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Part 2 – The “knock-on” benefits from marketing new products to your existing clients – referrals becoming new clients.

In Part 1 of this series we demonstrated how you can create additional opportunities from marketing new products direct to clients within your existing data base. In our real case study we showed you how a broker generated additional deal flow just by marketing a new product to their existing data base of clients – with just one email, and the willingness to try something new.

In this edition of the series, we focus on the additional benefits that can be obtained by marketing new products or ideas to your existing client list, by getting clients talking about them, either at home, work, on the golf course, or at a family BBQ. By creating a talking point you are extending your target market reach, hopefully resulting in more enquiries from new customers.

Case Study

A broker located in Melbourne, recently settled their first multi-unit construction loan with La Trobe Financial - construction of 8 units in Brunswick which he arranged for his son. The broker had not attempted construction finance previously as he was unsure how to do it, but with the help of his SMCP and having direct access to the credit team, the broker successfully completed the transaction for his son.

On realising that the process was actually quite simple (we offer a standardised process that applies to all of our loan products), the broker decided he would promote the product to his existing database of 250 clients, to see if he could raise any enquiries for this product, writing more business as a result.

Not only did the campaign result in direct responses from his existing clients, much of which was unrelated to construction finance, the campaign actually generated enquiries from people new to the broker – friends, family and acquaintances of the broker’s clients.

In this real example, one of the broker’s clients shared the product information with his friends over dinner that weekend, as he was aware that some of them often participated in small property development projects from time to time, and that one couple in particular were close to finalising plans for a 4 townhouse construction project in Kew, Victoria.

The sharing of information worked. The couple contacted the broker on the following Monday and lodged an application for construction finance 2 weeks later for $2,35 million to complete the 4 townhouse construction project in Kew.

This real example demonstrates well that diversifying pays dividends. It also highlights the possible “knock-on” benefits that can be generated by promoting opportunities to your existing clients for new business, and this was only one effort. Get your clients working for you to uncover new opportunities.

Now if you are reading this and thinking, that all sounds great but I don’t do construction finance, or I’ve tried marketing to clients and it didn’t work – great, you are exactly who we are appealing to. You are leaving business on the table, or worse, leaving it open for others to capitalise on. Now is the time to try, let us help you. Call your Senior Manager Client Partnerships now, or our credit team directly on 13 80 10.

Part 3 in the series

In Part 3 of this “Diversifying pays dividends” series, we will show you how a broker was able to create additional opportunities by marketing new products publicly, establishing themselves as a “finance expert” by demonstrating their ability to cater for a wider market.

Until then, best of luck with your business.

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La Trobe Financial Services Pty Limited ACN 006 479 527 Australian Credit Licence 392385
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Copyright 2018 La Trobe Financial Services Pty Limited ACN 006 479 527. All rights reserved. No portion of this may be reproduced, copied, or in any way reused without written permission from La Trobe Financial.

This publication does not constitute financial advice and should not be relied upon as such. It is intended only to provide a summary and a general overview on matters of interest and it is not intended to be comprehensive. You should seek your own financial or other professional advice before acting or relying on any of the content.