What works and doesn’t in mortgage marketing has changed tremendously over the last few years. There is a lot of hype about new tools and strategies. Some are complete game changers for closing more home loans and increasing net profits. Others can take mortgage bankers, CEOs and their loan officers on complex detours. The tools that work have changed, as has the marketplace and what consumers want. Here’s are 7 digital marketing tips for mortgage professionals
Know Your Goals
Know what your real goals and objectives are before launching any new mortgage marketing campaign. “We’ll it looks like that broker over there is crushing it by doing this…” doesn’t really count. Unless you have access to their books, you don’t know.
Marketing is a means to an end. It’s not the goal. Should your campaign take your closed monthly volume up by 20 loans a month? Slash wasted time so you can make the same money in just a 30 hour work week? Or increase your net monthly profit by $50k?
Wield Great Branding
You may or may not have the budget to be conducting consistent branding focused campaigns. Yet, every view, message, and published piece of content should build your brand. This compounds the ROI on all your mortgage marketing campaigns, and will lower your future lead generation costs.
Before you launch, have your branding polished and ready to go. That includes; logos, vanity phone numbers, custom social media handles, colors fonts, and even the filters you want to use for images.
Make Sure Your Mortgage Website Looks Great
You can deploy the best marketing agency and materials ever created, but it won’t mean much if they click through to an ugly website. Driving tons of traffic and visitors in is great. Yet, the goal is to get them to convert into real leads. A poor website is just going to create big bounce rates, and be really expensive. It doesn’t have to be complicated, just effective.
Have a Funnel & Conversion Strategy
Maybe your main website isn’t the best tool for converting your target prospects. Maybe it is a digital mortgage application mobile app, niche landing page, or engaging on your Facebook page. Have a strategic funnel, that leads the from first contact, to a high converting online asset. By knowing your customer, you can overcome their objections seamlessly, while making it a breeze for them to take the actions you want.
Hire the Best
One of the biggest risks and sources of frustration in this industry has always been the result of going cheap on marketing and marketing teams. If you don’t have the budget to go big, you definitely don’t have the budget to go cheap. Putting up cheap rehashed content, allowing inexperienced people who don’t know your industry handle customer service, or just handing the baton to the cheapest person who says they can get you to the top of Google is a sure fire way to burn your reputation, audience and go broke fast. If you can’t afford to do a lot, just make sure what you do is epic. Hire the best designer, copywriter, funnel architect, Facebook ads manager, and sales manager. You don’t have to start them all full time immediately. Start with what you can afford, and let the results pay for your expansion.
Track the Results
Where 99% of mortgage professionals and businesses fail at marketing is in tracking the metrics.If you aren’t tracking, you don’t know what is working or not. That is just dollars down the drain. You don’t know where to cut back spending or invest more.
If you are the entrepreneurial and sales type, agonizing over the data may not be something you love. It might be your worst nightmare. It has to be done, but you don’t have to do it yourself. There are so many data integrations available today. Have someone do it and format it in a way that just tells you what you need to know, and act on it.
Most importantly, know your true cost per lead, and your net profit.
Remember That it is All about the Follow Up!
With the right data, media and messaging, generating fresh mortgage leads in volume doesn’t have to be that challenging. The key to converting the maximum number of those leads into loan applications and dollars is follow up. Much of this can now be automated if you wish, but it can’t be neglected.
Serious loan candidates who are ready to do deals will keep contacting competing lenders and mortgage brokers until they get a response and make an application. Make sure that is you.
According to MIT, you have a 100x better chance of converting leads to sales if you follow up within 5 minutes, compared to 30 minutes. According to Digsy.AI you are 1,000x less likely to close if that contact isn’t made for 20 hours.
If you or your team can’t reliably handle the volume be sure you have an effective automated lead nurturing system in place. This is where a lot of the magic happens, and real closers separate themselves from the average. Consider that Follow Up Boss says that lead nurturing sequences and messages actually have a 4-10% better conversion rate than initial blast messaging.
Be sure you are there from first contact to post-closing and generating referrals and repeat business.