HOW TO WORK WITH A MARKETING BROKER--PART

The term marketing broker seems to have caused a stir. In this post, I want to get more into the actual how-to--for BOTH buyers and sellers.

First there seems to be confusion from Part I, as I should have realized, on who does what and when in working with a marketing broker.

There is a whole lot of information on this new iteration of marketing brokering and how it is becoming a boon for local businesses.

Those of us who have been around the business world for two or more decades are not used to the term above the real estate broker, insurance broker and possibly the food broker designation.

Many minds focused on marketing your firm.

Does the Term Marketing Broker Actually Mean Sales Person?

A marketing organization does the marketing work for you, the business hiring them--at least in the street-level sense.

Remember, a marketing 'broker' is a match-maker of sorts--looking over what you want, your needs, and finding the best third-party match to fill those needs from their marketing professionals inventory.

What we are referring to here is a company who a) focuses on one industry; and b) collects several specific marketing organizations with differing marketing emphases; and, c) matches needs of the local client to solutions.

Let me swerve off on what I call an explanatory rabbit trail for a bit.

Let's go with marketing brokers for home improvement contractors as a live example that is actually a current, behind-the-scenes real business here in our Quad State region.

Now there are probably in excess of fifty (50) different retail niches--jobs that home owners call for by name--in the home contracting market.

Many contractors can handle several things as to home repair. But they usually have one lead skill set and then can add any other related items in working up a quote for the homeowner.

The Contractor Marketing Broker Finds the Best Marketer for the Contractor

They usually work either by niche or by contractor. The end result, however, is the same. The contractor marketing broker cannot afford to work with those  contractors who are less skilled in their work or have a checkered reputation.

So How Does a Contractor Marketing Broker Select a Contractor To Work with and Vice Versa?

First, whether they go by niche market or by contractor, they always seek to chat with a number of their peers to determine top tier contractors.

Next, the contractor marketing aggregator or triage firm will ask their contractors how they are currently receiving exclusive, just-for-them homeowner leads in their niche...among other things.

Included in their interview will be how the contractor's current website is giving them local leads as well, what their local footprint is, their current number of employees, goals with their company and so on.

Next the contractor marketing broker may go over the various lead generation agencies the contractor currently may use. These are agencies that gather the homeowner leads and sell them to a number of contractors.

What contractor marketing brokers (or marketing triage) are looking to do is connect the contractor with the contractor marketing organization that, after the interview, they feel best match's the contractor's business needs.

There should be no cost to the contractor for this service from the marketing broker.

The marketing broker's compensation comes from (or should come from) their marketing organization client from their work in finding a successful win-win-win match in the home contracting marketplace.

The contractor marketing broker (to continue with this industry) is faced with several criteria established by the marketing companies they work with.

One contractor marketing organization may want to ONLY work with contractors doing over $2 million a year.

Another contractor marketing organization may take on contractors doing less than $750,000 but have other hoops potential contractor clients must jump through.

In all cases, there should be no (or very limited) contracts required of the contractor from the contractor (or any industry) marketing organization.

A contractor marketing organization has a smorgasbord of solid marketing choices available to them so that they can be the best help to the local contractor.

This allows the contractor (or any business in an industry having a marketing broker) to 'try out' other marketing firms in their industry as there are (or should be)  because of the no-contracts policy.

However, once a good relational match is made, it is not unusual for a contractor and marketing organization to stay married for decades.

It's all about relationships and the goals and objectives of both parties.

Another contractor marketing organization, in finding a good match as to revenue standards, may require the contractor to refresh or rebuild their website, dedicate one in-office worker to handle homeowner leads or other criteria.

The world--from our local neighborhoods to the world-- is getting standardized via the Internet. And the sooner we adjust our businesses to this change in the landscape, the better.

If you need help in finding a marketing broker for your industry, let us know!

Let us (me personally) also know how you are working with marketing brokers at Steve @QSBJ.org and we will let the rest of the Quad State business audience know!

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Article first appeared in www.QuadStateBusinessJournal.com