Because of the current market, it is harder for mortgage brokers to find prospects and to get clients to closing. Further, challenging market conditions may tempt you to cut back on your marketing activities.
The worst mistake you can make in this environment is to stop marketing, however. The bottom line is this: The number of deals you close two to three months from now will depend on the marketing you do now.
Instead of stopping or delaying your marketing efforts, consider implementing some effective low-cost online activities that provide a proven return on investment (ROI).
Develop a Mortgage Marketing Plan
In today’s challenging market, it’s important to develop a clear strategy and method of delivery. Start by asking yourself the following questions:
- What are my areas of expertise?
- What is my target geographic area?
- Who is my target market?
- From whom should I seek referrals?
- What benefits can I provide clients?
- What do I do better than anyone else?
- Where do I see my business in the next several years?
Having a good marketing plan helps make tough decisions easy. Let’s say, for example, you decide to enter the social-media space. With so many options available, choosing where to start can be a challenge in itself. If, however, you’ve identified your ideal clients — say, tech-savvy single moms between the ages of 30 and 45 — your choice becomes easier. From there, you can filter through Web sites, blogs and social networks that cater to that demographic and participate in their conversations.
Create a Mortgage Web Site
The news has been out for years: Most homebuyers use the Internet when selecting mortgage and real estate professionals to help with their purchase. If you’re not leveraging Internet marketing, you’re behind the times. Catch up by creating a Web site.
To make the most of your site, be sure to target it to the specific population you hope to serve. If you only work in one city, make sure to reference that city on most, if not all, of your Web pages. Also include a description of the demographic with which you specialize. Doing these things will improve the odds of your ideal prospects finding you via search engines.
Also, make sure your Web site will track leads and educate your prospects automatically. It can do this by sending automated e-mails to people who complete a simple contact-information form on the site.
Start a Lead Generating Blog
Blogs can be a great tool for connecting with mortgage prospects, who can read your posts at their leisure and learn more about you, your areas of expertise and how you conduct business. A well-written and authentic blog can go a long way toward persuading people to contact you when they’re ready to buy a home or refinance.
Many blog readers feel comfortable using the Internet for financial matters and decisionmaking. As such, your blog could put you in touch with market participants ready to take action. In addition, blogs are a proven, low-cost way to connect with the mainstream media. Most reporters receive news tips through Internet sources, including blogs.
Use Email Marketing to Stay Connected to Clients & Referral Sources
As social media grow in importance, don’t overlook e-mail marketing. Develop a contact list and keep it up-to-date. E-mail marketing remains a great way to receive referrals and repeat business from past clients. It’s also affordable and can lead to a strong ROI.
According to the Direct Marketing Association, e-mail’s ROI will remain stronger than other direct-marketing channels for years to come. The association reports e-mail’s ROI as $40.56 for every dollar spent in 2011.
Whatever marketing methods you employ, develop a means for measuring ROI. By measuring your ROI, you’ll learn what works for you and your business. You also can determine how much you’re willing to spend per prospect, application or closed loan and fine-tune your marketing strategy to meet those standards.
Explore Social Media
From LinkedIn to Pinterest, there are literally hundreds of social media channels you can use to market your mortgage business. Decide on 1 or 2 that are best suited to reach your prospects.
Join the Discussion
How do you effectively market your mortgage business?
JC Kiadii, Mortgage Internet Marketing Services . 770-469-7385. Are you reaching out to the 87% of new buyers who start their search online? Our team provides results-driven mortgage Internet marketing services. Visit our website and sign up for the More Closings email newsletter to receive the 4-week e-course on Building a Quality, Responsive List.
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