Mortgage seekers who are ready to decide on a specific mortgage to solve their need are the prospects everyone wants to be in front of. The two final stages of the customer journey is where all your marketing efforts finally pay off. It’s when they are sold on your brand and your offer.
The relationship has been strategically built from that beginning with consistent follow up through emails, blog posts, videos, texts and conversations which the marketer has delivered with the right tools such as a mortgage marketing CRM, their website and social media channels. The marketer who has engaged with prospects since the early stages of their journey, is now positioned to close the sale.
Sell The Prospect On Your Brand
When someone is looking for a loan to purchase a home, they consider more than just the type of loan they are getting. They also look at the company and the person behind it. These are elements of your brand.
Your brand is about the message of what you are known for, what you stand for and who you are. Through your company or individual website, you need to deliver a consistent and specific message that identifies your brand values. For example; “Hometown Mortgage has the best selection of loans for first time home buyers”. Or “We help credit-challenged borrowers find the right loan to buy their first home”. Even “We help you realize the dream of home ownership even if you don’t have a large down payment”.
Example: A couple wants to buy a home for the first time
Let’s take an aspiring home buyer couple who are currently renting and want to buy their first home. They have managed to save a small down payment, about five percent of the purchase price of entry-level homes in the area of their choice. They are concerned about their credit because it is not perfect but they do make good money and have stable employment.
The couple has come into your circle as a result of the educational blog posts and emails you have delivered to them. The content educated them on the options available for first time home buyers with less than perfect credit. It informed them of FHA loans and some conventional first time home buyer loans as well.
The couple looking to buy their first home now have the distinct impression you have the product they need. They also know there are other companies who offer the same product, why should they choose you?
The couple who is looking for the right home loan company sees your clear and consistent message, relevant to them. They realize that your brand is the right one for them. The branding on your blog posts, emails, and other content directly speaks to them because they see their story in your content. They are sold on you and your brand.
Add urgency to your offer. The couple wants to find a home. Some of the programs for first time home buyers have limited funds available. Convey that in your marketing. Example: CALHFA (A California program for first time home buyers) has a determined amount of funds every year for some of their programs. You can add “Some of the best programs available have only a limited amount of funds available. Apply today to make sure you don’t miss out on those programs”.
Sell The Prospect On Your Offer
The couple looking to buy their first home has decided to work with you and your company for their home loan. They’ve been sold on your brand and you but the sale is not closed yet. There are still choices to be made, and until you guide them to ONE choice, they are not completely sold.
You know they have a small down payment. They have stable income which is sufficient to qualify for an entry-level home in the area they have focused on. You also know they have less than perfect credit. It is good enough to get a mortgage, just not the best mortgage. Your extensive knowledge of these types of loans and your past experience tell you there is something they can do to improve their credit score. They can raise it enough to save them that 1 point surcharge or extra .25% rate increase due to their current credit score.
You looked at their credit report and noticed two credit cards are at about 85% of their available credit limit. You let the couple know you have some ideas to help them get a better loan by improving their credit score. After running “Credit Analyzer”, you find out that if they use just $1,000 of their current available cash to pay down the two credit cards, their score will improve by 23 points. This move will save them 1 origination point or .25% on their interest rate.
You speak with the couple and lay out all the things you can do for them. How you will save them money and position them to buy that home and not be stressed out about affording their new payment? Let them know about the savings they will realize on their income taxes. You also advise them that they can change their deductions at work so they get more on their checks at payday, without risking any underpayment of taxes.
You place an offer of not just product, but an offer with so much added value, they simply would be unwise to refuse.
Concluding The Mortgage Customer Journey
Selling the prospect on your brand and on your offer are the final pieces of the buyer’s journey. The couple looking to buy a home has found the right combination of brand and product that meet their needs. They can buy a home with a great mortgage from a company that specializes in serving people just like them.
A comprehensive and strategically designed marketing campaign has now reaped its rewards. By engaging your prospects from the beginning of their buyer journey with your educational content, you have educated them, helped them identify they had a need, and what the need was. You then sold them on your brand and finally on your offer.
Even more, you have figured out that by using one-to-many marketing tools and technology this can be done at scale. You can now magnify the results of your marketing without the need to spend more time doing it.