The real estate market is hotter than ever right now. There's no better time than now to take advantage of the millions of current and new homeowners in need of mortgage loans. In fact, 2021 is already at 6.49 million homes sold, up from 2019's 5.34 million and 2020s 5.64 million.
The truth is, mortgage brokers and lenders always need creative ways to increase business and land more clients. With the right mortgage broker marketing strategy and tactics, you will gain more business with more ease.
Here are the top tips for digital marketing for mortgage brokers and lenders.
Identify your target audience
To reach and resonate with your audience successfully, you need a thorough understanding of who they are and the best ways for speaking to them.
This can be challenging at first, but with the help of first, second, and third-party data, you can collect consumer data on:
- Demographics: age, gender, marital status, income, education, employment, race, and ethnicity.
- Psychographic: personality, lifestyle, interests, opinions, values, beliefs, etc.
- Geographics: location
- Behaviors: spending and browsing habits, brand engagements, etc.
To determine who your target audience is, you can start by analyzing your existing customer base. Engage with your customers, ask questions, send surveys, read through reviews/feedback, and look at past actions. Your ideal customers ARE your customers, so they're the best place to start.
Build Your Brand
A strong brand is something your audience can identify with, making up all the elements that will define you and set you apart from the competition. It includes everything from your name, logo, and design to your values, message, and mission statement.
What does branding can do for your brand:
- Improves customer recall and recognition (making your brand more memorable!)
- Provides complete transparency
- Makes it easier for you to introduce new lines and products
- Gives you a competitive advantage
Design (Or Update) Your Website
Mortgage loans are a huge purchase/financial debt, so consumers are more willing to do online research before deciding. Your website will be the profile every consumer accesses first when coming across your name. It is what makes you look professional and legitimate among scam suspicions.
Three moves to make to optimize your website:
- Google My Business: businesses get on average 59 actions from their GMB listing every month, translating to 5% of GMB listing views resulting in some sort of action.
- SEO: Small Biz Genius reports that 14.6% of website visitors who discover websites thanks to successful search engine optimization end up becoming customers, and 75% of searchers never click past the first page of results.
- Highlight your expertise, services, area, etc.: easy navigation to everything a customer will need to know about you is essential. Even a small bump in the road can scare them away. As crazy as it sounds, just a one-second delay in page response can result in a 7% reduction in conversions.
Use Content Marketing
Content marketing is an advertising strategy that targets a specific audience with the content it creates and shares. It can come in the form of video, written text, infographics, Podcasting, eBooks, email, and more. Marketers prioritize content marketing because it establishes authority and expertise, educates and entertains, and brings more awareness to your brand.
Fascinating content marketing results:
- 72% of marketers say content marketing increases engagement.
- 87% of video marketers say that video has increased traffic to their website.
- Content marketing costs 62% less than traditional marketing and generates about three times as many leads.
Start a Digital Marketing Campaign
Digital marketing is essential for not only the convenience of a far reach at the palm of your hands but the ability to track and measure results in real-time, allowing you to make adjustments that improve your strategy before the campaign even ends.
Three important digital marketing tactics:
- Email campaigns: not only has more than half the global population but are great for sending out content (tips, checklists, reminders, announcements) that recipients appreciate.
- Social media campaigns: a great way to build and maintain relationships with current and potential customers through likes, comments, shares, etc.
- Ad retargeting: a strategy that consists of following up with actions after a visitor has already been targeted with an ad. Finances Online reports three main reasons people click on retargeting ads - 37% are drawn to the product shown, 28% found it easier to visit a site they already intended to visit, and 21% wanted to find out more.
Be a Face in the Community
Cause marketing is one of the best ways to reach and connect with local audiences in Arizona. Since most consumers expect businesses to contribute to the community they're in, in some way, teaming up for a charity or cause can really make you a face in the community.
You can get involved in the community in the following ways:
- Marketing locally: when you give a solid focus to the people in your community - knowing their specific needs, how they talk, what they value - you become more relatable. People will see you as an essential part of the community when you represent most of them in what you say and do.
- Partnerships with local businesses: whether it's another for-profit or non-profit (most common), partnering with another local organization to better the community you're in is a strong statement about how much you care about the people in it and want to give make. Engage for Good reports that 73% of respondents believe that a company can take actions that increase profits and improve conditions in communities where it operates.
Create a Compelling TV Commercial
The value of TV advertising is still significant today, despite the ongoing assumption that it is dead or dying. It's only getting better as most marketers start combining the power of TV and digital to maximize their results. TV commercials alone have a 90% reach among adults 18 and older, and digital can be great for retargeting.
Elements of a successful TV ad:
- Length is 30 seconds or less
- Captures attention quickly
- Keep your end goal in mind when creating your commercial
Build Social Proof
Social proof refers to the psychology of using the concept that people assume the actions of others to shine a better light on your brand and products/services.
Two of the best ways to build social proof are with:
- Client reviews: 95% of customers read reviews before making a purchase.
- Client testimonials: 72% of consumers say positive testimonials and reviews increase their trust in a business
Another way to efficiently execute your digital marketing strategies, including the most challenging campaigns, is partnering with a media partner like Arizona's Family Marketing. Our team has already lifted mortgage broker and lender brands in the past and is ready and eager to get started with yours!