One of my favorite things to do is pick apart marketing pieces.
Ok, that sounded unkind. Let me rephrase…
One of my favorite things to do is pick apart any marketing piece…including my own.
I don’t care if you are trying to buy a note, sell a car, get someone to dine at your restaurant, or voting for Miss-YouTube-Kitty-Of-The-Month*,
There needs to be a reason “WHY”
*I don’t know that this actually exists – I made the Miss Kitty part up, but I am afraid to go check, as I would not be surprised if it does.
Let me back up for a split second before I get nasty emails from so-called marketing “gurus.”
Yes, I am very familiar with the often overused, but basically accurate phrase,
“What’s In It For Me?” (WIIFM)
You know, that phrase given to first year marketing students for a question that must be asked in every – good – form of advertising or marketing.
Well Virgina, that is only part of the equation. Let’s explore…
I want to sell you cat litter.
If I stick with the first part of WIIFM I could say…
“Own the Best! Buy this awesome cat litter that is better than every other cat litter out there.”
Technically I took care of the WIIFM – you get to “own the best.” But it is not really a great motivator buy itself.
What about the reason “WHY…”
“Buy this awesome cat litter that covers up smell so when your friends come over to the house they don’t think you live in a disgusting dump.”
See the difference?
Ok, I snuck something else into the second phrase…did you catch it?
Fear can be a great motivator if used correctly…and fairly. In this case, who wants their house to smell? Sure, maybe the litter you are using today does not make your house smell…but if it does…even a little…I have your attention.
Ok, let’s get back to buying notes…
If your current marketing piece is something like…
“Sell your note for cash. Call us for your free note quote!”
You covered the first rule…and even the second to a degree. I know if I call you, I get a free quote (WIIFM). It’s that end all “why” that is kind of vague.
As opposed to…
“Tired of collecting payments every month? Every wonder what you will do if the payments stop? Sell your note NOW for cash. Call us for your free quote.”
Chances are, the note holder reading the ad never would have thought about the second one…the one that has “what you will do if the payments stop.”
It is a legitimate question…and a legitimate fear.
I also now have a real “why” I want to sell this note.
Bottom line note marketing…
Yes, most marketing pieces should have a “What’s in it for me” slant. But they also need to address the “why.”
A lot of times we know what’s in it for us… and it’s not enough.
Add the “why” and you might just get your phone to ring.
Final challenge to note brokers…
Want to send me your marketing piece and let me comment on it? I will be as nice as possible…but I will be blunt (if that makes sense).
Can’t promise I can get to them all, but you never know. Send a request via our “Contact Us” page.