If you are a title company owner or marketing manager, keep reading. If not, please share this with the person in charge of growth for your title company. This is going to be the most important read ever, that will take your title company to the next level.
I was talking to one of our clients the other day, a title company in Virginia. They were telling me a really interesting story about how they hired a young, talented girl as their Marketing Director, to help attract more real estate agents.
At first, they were really happy and confident that this will help them grow. After all, this girl - what most of us would call a "millennial" - knew everything about SEO, social media marketing, email marketing, Wordpress, and so on. She went ahead, redesigned the website, created campaigns on social media, started putting money into Google AdWords, etc
6 months down the line and a few tens of thousands of dollars in ad spend and they were pretty much in the same spot as before they hired her.
Doug, the title company owner, a former athlete, now in his 50s, who was usually very passive and hated micromanaging, was attending one of the weekly meetings one morning and had a simple question that marketing wasn't able to answer ... "Do we even need to do marketing?".
He kinda had a point. Why keep spending money on something that doesn't work? Right?
Obviously, the answer to his question was "Yes", however ... the problem is how a title company needs to think about "marketing". Title companies need to adopt a completely different approach to marketing than most products or services out there. Let me try to explain.
If most product or service marketing reps spend A LOT of money and time in attracting and converting prospects into leads or clients, title company marketing should focus more on servicing and building the brand for EXISTING clients. Why is that?
Because growing a title company is a pure REFERRAL driven effort. A real estate agent or lender will only pull the trigger and send you their first closing (and become your de-facto client) if they REALLY TRUST you. And no amount of ad spend on social media, no amount of testimonials, case studies or smart content you may post on your site is going to boost that TRUST in the same way as when another real estate agent or lender is telling that prospect of yours "Oh yeah. I work with this title company. They're awesome".
The stakes are simply too high and without that referral validation, your prospects will always be on the fence. They simply don't want to risk the livelihood of their buyer or seller if there's nobody they know and trust, who will VOUCH for your title company.
So, your most important question, if you want to drive more growth to your title company is simply "How do I drive more referrals?". That's it.
You now shift your focus from the outside world, with all the potential real estate agents and lenders you don't currently work with, to your most important asset. Your existing clients, to whom your quality of service is everything.
Now you start listening to what they really need. Now you start putting up rules and structure so that you make sure your reps are reaching our constantly to each and every one of them so that your title company is always top of mind.
Now you realize that in order for these people to drive a referral, they have to LOVE you. And if you want to create that romantic relationship, you need to know their pain points, make sure communication is excellent, make sure you're giving them functional value - the tools that may make their life easier (such as TitleCapture's branded app), teach them, train them, mentor them, go above and beyond to keep the buyers and sellers in the know, at every stage of the closing process. And once in a while ... sure, take your top producers to dinner!
When you focus on providing the BEST service to your existing real estate agents and lenders, one of two things will happen:
a) Whenever one of their colleagues will look for a new title company to work with, your existing clients will be the first ones to recommend yours and VOUCH for it, no holds barred ...
b) Your existing clients will be such fans of your title company, that they will actively go out and try to convert everyone they work with into a client of your title company. Because they LOVE you and they simply need to share it...
I beg of you. Change your focus. The quality of your service towards your existing clients is the absolute single best driver of growth for your title company.
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