.    Be a consumer advocate. Share links and information about how consumers can protect themselves from unfair debt practices. Government sites are full of good resources and referencing a government resource will never be regarded as spam.
2.    Introduce your followers to other debt related websites and blogs. There are a lot of non-competitive sites that will build trust and add value to your prospective clients. I recommend some of the personal blogs of people that are talking about their journey out of debt.
3.    Ask questions or offer quick tips. The add value first approach always works well in social media. It shows that you are sincerely interested in their success and willing to give something for free to prove that point.
4.    Tell them what you do. Everyone understands that a person needs to make a living and business helps to pay for you being so helpful. So, don’t forget to occasionally tell them that you are a debt counselor and are willing to help anyone that needs your services. People won’t mind and may even appreciate the occasional “word from the sponsor.”

Twitter is a pretty friendly and gracious community still. People go there looking for services and are willing to tolerate a fair amount of self-promotion as long as you are regularly contributing value.

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Mortgage Brokers have one of the most ideal marketing environments in history. Are you taking advantage of these unique conditions to grow you mortgage business?

I know what you’re thinking…”Troy, what are you thinking?” But, really it is true. Here is my simple case:

• The mortgage market is more volatile than any time in history
• Volatile markets create questions, concerns, and fear
• These emotions drive homeowners and homebuyers to seek information
• Consumers looking for answers are very responsive to marketing
• Marketing is cheaper than ever, some marketing is even free

So, what should you be doing to get in on this mortgage marketing high?

• Use the news - they are marketing for you. Send clips to your database
• Alert your clients when rates change - start a daily or weekly email
• Give them a place to read more - start a blog or website with mortgage info
• Market in multiple places - try direct mail again
• Don’t have a lead database of prospects - buy inexpensive aged leads

Most importantly take action today! This mortgage marketing ideal world will only last so long.

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Loan modifications are a moving target. There are so many programs and they are constantly changing. Whether you are a loan modification company or not you need to understand these programs. They are a significant part of the mortgage market these days.

Getting informed on loan modifications can be as confusing as understanding what is in the various programs. Here are some good resources to help get you up to speed:

HUD - Loan Modification Frequently Asked Questions
FDIC - Loan Modification in a Box
MortgageLoan.com - Mortgage Loan Modification Guide
LoanWorkout.org - Loan Modification News
US News & World Report - 7 Things You Should Know About Loan Modifications

There are more resources and changes that come out everyday. My suggestion is to set up a Google Alert to send you an email with all of the daily clippings of loan modification. Giving that a quick read every morning will help you and your clients.

Never set-up a Google Alert? Here is a quick how-to:

1.    Go to http://www.google.com/alerts
2.    Enter the search term: “loan modification” OR “loan modifications”
3.    Select “Comprehensive”
4.    Select “Once a Day” (more frequently will be overwhelming)
5.    Select an email account to deliver it to

Hope that helps-if you have other resources or ways to stay on top of loan modifications let us know in the comments below.

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We like to think of debt counseling as an altruistic pursuit, but the truth is sometimes you have to do a little selling to get people to help themselves. That means you need to put a few tools in your toolbox if you are to maximize the number of people you can help.

Debt consolidation or debt management is a pretty big market. The headlines tell us that this is an enormous problem and only getting bigger. That means your sales and marketing can be pretty broad and chances are you will quickly be talking to someone who really needs you help.

Debt customers are different than any other sales prospect you will probably meet. Unlike the average sales process or sales prospect these customers usually are in desperate need of help, are often misinformed about their situation, and the clock is racing against them.

This means you need to get them informed, knowledgeable about their options, and underway to managing their debt ASAP. Delivering this process and getting the debt client to respond can be more difficult that it would seem.

These are some of the sales tips that might help:

1. Start with trust building. Provide the troubled borrower with easy to read reference material on debt problems and how to solve them. This will give them confidence you have their interest in mind and give them third-party validation of what your recommend.

2. Let them see their own problem. Like an alcoholic many people over their head in debt can’t admit they have a problem. So, give them homework-simple debt calculation worksheets-to fill out so they can see the problem for themselves. These worksheets will also assist you in recommending a good debt workout solution.

3. Create a sense of urgency. Once you have all of their debt information and terms of their various creditors-show them the urgency. Lay out what is going to happen and when, if they don’t take action immediately.

Debt prospects need help to see the forest for the trees. Your debt sales process should be focused on giving them that picture quickly and honestly.

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Even though mortgage and housing market news seems to be all negative, there are several opportunities to grow your business, particularly if you are helping homeowners with loan modifications. Homeowners are desperate for assistance. Meanwhile, bank and government programs are struggling to get the attention and reach all of those that are in need.

This offers enormous potential for those willing to work load modification leads and have the ability to offer consumers the help they so desperately need. If you are considering purchasing loan modification leads, there is no better time.

Let’s go over the basics of a loan modification sales process:

Loan Modification Sales Process

Step 1 - Contact the homeowner in need. First, create a marketing process that identifies likely loan modification leads, preferably in your local area area. However, there are large portions of the country in dire need to modify their existing mortgage loan , so don’t hesitate to broaden your market if you are appropriately licensed. Once you have your leads acquired, begin by contacting the homeowners directly.

Step 2 - Focus on stopping a foreclosure. If the homeowner moves into foreclosure-options become severally limited. So, your first order of business is to stop the foreclosure. No consumer wants the blemish of a bankruptcy or foreclosure on their credit history if they can avoid it, which means that you are likely to have a very attentive audience. Focus on the benefits of a loan modification and shape your pitch around their needs, not what is in it for you.

Step 3 - How a loan modification works. A loan modification is a renegotiation and restructuring of the terms of an existing mortgage. This solution benefits both the bank and the borrower saving the expensive nature of foreclosures and the homeowner’s home.

Step 4 - Guide the borrower through a loan modification. Your primary value to the homeowner is quickly and efficiently getting them to the right people and into the right program. Spend your time understanding and creating good processes to expedite all of the various loan modification programs available.

Things to Look Out For

Unfortunately, there are many loan modification scams–companies taking advantage of stressed consumers and it will be important to differentiate your business. Take the time to build a relationship with the homeowner so that they feel comfortable working with you. They’ve likely been through the ringer and may be a little hesitant until you can gain their trust.

Loan modifications are a great way to improve your business, but they must be handled carefully. By following these guidelines, you’ll be well on your way not only to a successful loan modification business, but also to helping someone who is in dire need of your assistance.

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Aged debt leads can be a great marketing approach for mortgage and debt companies, particularly if they are managed correctly. Typically they work best in a telemarketing or call center environment, but if you are comfortable on the phone and have an aggressive sales attitude, will serve you well.

It can be a bit of a learning curve, but with a few basic tips and techniques it’s well worth the time spent in mastering this marketing opportunity. Whether you have old leads you’re working through again, or you received aged debt leads, these are some tips that will make the process much more productive.

1.    Cold Calling. The first step to working aged leads is simply getting on the phone and starting a conversation. Use mortgage or debt CRM program is the best way to make this process efficient, and track the kind of response rate you are getting. With debt leads, the good news is, most people will be in more debt now than they were weeks to months ago when they first requested help.

You can use this to your advantage, particularly in the case of consumers that are having trouble making ends meet in this down turning economy.

2.    Pipeline Management. The second key is effectively managing your sales pipeline. Getting pipeline management right will help your entire organization better manage marketing, sales, and revenue goals. You may even consider hiring someone to help you manage your pipeline and processing of deals, freeing you up to land the next deal and ensure that the customer you have on the hook gets a smooth experience all the way to their final debt solution. Set up a prioritization system to help you work through the aged leads and keep track of new clients.

Work with your sales team to build a pipeline that will help you move quickly, and make follow ups easier.

3.    Lead Management. We touched on this briefly above, but you really can’t neglect managing your leads. Any business needs to be organized, but it is even more important for a debt management company to have their leads categorized, prioritized, and tracked. If you are relying on an old database to manage your leads, consider upgrading to a web-based debt CRM software package.

Assign specific team members to lead management to help them follow-up on and track the leads, and see which ones are most likely to result in a debt consolidation or management deal.

Aged debt leads open up many possibilities for companies of all sizes, but they are particularly useful for debt management companies. You’ll be able to quickly grow your business if you take the time and make the effort to go through your older leads.

Lead management is part of that success and does not have to be difficult, and the first step is getting everything organized and consistent with your sales process. The time that you spend collecting leads and managing them can be streamlined with effective sales pipeline management. Although this does require extra resources as well as time, in the long run, your lead ROI will bear improve.

Cold calling is just one way to reach out to your aged leads, but don’t forget about the power of email marketing either. This centerpiece of online marketing has never been stronger and the possibilities are endless when utilized correctly.

Turn this down market to your advantage by following these easy steps and you’ll end up recession proofing your business.

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Even though the current mortgage and debt markets are like riding a roller coaster there is no reason for your business to suffer. Whether you are a mortgage broker, or a loan modification business, aged mortgage leads are an incredibly productive way of reach new customers.

Here are just a few of the advantages of using aged mortgage leads in this market:

1.    Homebuyers are struggling to find financing. New homebuyers want to take advantage of historically low housing prices, and this is an ideal time to buy a new home, but most banks are simply unwilling to lend at this time. This has led to a supply and demand imbalance and buyers are desperate to find someone who to help them-naturally making them interested in a good mortgage broker. Aged mortgage leads that focus on purchase mortgage leads can be a goldmine for brokers right now.

2.    Homeowners are in trouble. The mortgage meltdown, followed by the current credit crunch is hitting everyone. But, it’s hitting homeowners even harder. Any borrower that financed a home in the last 3-5 years needs mortgage help more than ever, right now. Loan modification companies can use this market turn to their advantage–offering homeowners the hand up that they so desperately need-guiding them to the multitude of loan modification programs available.

3.    Quality, targeted leads are always helpful. Regardless of age, there is no substitute for targeted Internet leads, particularly in the mortgage market. Even if the lead (homeowner) managed to find a mortgage a few years ago, the chances in the market are such that they are now likely to be struggling with that loan and need new assistance. Once again, there are big opportunities for loan modification companies.

The mortgage market will always go through credit cycles and business transitions, and this current cycle to will pass. As bleak as it may appear, there is always hope for a positive turn and it does appear that many areas of the country are withstanding the crisis better than others. Aged mortgage and debt leads always have a place in the financial services market, but they are particularly useful right now.

If you are not taking advantage of aged mortgage leads, you could be missing out on a great opportunity to grow your business when others are struggling. It’s always hard work to find new clients, but right now the bad economy is working in your favor. The economy is handing you millions of opportunities to those savvy enough to find and offer much needed assistance to consumers.

Already have aged leads? Take the time to review them–start going through them and revisiting potential clients to see if their needs have changed since you last spoke. For companies that are looking at purchasing new leads, this is an ideal time to consider the economics and opportunities of aged leads.
With the right approach, you can make these leads work to your benefit and your company can fight this housing market downturn effectively.

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Telemarketing can be an effective way to increase sales production. However, there is certainly an art to making this aggressive sales process work. Cold calling is certainly challenging, but it continues to be one of the leading sales methods in closing high volumes of sales. So, it makes sense to learn how to make telemarketing work for your sales team.

The secret to a successful telemarketing program is making contact.

Let’s go review a few sales tips that will get you started and yield some immediate success.

1.    Don’t hide your company name. Today’s consumers are smart and most households have caller ID or don’t trust blocked calls anyway. If you are obscuring or blocking your number-you are probably losing deals. This is also hold true for numbers that come up “unknown.” Consumers are far more likely to answer calls with an actual name and number on their caller ID display.

2.    Supervise your call team. Many telemarketers are paid by the hour, not by the lead. This can lead to some gaming of your sales process. This compensation structure places little motivation to make actual sales. Auto dialers or power dialers may be one way to get around this problem. Closely monitoring your staff is important to success and getting.

3.    Use a quality lead source. Contact information is critical to contact rate. Make sure you are buying from a lead source that does some form of quality control. It is best to spend the extra money on leads that are scrubbed or validated in some way to minimize bad phone numbers. You will frustrate your call center reps is they are wasting their time chasing down wrong numbers.  Many lead companies now offer periodic updates or lead verification services to products you purchase and this is a feature that should definitely be used.

4.    Target your call campaigns. For example, specific areas of the nation have been hit harder by the mortgage crisis than others. If you are in the mortgage or debt business, focus on these areas and you are likely to get better contact results. You can use this technique for other industries and verticals by paying attention to trends and news.

5.    Optimize call times. If you are trying to reach working people during the day, your contact rates are going to be very low, no matter how talented your telemarketing team is. Make sure you find a time that works, typically after dinner for most households, to get better conversions.
A recent study found Thursday evening to be best time to call followed by Wednesday evening.

These telemarketing call and contact tips will help you get more out of your lead investment and cold calling efforts. While there is no perfect solution, focusing on a combination of sales techniques, you can build a strategy that will work for your mortgage or debt company.

Above all, recruit talented cold callers, find the right motivation for them, and keep them stocked with quality leads. With this combination, it’s very hard to go wrong.

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Social media marketing is all the Internet marketing rage. As a result, many companies are charging in trying to find a way to take advantage of it. However, there are numerous pitfalls that you will want to avoid if you go down the social media marketing path.

Let’s focus on three very popular social media marketing methods, including Twitter, Facebook and Blogs.

Twitter

Twitter is a social messaging service that allows you to gather followers and to also follow people that have similar interests. The basic purpose of the service was to keep “friends” apprised of your daily activities, but it has quickly evolved into a very powerful marketing opportunity. By seeking to target followers based on demographics, interests, and connection–then sending them periodic messages, you can build a brand and even effective market products and services.

However, before jumping in with both feet, it is a good idea to watch and listen to how other companies are utilizing Twitter. While it is tempting to rush in with your own message, it is best to follow a simple rule of thumb - for every one Tweet you make marketing your stuff, you should make 3-5 that are non-related or even promote things your followers are marketing.

This helps build trust with your followers, giving them confidence you are not merely spamming them and legitimately add value to their network. There are a lot of people promoting things on Twitter, but being aggressive and singly focused on that objective will quickly get you blocked.

Facebook

Facebook operates on a similar concept with Twitter. However, there are some extra features and opportunities. This is a great place for social networking and you allows you to build a very large and targeted audience if you patiently and smartly work on your Facebook profile and connections. Thousands of companies are using Facebook, helping to strengthen their brands and engagement with consumers, notwithstanding the excellent opportunity for very effective for product promotion.

Again, you should avoid the aggressive sell when you are using social media marketing. Subtlety is the key and taking the time to focus on actual relationships instead of trying to broadcast your message is the smartest way to use this channel.

Blogs

Weblogs have gone mainstream and nearly every large company or corporation is in the blogging business. Sun Microsystems is an excellent example, encouraging their employees to blog. You will also find large corporate heads dipping their toes into the blogosphere. This is a different and slightly more evolved form of social media marketing, but it is no less powerful.

The key to blogging is the creation of an audience of targeted readers, by providing them with valuable resources and insight into a niche, community, company, or topic. Whether it’s the latest product news, happenings and events in a local community, or simply free information or pointers to other related Web resources, blogs are a great way to get in touch and stay in touch with your customers and prospective customers.

Again, hard selling is discouraged in blogging, but you do have a little more leeway here with the ability to place graphics that promote your items, as well as occasional posts about an upcoming launch.

Putting Together a Social Media Marketing Plan

All three of these new media marketing methods offer a powerful way to reach out to your customer base, growing your company and increasing sales. By taking the time to utilize these new marketing methods, you will keep your company on the cutting edge and your sales figures going up.

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