Stay Ahead of the Competition with a Mortgage Marketing Plan

by Tomi Pironti

Home buyers are often encouraged to compare rates between lenders when buying a home. Yet, according to a 2020 study from the National Association of Realtors, only 73% of buyers interviewed more than one lender. 

For brokers and lenders, it’s vital to know how to market mortgage loans to rise above your competition. Here are some tips for refining your mortgage marketing plan.

Why Lenders Should Be Marketers

Lenders are in the business of making dreams come true. Your services provide customers with affordable options and can take the confusion out of the entire process. 

But you’re not the only game in town. Home buyers have a sea of options to choose from. If you want to increase the visibility of your lending practice, you’ll need a marketing plan that helps you stand out.

Top 10 Marketing Ideas for Lenders

Here are a few tried-and-true marketing ideas for lenders that can help promote your business.

1. Define Your Goals

Start by defining your goal. Are you seeking to create a comprehensive marketing plan for your business? Or are you looking to create a marketing campaign to drive a particular area?

Knowing your goals ahead of time can keep you focused throughout the process. Your goal might also help you narrow down your strategy or direct you to choose a particular marketing method or channel. Additionally, a clearly-defined goal will help you evaluate the success of your marketing plan down the line.

If your lending practice occupies a unique industry niche, this can further help you refine your goal. For example, do you specialize in commercial real estate or loans for first-time lenders? If so, you can create a plan to reach those who can benefit the most from these specialized services.

2. Create a Borrower Persona

Lenders must also understand the needs and behaviors of their target market. One way to do this is to create a “borrower persona.” How would you describe the lifestyle of your typical client? Think about things like:

  • Age
  • Income level
  • Marital status
  • Budget

Creating a borrower persona can help you think through ways of nurturing a long-term relationship. A borrower persona might also help you keep your lending practice focused on your target market.

Can you have more than one borrower profile? Of course. But the more you can focus on a unique market, the more effective your future marketing campaigns will be.

3. Design a Customer Funnel

A customer funnel is a process by which prospective borrowers are introduced to your business and guided to commit. A typical customer funnel will look something like this:

  • Awareness (learning about your company for the first time)
  • Evaluation (deciding on whether to choose your services)
  • Commitment (choosing you as the preferred lender)

Your marketing strategy will look different at each phase of the funnel. At the top of the funnel, you’ll rely on a broad-based approach, such as social media marketing or pay-per-click (PPC) advertising. Content marketing can help borrowers evaluate your expertise and services.

The closer you are to the bottom, the more personal you should become. Email marketing platforms can offer a direct approach and help you nudge interested parties into committing.

4. Set a Budget

Marketing campaigns require funding. Social media and pay-per-click advertising cost money depending on the number of people you reach. It’s important to determine how much you’re willing to spend and how much to allocate to different marketing channels.

A customer relationship management platform already has mortgage marketing services built in. These tools can help you save money on separate systems as well as save you time through pre-built content, web templates, and more.

5. Build a Quality Website

The first step to cultivating your online presence is through a quality website. Even if you already have a web page, it’s always good to consider an update to keep your content fresh. Consider such questions as:

  • Is my site’s appearance clean and modern?
  • Does my site look great on mobile devices?
  • Can customers navigate the site easily?
  • How does my site help me capture customer data?

Search engine optimization (SEO) strategy can also help you leverage keywords to reach the top of search engine results pages. For instance, you want to make sure your site shows up at top of the search results when a customer Googles “mortgage lenders near me.” 

Including the right keywords (along with your location) can help you connect with more customers.

6. Create Compelling Content

Content marketing remains one of the best mortgage ideas for lenders. After all, you have a wealth of knowledge — why not share it with the world?

Lenders can create blog posts and even video posts (or “vlogs”) that offer something of value. A post called “Tips for New Home Buyers,” for example, might generate interest and introduce your business to first-time buyers.

Over time, your content will become a resource library that adds value to your website. You can also promote your content through social media, where “likes” and “shares” can give your business greater exposure.

Make sure your content contains a section that enables you to capture leads. Asking readers to subscribe to a newsletter can be a good start, but you might have better results by offering something of value. A free e-book, for example, can be a great “lead magnet” that helps you build your mailing list.

7. Leverage Social Media Channels

Businesses love social media because it offers free exposure. But most major platforms (Facebook, Instagram, Twitter) also have paid advertising options. If you’re wondering how to market mortgage loans, these channels might be a good starting point.

You might promote a particular post to attract new viewers to your website. Facebook offers several options for online marketers, including options for video content.

Staying active on social media by responding to comments and questions can build credibility.

Admittedly, content marketing and social media promotion can be demanding. But the best customer relationship management (CRM) platforms offer mortgage marketing services that make it easier. Pre-built marketing content can keep you agile and efficient as you build your following. 

Your CRM may also help you produce video content, which you can share online through your webpage or social media channels.

8. Invest in Digital Advertising

Taking an ad out in the newspaper is a thing of the past. These days, marketers rely on digital pay-per-click (PPC) ads. You design the ad using the tools provided by the platform, and users will see your ad when they meet the right criteria.

With Google Ads, for example, the popular search engine will display an ad for your business each time a user searches for related companies.

You’ll pay only when users click on the ad — not when the ad is displayed. You can also select the number of desired clicks, which can help you integrate these PPC methods into your marketing budget.

9. Host a Local Event

Your best customers will no doubt be local. Reach this target market by hosting a local event. You might even partner with other real estate professionals to organize a helpful seminar. 

Organize the topic around the needs or interests of your target market. “Tips for First-Time Buyers” will help you connect with younger adults interested in buying a house. Using the event to capture customer data can help you build your email marketing list and provide follow-up opportunities.

If in-person events are too cumbersome, you might host a live webinar. This allows you to connect directly with your target market and may even be a better option for busy customers. You can also use the registration process to build your email mailing list and follow up with attendees.

10. Build a Referral Network

Your best leads might come from your immediate social network. It also helps to have a modern customer relationship management (CRM) solution. 

Local realtors may be impressed by how you’ve built a mortgage pipeline and marketing funnel. This makes them more willing to work with you, and your CRM system makes it easy for realtors to share leads even on the go.

These leads enter the top of your marketing funnel, allowing you to follow up through directed email marketing.

Following up with your former clients can also be an effective way to generate leads. Sending a thank-you message to your satisfied clients can remind them of the help you provided. This may prompt them to recommend your services to others who may be looking to buy a house.

Bonus Tip: Leverage CRM Mortgage Marketing Services

Now that you’ve learned some good marketing ideas for lenders, the best way to put your plan into action is with the right tools. The BNTouch platform is an all-in-one software solution that reduces administrative burdens and helps you focus on the customer. 

To see these features in action, contact BNTouch to request a demo.

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Tomi Pironti
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