The competition in mortgage lending industry seems only to grow fierce with time. In this evolve-or-extinct situation, the need of the hour for mortgage professionals is a constant evaluation of their existing marketing strategies. What worked in the past may not work in the future and hence the lenders should stay on their toes and keep revamping their marketing plans. Here are four things; mortgage lenders should start doing if they want to stay at the top of game.
1. Understand the Value of Referrals
As per Maritz report, about 82% of home buyers find out about their broker via referral. This suggests that there’s no investment that gives a better return than the one made in satisfied clients. Satisfied clients are, and will always be, the best leads and the greatest source of business. So as a mortgage lender, you need to take good care of your existing clients. A company should be religiously focused on customer satisfaction even if that means spending thousands of dollars to make them happy. Because no matter how ‘Big’ it costs, the eventual return it yields will always be ‘Bigger’ in comparison.
2. Be Content Focused
The remaining percentage of home buyers visit website through search engines and rate comparison portals. Thus, content also plays a key role in bringing the customers home. Content is king and never will it falter from its crown. A content-rich website not only generates organic traffic but gives your brand more credibility among existing and potential visitors. Moreover, if your content is original and engaging, it takes you up on the search engines. The content created from blogs can also be deployed on other platforms such as Facebook, Twitter, LinkedIn, etc. Create a blog and upload quality content on it to showcase your expertise and knowledge to your potential customers. Establish yourself as a credible source among visitors for mortgage related information.
3. Be Social
Social media has become almost ubiquitous. In this age of social networking, not being on social media means being nowhere. But being social is not about mere presence on social medium but being active in your network. The more active you are, the more visible and more credible you will be among your existing and prospective customers. Let people know what are you up to. Do everything you think you should to get them excited and engaged be it participating in volunteering activities, organizing cultural events, creating partnerships, sharing photos and so forth. Further, deploy latest tools and techniques that can automate and optimize your posts on social media.
4. Start Sending E-Mail Newsletter
E-mailing newsletters is a cost-effective marketing tool that lets you engage with your customer much more effectively compared to any other form of marketing. What makes it unique is an amazing Return On Investment above 4000%. What it means is that on every $1 spent, you get a return of $40. Moreover, it pertains to an audience base, much wider than other forms of marketing. And most importantly, newsletter has an inherent ability to get your brand value reiterated among your customer base.
No single strategy can do it all for you. Instead, you should try to devise and utilize the right mix of such marketing tools and techniques. Adopting these strategies will surely help the lenders to create a wide network, build customer value, develop referrals, and drive unprecedented revenues.