How Mortgage Brokers Can Grow Their Business Using the Bullseye Framework
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October 29, 2024 |
How Mortgage Brokers Can Grow Their Business Using the Bullseye Framework
Learn how mortgage brokers can leverage the Bullseye Framework to streamline client acquisition. Explore 19 targeted channels to help you attract, engage, and retain clients effectively.
Finding a consistent source of new clients can be one of the toughest challenges for mortgage brokers. I learned this the hard way. When I entered the industry 15+ years ago, I was full of confidence, thinking, “I’m good at talking to people, so I’ll be successful.” What I didn’t realize was that I needed people to talk to to use that talent. Learning to acquire customers took time and came with plenty of bumps along the way.
Fast forward a decade, and I was running outside on the seawall. It was almost 6:30 AM on a cold, wet November morning in Vancouver when my Scribd app recommended a book that would blow my mind. The book summarized all the customer acquisition strategies I had painfully learned over my career, and it quickly became my go-to recommendation. That book was Traction: How Any Startup Can Achieve Explosive Customer Growth by Gabriel Weinberg and Justin Mares.
Like startups, brokers need to experiment with different customer acquisition channels to find out what works best. Traction outlines a structured approach for doing just that—the Bullseye Framework. In this blog, I’ll break down how you can apply the Bullseye Framework to your business and explore 19 different ways to acquire clients.
What Is the Bullseye Framework?
The Bullseye Framework helps you focus on the most effective customer acquisition channels by working through three stages:
Outer Ring – What’s Possible: Brainstorm all the possible channels you can use.
Middle Ring – What’s Probable: Narrow down and test a few promising channels.
Inner Ring – What’s Working: Focus on the channels that bring the best results.
Source: https://www.davechaffey.com/
By following this framework, you can find the right channel for your business and scale it efficiently.
Step 1: Brainstorm All Customer Acquisition Channels (Outer Ring)
The first step in the Bullseye Framework is to brainstorm all the possible customer acquisition channels. In Traction, there are 19 traction channels to choose from. Some may be familiar to you, while others might be new. Here’s a complete list of the channels with basic examples of how they can apply to mortgage brokers:
| Traction Channel | Description |
| 1. Targeting Blogs | Write guest posts or get featured on real estate or finance blogs to attract new clients. |
| 2. Publicity | Gain media attention through newspapers, TV, or podcasts. |
| 3. Unconventional PR | Use creative tactics like events to generate buzz. |
| 4. Search Engine Marketing (SEM) | Run pay-per-click ads on Google targeting homebuyers searching for mortgages. |
| 5. Social and Display Ads | Use targeted ads on Facebook, Instagram, or banner ads on relevant websites. |
| 6. Offline Ads | Traditional advertising, such as billboards, radio ads, newspapers, or direct mail, should be available in your local area. |
| 7. Search Engine Optimization (SEO) | Optimize your website to appear in organic search results for mortgage-related terms. |
| 8. Content Marketing | Create valuable content like blog posts or videos that answer homebuyer questions. |
| 9. Email Marketing | Build and nurture an email list with regular newsletters and market updates. |
| 10. Viral Marketing | Encourage satisfied clients to refer their friends and spread the word. |
| 11. Engineering as Marketing | Provide valuable tools like mortgage calculators or guides on your website. |
| 12. Business Development | Build partnerships with Realtors, financial planners, accountants, lawyers, etc. to generate referrals. |
| 13. Sales | Use direct outreach or networking events to acquire clients. |
| 14. Affiliate Programs | Set up a partner referral program to incentivize them to send you business. |
| 15. Existing Platforms | Leverage platforms like Facebook, TikTok, or Instagram to reach potential clients. |
| 16. Trade Shows | Attend or sponsor real estate trade shows to network and gain visibility. |
| 17. Offline Events | Host homebuyer workshops or attend community events to meet clients face-to-face. |
| 18. Speaking Engagements | Speak at conferences or workshops to demonstrate your expertise. |
| 19. Community Building | Create a community around your brand with regular engagement and loyalty-building events. |
Dive Deeper - Download Supporting Documents
To help you brainstorm and apply these channels more effectively, I’ve created two valuable resources:
Eight Channels Brokers Tend to Overlook: A Guide Highlighting often-ignored acquisition channels that can bring significant results.
Applying Each of the 19 Customer Acquisition Channels: A breakdown of each channel and how to use it specifically to your mortgage business.
Sign up to gain additional insights and maximize your growth strategy.
Step 2: Narrow Down and Test (Middle Ring)
Once you’ve brainstormed the 19 channels, the next step is to narrow them down and test the ones that seem the most promising for your business.
As a mortgage broker, not all of these channels will be relevant to you right now, so focus on the ones that could have the most significant impact. For example:
SEO: Update your website with mortgage-related keywords specific to your ideal customer or niche, e.g. FTHB, debt consolidations, people going through divorce, etc.
Business Development: Strengthen partnerships with local realtors or financial planners.
Facebook Ads: Run a small ad campaign in your area targeting a specific customer group, such as FTHB or debt consolidations.
To test these channels, run small, low-budget experiments. For example:
Set up Google Ads with a modest budget and track how many leads it generates.
Contact a few realtors or financial planners to form referral partnerships and determine how many customers they could send your way.
Run a small Facebook ad campaign with a clear call to action, like booking a consultation.
Monitor the cost per lead, the number of leads, and the quality of those leads. Doing so will help you decide which channels are worth pursuing further.
Common Mistakes When Testing Channels
While testing new acquisition channels is crucial to finding what works best for your business, it’s also essential to avoid some common pitfalls that can hinder your success. Let’s look at the critical mistakes brokers often make during the testing phase.
Not setting clear metrics for success: You need to know precisely what you’re looking for, whether it’s a specific cost per lead or conversion rate. Without clear goals, you won't know whether the test was successful.
Spending too much, too soon: Many brokers jump into a channel with a big budget but fail to give it time to gather enough data. Start small and refine the channel based on early feedback.
Not adjusting after initial results: The first version of your campaign may not be perfect, so be prepared to change based on the data you collect.
Short-Term vs. Long-Term Traction Channels
Some customer acquisition channels will generate results faster, while others take time to build momentum. Here's a breakdown of which channels tend to work in the short term versus the long term:
| Traction Channel | Timeframe |
| 1. Targeting Blogs | Long-Term |
| 2. Publicity | Long-Term |
| 3. Unconventional PR | Long-Term |
| 4. Search Engine Marketing (SEM) | Short-Term |
| 5. Social and Display Ads | Short-Term |
| 6. Offline Ads | Short-Term |
| 7. Search Engine Optimization (SEO) | Long-Term |
| 8. Content Marketing | Long-Term |
| 9. Email Marketing | Long-Term |
| 10. Viral Marketing | Long-Term |
| 11. Engineering as Marketing | Long-Term |
| 12. Business Development | Short-Term |
| 13. Sales | Short-Term |
| 14. Affiliate Programs | Short-Term |
| 15. Existing Platforms | Long-Term |
| 16. Trade Shows | Short-Term |
| 17. Offline Events | Short-Term |
| 18. Speaking Engagements | Short-Term |
| 19. Community Building | Long-Term |
Step 3: Focus on What’s Working (Inner Ring – The Critical Path)
After testing several channels, you’ll start to see which ones deliver the best results. The final step is to focus your time and resources on these one or two channels that are performing the best—this is your critical path. By identifying the channels that have proven to generate the most traction, you can go “all-in” and maximize their impact on your business growth.
For example:
If Facebook ads drive the most leads, increase your budget and refine your targeting. Focus on optimizing the ads, messaging, and audience to scale.
If business partnerships with realtors generate high-quality referrals, deepen those relationships and formalize agreements. Invest more in nurturing these partnerships since they’ve proven to work well.
If SEO works, continue creating more content, optimize additional pages on your site, and invest in strategies to further enhance your search rankings.
By focusing on the critical path, you concentrate your resources on what’s already working, which allows you to scale your efforts more efficiently. This strategic focus will ensure that your time and budget are spent in the areas that are most likely to drive continued growth.
Now that you’ve identified which channels deliver the best results, the next step is to scale them effectively. Scaling a successful channel requires strategic growth to ensure it continues bringing in leads without diminishing returns. Here’s how to maximize the potential of your top-performing channels.
How to Scale an Acquisition Channel Effectively
Once a channel starts working, scaling it up effectively is vital to maximizing its potential:
Scale gradually: Rather than immediately spending a large budget on the channel, increase spending in stages. This allows you to monitor how the channel performs as the volume grows.
Continue tracking key metrics: Pay attention to metrics like cost per lead, conversion rates, and lead quality. As you scale, ensure that these metrics remain favourable.
Automate where possible: As your lead volume grows, consider automating parts of your process. For example, automated email follow-ups or CRM systems can be used to manage leads efficiently.
Outsource tasks if necessary: You are the expert on mortgages. If the workload becomes too large to manage while maintaining lead quality, consider outsourcing specific tasks (like content creation or ad management) to specialists. This will allow you to focus on maintaining strong client relationships.
Step 4: Adjust the Critical Path Over Time
While focusing on your critical path is essential for growth, adjusting it over time as your business and market conditions evolve is equally essential. The channels that work today may not be as effective tomorrow, so here’s how you can continuously refine and optimize your critical path to maintain traction and scale efficiently.
1. Continuously Track Performance Metrics
Keep a close eye on key performance indicators (KPIs) like cost per lead, conversion rates, and return on investment (ROI). If a channel’s performance starts to decline, it may be time to reassess its place in your strategy. Metrics will give you the data you need to make informed decisions.
2. Test New Channels Periodically
Even as you focus on the channels that are working, it’s important to keep experimenting. Periodically test new channels from the outer or middle rings of the Bullseye Framework to avoid becoming too dependent on a single method. Testing keeps your strategy adaptable and opens up new growth opportunities.
3. Refine Existing Channels
Channels that are already working can often be improved further. For instance, optimize your SEO efforts by updating content or enhancing site performance. You can experiment with new targeting options or ad creatives with paid ads. Regular refinements will help you maximize your critical path’s efficiency.
4. Monitor External Changes
Be aware of shifts in the market, consumer behaviour, or platform algorithms. Changes in social media platforms, search engine rules, or industry regulations can affect the performance of your existing channels. Staying informed will help you anticipate, react to, and pivot to these shifts if necessary.
5. Reassess Scalability
As your business grows, some channels may become less scalable or cost-effective. For example, increasing ad spend can sometimes lead to diminishing returns. When this happens, consider shifting focus to a new channel or diversifying your efforts to maintain profitability.
6. Implement Feedback Loops
Set up a regular review process—quarterly or annually—to evaluate your current channels. Compare their performance with potential new channels, and adjust your critical path as needed. This feedback loop ensures your strategy stays aligned with your business goals as you grow.
Conclusion: Apply the Bullseye Framework and Stay Adaptive
By applying the Bullseye Framework and continually adjusting your critical path, you can find and maintain your business's best customer acquisition channels. Start by testing various channels, identifying what works, focusing your efforts, and regularly adjusting based on performance and market changes. This adaptive approach will keep your growth steady and sustainable.
Downloadable Content
Sign up to access:
• Eight Channels Brokers Tend to Overlook
• Applying Each of the 19 Customer Acquisition Channels
Author Profile
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Senior Director of Originations at Neighbourhood Holdings
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Jared Stanley is the Senior Director of Originations at Neighbourhood Holdings. He has been in the industry for nearly 15 years. In 2015, Jared was awarded Underwriter of the Year by the Canadian Association of Accredited Mortgage Professionals. He is also a motorcyclist and dog lover.