Marketing your services does not have to be a big, complex project. In fact, many of the most effective methods rely far more on persistence than on creativity or strategy. Something as simple as telling people what you do can have a huge impact on your dealflow.
Tell everyone what you do
Many brokers make the mistake of only telling people who can obviously bring them deals. What they fail to recognize is that the grapevine is complex and invisible. You never know who knows whom, or whom they will meet in the future.
Of course, you want to focus as much effort as possible on your primary sources of dealflow. But business people outside your field should not be neglected. If you’re going to be spending time with people, you might as well tell them what you do.
For example, at a family potluck for my son’s school, I told a woman that I develop software that helps people locate funding for commercial properties. She in turn told her husband, a surgeon. He came over to speak with me because a group of doctors had formed a company and wanted to buy a building and construct expensive research labs in the space.
I never would have made the link from spouse to doctor to commercial property buyer. By letting them know what I did, they made the association for me.
You also can’t look at one referral like this as just one referral. Over time, this one referral will, statistically, lead to four or five more, and each of those will do the same. Assuming I provide good service, the simple act of telling someone what I do will become a gold mine.
Describe the need you fill, not your title
The story highlights a second simple but important thing you can do to increase dealflow: don’t tell people what you are; tell them what you do.
If you only say, “I’m a note broker,” you force them to try to match a need to your title. Always tell them what need that title fills, because people think in terms of needs, not titles.
You might say, “I help people who want to buy or sell property or mortgages.” That’s when the light bulb goes on. They might answer, “Hey, I know someone who is trying to sell the building they’re in!” or “You mean I can sell that mortgage I hold?”
What matters most at this stage of the introduction is that people come away understanding what you do. Take the time to help them understand your work, and you’re sure to earn their respect.
State your unique selling position
The third part of your message is your unique selling position (USP). In this statement, you tell them what you offer that others don’t. It might be “I specialize in finding the best prices for notes,” “I specialize in hard-to-finance properties” or “I work a lot on quick-turnaround situations.”
Your USP should address a problem or need that people are likely to have. Then, when the situation occurs, they’ll remember you.
Listen more than you talk
A critical factor in generating dealflow through simple introductions is making an impression so the person remembers you. This is tricky. If you spout off your technical knowledge, they’re likely to be bored and feel you have no interest in them. They may even come away thinking you are self-centered and can’t be trusted. In that case, forget referrals.
Instead, ask them about themselves: what they do, who they know, where they’ve lived. While they talk, you can gauge their level of financial sophistication and tailor your explanation of what you do to that level. You’ll be amazed by how impressed someone will be with you just because you listened.
It makes sense. How often have you heard someone say, “I like him because he listens”? When someone feels comfortable enough to confide in you, a business relationship can easily follow. More than any other reason, people do business with people they are comfortable with.
Write your three statements
Something as simple as telling people what you do can have a real, positive effect on your dealflow if you follow a few simple rules. When you have time, sit down and write clear statements for each of these:
- Your title or job type (note broker, note buyer and so on).
- What you do, or what note brokers do.
- What you do that others don’t.
These three sentences, combined with a little diplomacy, can have as much effect on dealflow as an expensive marketing campaign, or more.
