Forums » The Round Table: Brainstorming & Problem-solving

Thought a promotion would do better!

    • 26 posts
    April 1, 2016 8:25 AM PDT

    Hi all,

    I had a great meeting with a client who sells manufactured homes and we came up with a promotion to host lenders at her place for two days so people could come in, talk with a few lenders, maybe get pre-approved. She signed a contract for a schedule right there and I set out to get several local banks to both attend and add to the advertising for this event. All the banks want to be there, but so far nobody has bought a schedule to add to the promotional effort. I made a little one-week package on our combo that is under $500. The banks all claim they didn't budget for this so they can't advertise. 

    Are there other types of clients I might approach to round this out without banks advertising? I kind of need to sell it now into next year! Silly banks.  

    Thanks for suggestions!

    -L. 

    • 1113 posts
    April 4, 2016 4:28 PM PDT

    Lisa,

    1) Is it more important to have lenders on-site to make it a successful promotion for the manufactured homes client, or to sell a one-week package to them?

    Sure, you'd like to have both. But if you can't get them to buy the schedule, perhaps you should invite them to show up anyway, just for the sake of making it a worthwhile promotion for your client who's already advertising with you.  Better to have one success than two disappointments.

    2) Banks aren't the only firms making loans. With centralized decision-making being a reality for most of the chain banks, it may well be that local management has no way to secure a budget on short notice (if at all).  But what about local credit unions and independent mortgage brokers? Are there any in your market that might be in a better position to advertise? You can always offer exclusivity to the first lender willing to pony up for some advertising.

    3) The presence of a lender, by itself, doesn't strike me as sufficient incentive for someone to come out who was not already planning to do so. What else are they doing to attract traffic during those two days? Are other (non-competitive) businesses showing up for this? If so, they have banking relationships in place. Maybe you could enlist their support to attract a bank, for the sake of their business customers.

    Hope you do well with this!

    • 26 posts
    April 4, 2016 4:38 PM PDT

    Hi Rod,

    Thanks for the suggestions. I didn't think about independent mortgage brokers and I know just the real estate agent to ask for a referral. The credit unions are part of the mix and so far they are the most flexible. All other bankers/lenders are really strangled by marketing decisions being made out of the market and annually.

    If I had to choose, I'd have my client have a full house of lenders. I'm not making advertising a requirement to participate. But it would be nice!! The client has already committed to a schedule so that's something.  I feel like the event would definitely bring more traffic in if more advertised. I am now looking at it as a way for the lenders who don't typically advertise with us to have a "sample".

    I debated reaching out to remodelers, decorating retailers, but my client makes their mark-up on those sorts of add-ons. Having those other vendors there would not be in line with the promise of the event and probably make my client mad... can't have that.

    I'll post the script and ad after I've produced it. I'm interested in communicating that people can visit, get information, without getting hard-sold or caught in a confusing web of lending terms. I intend it to be a safe space and thought that alone would be compelling. I'm planning to add a little punch on our social sites and some banner ads. Client is going to hand out flyers and put up signs. And the radio advertising, of course.

    • 1361 posts
    April 5, 2016 10:50 AM PDT

    Hello Lisa,

    I posted a link to this discussion on the RSC Facebook page, and received these two replies:

    Andi Cohen I'd second the furniture stores, and insurance companies- is there a way to make this promotion added value for those other companies when they buy a regular schedule? What about appliance stores, flooring, outdoor/landscaping, financial planners, realtors to help sell the home they might currently be in, ....

    Mary Ellen Moss You should have sold the "booth" or time at the event with a schedule. Maybe hit up insurance companies, furniture companies, and a fortune teller. The fortune teller can tell the potential buyers they can afford a new mobile home right?

    I'm also planning on including your discussion in this week's newsletter.

    Rebecca

    • 17 posts
    April 8, 2016 8:00 AM PDT

    Lisa,

    An Open House format would also include landscapers/lawn care professionals, interior designers, painters, appliance stores, alarm service and maybe a representative from the municipality to offer information on fees, permits and legal rights.

    D

    • 26 posts
    April 8, 2016 10:58 AM PDT

    Thank you!