I remember growing up and my Dad always talking about his secret to fishing success. He would say, “Billy, the biggest and the best fishing is in these little private ponds.” He was on to something…

Then, in 1999 Seth Godin wrote his seminal book “Permission Marketing” that touched off so many other innovative marketing mind altering quick-reads. But, the key concept that may apply more today than ever before gets lost in the subtitle: “Turning Strangers into Friends, and Friends into Customers.” This is really the difference isn’t it?

This concept, my friends, is the secret to BIG success.

How Mortgage Brokers Get it Wrong

Often I see sales professionals hop from one hot commodity to the next. You sell mortgages when they are flying off the shelf, then cars, or insurance. You tell yourself, “it doesn’t matter I can sell anything.” Yet, what you really know inside is: I can’t sell anything, I don’t know how to create value, instead I am trying to follow the easy money. Unfortunately, the money probably isn’t really that easy, the pay certainly is not significant, and you find yourself on a treadmill that will definitely drive you mad.

Stop the madness, step off the treadmill, and change your perspective. Stop thinking about making $100,000 and start thinking about stocking a private fishing hole, a pond filled with customers.

How to Start Stocking the Pond

Now that you know you need a stocked pond, how do you start?

If you have been in the business for a while you probably have some fish to seed the pond. Dust off those old files in the corner and get them into your lead managements system (software makes it easier and more scalable, but even index cards can get you started).

If you are new to the business, or even trying to jump start things purchasing mortgage leads may be a good start. Even pond owners buy fingerlings to get their stock their ponds started. However, don’t attempt this until you have prepared your business to work pay per lead business.

Lead Nurturing

Once you have your “feeder fish” past clients and/or purchased mortgage leads you need to start your lead nurturing programs. If you are buying leads, certainly begin by immediately contacting and addressing immediate needs. If you a seeding your customer pond with past clients then make sure you reconnect in a valuable way. Send them a brief update on their mortgage or general state of the market.

Once you have started that initial connection begin to understand how they want to be feed. A key element to this is lead tracking, seeing how your customers react to different approaches and methods. Do they react better to an email newsletter, a blog, regular mortgage check-ups, Twitter? Then design the programs, may be multiple programs, to keep those loyal clients in your private pond.

Keep Stocking the Pond

Once you begin to grow that loyal customer base don’t forget to continue stocking the pond. You will always have natural attrition to your network of customer. That is why it is best to have constructed a system, a mortgage lead management process that can continually fuel your current sales, referrals, and new adds to your stock pond.

Examples of Working Pond Stocking

Lead Generation – LendingTree
Mortgage Industry – Quizzle
Network Marketing (MLM) – Quixtar
Individual – Jason Nation

How do you stock your favorite customer fishing hole?