Download MP3

Dear Friend,

This week we’re going to talk about 5 subtle mistakes that can cost you a fortune.

Most of these mistakes happen below the surface, and seem simple enough, but let’s see if you can identify with any of them.

1. Not understanding the difference between getting RICH vs. FAMOUS

This mistake boils down to one key element. It’s the difference between being self gratifying with your marketing vs. being completely selfless and focusing only on your prospects.

When you focus on self-gratification ‐ putting your picture on everything, your name, your clever “slogan” ‐ you lose out on what could be the most profitable way your prospects view your advertising. When it’s all about you, it can’t be all about ME– your prospect.

The common thinking in the industry is that you need to get your name “out there” so people will build that top of mind awareness over time, and when they have a real estate or mortgage need they’ll naturally think of YOU.

The thing to remember is that effective advertising is never about getting your name out there, it’s about getting your prospect’s name in HERE.

No matter what type of name awareness anyone has, the thing that always prevails is your prospects SELFISH desire. They are always thinking about themselves first and foremost. They only think about you in terms in what you can do for THEM.

That’s why a good emotional direct response ad that speaks directly to the prospect, about the prospect, in a way that conveys the selfish benefits to the prospect for taking action will always out pull any amount of advertising that talks about YOU.

Smart marketers (and rich ones) let go of the need to be famous, and take their delight in the fact they’re getting rich anonymously.

2. The mindset that prospects are  GUILTY until proven INNOCENT vs. INNOCENT until proven GUILTY

I’m starting to see a disturbing mindset a little more frequently. It’s the mindset that all prospects are GUILTY (unqualified, unmotivated, tire kickers, time wasters with bad credit) until proven INNOCENT.

I see it happening even before an ad is tested. It manifests itself in language like “Zero down ads only attract unqualified people” or, “I don’t want to work with people who don’t have any money.” These statements disturb me most when I hear them in advance of even testing an ad.

This isn’t reality thinking. It’s making judgments based on false evidence.

The most damaging thing about a mindset like this, is how it shades your conversations with prospects. When you have a mindset that they’re bad prospects until they prove themselves good, it comes through in your language, your tone, and your unspoken energy.

It’s costing you a lot of lost opportunity.

I think the most driving force in this mindset is the fear of “wasting” our time.

Just for 30 days, try “wasting” some time for prospects before you even know if they’re qualified. Assume everyone is a great prospect before you even talk to them, and just measure your results at the end of the month before you make any final decisions.

I think you’ll like what happens.

3. Trying to move people PAST the sale with discount coupons/rebates

This mistake occurs when you are trying to attract prospects by offering them something that is only a benefit to them AFTER they’ve done business with you.

“List with me and I’ll give you a free home warranty”

“Buy with me and I’ll give you a free home inspection”

“Get your mortgage with me and I’ll pay $200 of your closing costs”

All these kinds of offers are selfish.

They are saying “give ME what I want, and then I’ll give you something.”

The most compelling offers are selfless. They are beneficial to the prospect BEFORE they decide to do business with you. (Even if they decide NOT to do business with you)

It’s about leading with the giving hand. Putting yourself at risk of being taken advantage of is the most effective  (and profitable) thing you can do.

The whole point is to use your offers to identify a prospect BEFORE anybody else, and then demonstrate your Super-Servant attitude so they see you as the only choice.

So, an offer for sellers of a free report on fix-ups that return the most money when they sell their house, is a benefit to them whether they list with you or not. But it puts you in possession of the name and address of someone who is likely going to sell their house in the next 6 months, and an opportunity to build a relationship with them.

Make offers that are helpful to your prospects BEFORE they ever do business with you.

4. Not narrowing your focus — enough

When I talk with people on an ad clinic or at the Main Event about their ads, the one thing I see is an attitude of fear around leaving anybody out. They don’t want to limit themselves in any way.

The most important thing you can do is get over the notion that selecting a SINGLE target market means you can only work exclusively with that target market.

If you do an ad that appeals only to renters in the Willowbrook apartment complex, it doesn’t mean you can’t run another campaign for Luxury home sellers in the Oakwood subdivision.

The most profitable mindset you can have is to focus your attention completely on one target market at a time. Set up a system for working with first time buyers and take that as deep as you can before you move on to another market.

It’s always easier to go deeper in a single market than it is to spread yourself out over several markets at once. Narrowness sharpens your focus. Don’t be afraid of it.

5. Not removing yourself from the process.

One of the real benefits of mastering client centered marketing is the ability to remove yourself from the process.

When you’re generating leads that aren’t attached to your image, or likeness, it’s easy to replace yourself in the process with a client centered appointee.

Direct response advertising is the most effective way to generate a constant and predictable stream of new prospects for buyers agents or loan reps.

The challenge is to get over the fact that YOU are the only one who can work these leads effectively. Challenge yourself to train someone else to work the system the way you would work it, and promote yourself to a rainmaker position.

So…How many of those mistakes are you making?

Well, now you can’t say you’re UNKOWINGLY making these mistakes, and sometimes awareness builds it’s own momentum.

Just watch, now that you’re aware of them, you’ll notice yourself taking action to correct them and getting rich in the process!

Well…that’s it for this week. I can’t tell you how happy I am to be HOME for the next 6 weeks….so I’ll have some time for some make my life better days.

PS – Don’t forget to get involved in the message board at marketingmonday.com and make sure you vote in our survey of the week.

I’m especially talking to you iTunes subscribers….head over to marketingmonday.com and check us out.

have a great week…and I’ll talk to you next time.