July 23, 2024

Dip Marketing

Good Morning {First Name}

We refinanced our home over twelve years ago and it’s almost paid for. And as of this moment we have no plans on selling our home or purchasing another. But every three months or so we get a large full color post card from the gentleman who handled the refinancing. We just got one wishing us a “beautiful spring.”

So why after over twelve years am I still on his contact list? Besides he and I used to be in the same leads group; that is how I met him, and he got to do my refinancing! He has another reason which is more important.

The lines under wishing me a “beautiful spring,” states ‘ Your referrals help my business bloom! If you have friends or family with mortgage needs, please send them our way.”

He wants to keep his name and company in front of me so when someone I know needs a mortgage, I refer them to him. This is known as dip marketing. Yes it’s long term, but then again how often do you buy a house, refinance one or know someone who does?

So what is the marketing lesson here?

By keeping in contact with your past customers you can establish repeat business and develop a referral network to bring in new warm/hot business for lower per customer cost than for cold new customers.

How long do you keep in touch? It’s been over 12 years and counting for the mortgage company. I usually ask a client “how much is a customer worth to you?” Then have them do the math to figure out how long to keep in contact with the customer.

If you would like to know how long you should stay in contact with your past customers to develop either repeat business or a referral network, contact me by using this link.

Till next time.