How well is your mortgage marketing working? Many of the old strategies are less effective than they used to be and some newer strategies are starting to become the best mortgage marketing value for your marketing dollar. If your current marketing efforts are not bringing in good quality leads that actually convert into paying customers then perhaps it’s time to take a second look at your mortgage marketing.
The most effective mortgage marketing strategies, systems and plans are not overly complex or expensive. In fact, the best marketing practices are simple to implement, cost effective and measurable.
The first and most important part of any mortgage marketing plan is accurately defining your prospect before anything else. This step is such a simple thing yet many mortgage brokers neglect to spend the time to clearly, completely and deliberately do this that they wind up spending money promoting their business to prospects that will never buy from them.
Sit down and put yourself in the shoes of your perfect customer. Give them a name, identify their age, gender, income, likely occupation, purpose for doing business with you and the end result they want to get from dealing with your business. Make them into a real person in every detail. Describe them in writing and then actually use your description to create your marketing messages. Write your letters, postcards and ads to that one person. You’ll be surprised how powerful this simple technique is.
Make sure you have a mechanism in place to measure the results of your marketing efforts. If you can’t measure the response rates, leads generated and loans closed that result from your marketing you can’t effectively manage your business. Measurement is the most important function in the marketing process. Without effective measurement you have no idea what is working and what isn’t so you will continue to spend money on ads that don’t produce and you will miss opportunities to expand ads that are working well.
Always include effective copy writing principles in all of your ads. Use a powerful, benefit oriented headline to grab your prospect’s attention. Include compelling benefits in the body of your copy and support your benefit promises with provable facts. Close your mortgage marketing messages with a strong call to action that tells your prospect exactly what they need to do next to get the benefits you have promised.
These simple mortgage marketing principles can be applied to nearly any marketing strategy. If you are consistent and diligent you will develop marketing that will drive a steady stream of qualified mortgage leads into your business.