How To Not Compete For Mortgage Clients – Begin The Customer Journey

by Aidan P

Most mortgage lenders compete daily for “ready to act” prospects, those who are ready to make a buying decision now. In the meantime, prospects who are “unaware” of a need or have just become “aware” of it,  are being mostly ignored. The thought is that it is too early to connect with them since they are not ready to act. Yet the beginning of the buyer’s journey is when you can begin to firmly embed yourself into the customer’s mind while your competitors are focused elsewhere.

Let this article show you target “unaware” prospects to not compete for your mortgage clients

The Mortgage Customer Journey Begins

Begin The Mortgage Customer Journey
A recent article by the
The New York Times reports that “Americans are among the most stressed people in the world”. Our own experiences demonstrate that when we face stress, we look for a solution to rid us of it. Your potential customer may be facing financial stress. The stress may be as the result of potentially losing a  business opportunity, the need to put a young one through college or purchase a bigger home. During their search for relief from the stress of these elements, is when the customer realizes they have a problem and they need to find a solution.

Unaware Of The Need: An Open Door For Loan Marketers

Mortgage Customer Journey - Unaware
It is hard convincing most marketers who are unfamiliar with the customer journey to spend money connecting with those who currently have no clue they need a product or service. There is a gigantic opportunity here for those who embrace the customer journey marketing concept and structure their campaigns to hit this audience. As 90% of your competitors won’t be doing this it is how you can not compete for mortgage clients.

Example: A widow’s journey

A 75-year-old woman loses her husband. It was hard for both of them together to make ends meet on their fixed income. His contribution which may have included a full pension pay-out and maintenance around the house is now gone. She is alone, worried about her future. The children are seldom present or nonexistent. This story plays out in America far too often.

The senior widow still has no idea she could benefit from a Reverse Mortgage, an Aging In Place Specialist, or any other solution for that matter. She just knows that under the present circumstances, she is not going to make it financially. She also realizes she needs help in other areas of her life beyond just her finances.

How To Reach Her

A marketer who is familiar with the demands of a senior citizens needs understands this stage of their life. The marketer has published relevant content in multiple media channels, content which educates those who end up in this position. The informed marketer knows that at this stage, the message needs to be educational, not a message intended for an immediate appointment or sale which is more appropriate for when the prospect is ready to act.

A good marketing campaign for this stage will place this content in front of those who play an important role in the decision process with the prospect; The widow’s family, Insurance Agents, Real Estate Agents, Attorneys, and Doctors. All of these relationships are seen as trusted advisors who can recommend solutions to the widow’s needs.

Connect With Professionals Who Can Influence the Prospect’s Decision:

  • Publish a newsletter which goes out to them. Educate them on the issues faced by their customers, who are also your target prospect, and the solutions available to them.
  • Create a YouTube channel with videos of testimonials of current clients and case studies on the subjects relevant to the audience you are trying to reach.
  • Start a Facebook or MeetUp group where you are constantly present and available to inform those who are looking for answers to their pressing needs related to your product or service.

Educating and informing professionals in a position of trust with your future customers gives you leverage. By reaching those in a position of influence, you have the potential to receive multiple referrals for your business.

Aware Of The Need: The Curiosity Stage

Mortgage Customer Journey - Aware
Some time has passed. The widow continues to struggle with finances and other needs in her life. The home needs care and maintenance that she is not able to keep up. The widow is discovering that there is a need, and beginning to realize she must meet it. The primary driver at this stage of the customer’s journey is “Curiosity”.

Feeding the curiosity for a solution

The Mortgage marketer prepares a series of educational content and delivers it through print or digitally on demand. There is a solid sales funnel in place which tracks the customer’s movement through their journey and engagement with the content. The marketer understands the sales cycle for seniors and Reverse Mortgages, and knows that it will be 6 months to perhaps a couple of years before there is a closed sale. The good news is, the marketer has the tools in place to automate follow up with the customer with ready-to-deploy campaigns so her marketing efforts are low maintenance and magnified.

The pro-active mortgage marketer’s content will come up on the widow’s radar. She may be exploring multiple solutions such as selling her house, going into a senior living facility, living with family members, or moving family members in to live in her home. The marketing content available genuinely and transparently helps the widow explore these options.

The marketer aligns herself with others in complementary industries such as senior living facility consultants, Certified Aging In Place Specialists (CAPS), Retirement Planners and other professionals. Jointly they offer seminars, workshops, and online education. They promote this educational content directly to the end users, the senior citizens, and those who influence their financial decisions.

Individually and collectively, the mortgage marketer and her perceived team are positioning themselves as the authority in the subject matter. Those who the widow will trust when she is ready to make a decision to solve her problem.

Summary

There is practically zero competition in the marketplace in the early stages of the mortgage customer journey. To not compete for mortgage clients you can conduct a little research of your own, “spy” on your competitors’ ads currently running on Facebook. Visit your competition’s website and other online properties. Engage with their content, if they have any type of strategy or sales funnel in place, go ahead and opt-in for what they offer. Comment on their content where available to see if they engage with you. If they have set up their marketing properly, you will either receive a follow-up series or be retargeted with ads. The goal here is to find where your competitors marketing is lacking and what niches they aren’t covering so that you’re content is the most valuable in that space.

An effective and efficient mortgage marketing CRM can automate your marketing at these early stages of the customer journey. The more you prepare for the remaining steps in the mortgage consumer journey, the more you’ll reap the rewards from positioning yourself as a trusted authority throughout the process.

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