Regardless of the real estate climate, mortgage brokers are always looking for innovative ways to increase business. In a buyer's market, getting potential homebuyers to consider investing takes skill. In a seller's market, the competition can be so fierce that gaining attention can be challenging. In either case, you have to market your business to meet your goals, and with the right marketing tactics, you can turn leads into loans.
Here are a few tips, tricks, and ideas to help mortgage brokers achieve maximum success in their marketing efforts.
1. Identify Your Target Audience
To be successful at selling your mortgage brokering services, you must have a clear idea of who you are trying to convert. When you understand your ideal customers, where they want to live, how much money they have to spend, and how they like to receive marketing content, you know what you need to do to reach them and that, yes, they can afford your product.
Create a buyer persona. When you have identified who is most likely to be in the market for a home and under what terms, you have a better idea of how to approach them and when. The message you create will speak directly to that audience.
2. Create Compelling Content
Your marketing efforts need to encourage engagement with your brand. Conversion is the goal. Include content that is eye-catching and optimized to get attention from consumers you want to turn into customers. Videos on your website or a television commercial are good ways to increase awareness.
Make sure your content explains who you are as a business, including what causes you support. Showing that you understand your customers and care about the same things they do goes a long way toward building trust. Your media partner can assist you in creating content that will drive engagement.
3. Deploy a Digital Marketing Campaign
If you do not have a digital marketing strategy in place, you are missing out on business. For example, generation Z tends not to trust advertising, so they will usually turn to Snapchat or Instagram for influence. Millennials rely strongly on social media channels, turning to them for reviews and to sometimes make purchases.
An effective digital marketing plan can help you gain an edge on your competition.
4. Take Advantage of Ad Retargeting
Retargeting is a powerful conversion optimization tool. Using cookies, your ads are connected to those consumers who have already expressed an interest in your brand. During optimal moments of web browsing, your ad appears to the interested party.
Most marketers who use ad retargeting see a high ROI. It is effective because it focuses your advertising dollars on an audience that is already familiar with your business.
5. Develop an Email Marketing Strategy
Email continues to be very effective for fostering engagement. Nearly 60% of shoppers admit that marketing emails influence their purchasing decisions. Giving consumers something to sign up for or some free incentive like an online home mortgage calculator encourages them to get involved with your brand.
Email is also one of the most cost-effective methods of reaching your customers with an ROI of around 3,800%.
6. Update Your Website
For the content on your website to remain relevant, it must be updated at least periodically. You want your customers to recognize you as an authority in the mortgage brokering industry. If your content is old news, it will be difficult for you to establish your brand as one that can be consistently trusted.
You need to stay ahead of your customers with information that affects them presently and in the future. Talk to your media partner about helping you rotate and freshen up content as needed.
7. Market Locally
Local marketing is the best way to establish a presence in the community. Help local consumers recognize your brand as one that cares about the same issues they feel strongly about making them proud to have you in the neighborhood.
Align your brand with local real estate professionals by partnering with another business in support of a cause. Work with a local news station to learn about sponsorship opportunities. Your media partner can match you up with time slots that will have the most significant impact.
8. Incorporate Testimonials
You can go on all day about how great your company is and why doing business with your brand is the best choice, but until potential customers hear it from shoppers they can relate to, it won't have the effect you desire. Testimonials from satisfied customers, whether written or on video, are usually very effective. Seventy-two percent of consumers say positive reviews and testimonials increase their trust in a business, with 88% saying they trust online testimonials as much as recommendations from family and friends.
Showing consumers as real people who are facing the same situations as they are is key to developing relationships. Contact your media partner for maximum marketing success for your mortgage brokerage business.