Why should consumers use you as a broker?

One of the main challenges facing any business is marketing. And broking, whether it’s insurance, finance or mortgage broking is no different. How do you convince consumers of the value of your services? And why should they choose you over your competitors?

What is the value to potential clients of your services?
Firstly, understand exactly what the benefits are to your clients and potential clients if they use your services. In other words ask yourself, why are you in business?

• Is it the convenience of having you do all the research for them on the various home loans?
• Is it to save money by having you shop around for the best insurance quote?
• Is it the feeling of security knowing that you will offer assistance and provide support if they need to make a claim or they have a dispute with the credit provider?

Chances are, it will be a combination of reasons. And once you determine exactly what the benefits are of using your broking business, then you’ll be able to work out how to push the right buttons and increase your clients.

Many companies develop a mission statement stating the reason why they are in business; perhaps this is something you could consider for your brokerage.

How do you differentiate yourself from competitors?
Whether you’re a mortgage broker, insurance broker or finance broker, you’re going to have some stiff competition. So, when you work out what potential clients want from your brokerage, do some soul searching and discover why they would come to you rather than go to the broker down the road.

• What is it that sets you apart? Do you and your staff have greater experience and expertise or related education?
• Do you deal with a wider range of insurance companies, finance companies or home lenders?
• Can you offer added services from an affiliation with a financial planner, accountant or solicitor?
• Do you cater for a specific demographic or ethnic market or sex? Can you offer brokers who speak Greek, Cantonese or Spanish? Do you employ more women brokers?

Whatever separates you from your competition, know what it is and use it effectively in your marketing.

Getting your marketing message across
The next important step is to determine the most effective way to get your message across.

• Do you advertise in your community or metropolitan paper?
• Do you do a letter box drop with a flyer?
• Do you build or purchase a mailing list and launch a direct marketing campaign?

Determine the most suitable option based on your business, your targeted demographic, the location of your clients and your budget. And make sure you get professional help from an advertising agency, graphic designer and/or copywriter. It may cost a little more, but the results will be worth it.

Something that can’t be stressed enough is the importance of measuring your results. This way, you’ll know if your marketing campaign is working, or if you need to rethink.

The power of referrals

Lastly, never underestimate the power of referrals. If you do a great job for your clients, they’ll be bound to recommend you to their family, friends and business associates. And don’t be afraid to ask your clients for referrals to others if they’re happy with your results.