Why direct marketing is key for mortgage broker businesses
No matter how good you are at finding value for your clients, new ones need to know you exist before they'll come to you for a loan. Helping new people discover your services is the role of marketing, but there are certain kinds that mortgage brokers should prioritise - namely, direct marketing.
So, why is it important for a mortgage broker business to use direct marketing?
Direct marketing has the personal touch
Direct marketing does what it says on the tin - delivers marketing efforts directly to the potential customer, not broadcasting widely like a radio ad or magazine spot.
The reason direct marketing is so important for a mortgage broker business is because you provide a very relationship-based service. A good mortgage broker understands what their clients need. Sure, your customers probably won't be inviting you around to their next dinner party just because you were their broker, but in order to get them a loan that suits their situation, you need to know a fair bit about them.
Just as you talk to your clients and understand their needs, you want to be talking to prospective customers in the same way through your marketing. That way then can get a sense of what you'll be like to deal with, and that they can trust you have connections to the right lenders and the experience required to get them the appropriate loan.
What are the best direct marketing channels for mortgage brokers?
Lenders and banks all do their own advertising, often through more traditional means like TV ads or billboards. You, on the other hand, need to stand apart and speak to the customer with a more personal touch, something that's achievable today with a direct marketing campaign consisting of two main elements - social media and email.
Have active business profiles on social media sites like Facebook and LinkedIn. These give people the opportunity to learn what your business is about without having to take the step of contacting you for a consultation. Someone thinking about a mortgage for the future, but who is perhaps not quite ready, may be an audience you can cultivate.
You'll also want to be constructing an email list and sending out newsletters at least once a month. Newsletters and promotional offers through email are a great tool, because you can be fairly confident that the person receiving the email is interested in what you have to offer - otherwise they wouldn't have subscribed.
In order for both of these channels to work effectively, it's also a good idea to have a solid library of content to push in your social ads and email newsletters. This is where a blog can come in handy.
For more information on becoming a broker with Red Rock, request a free information pack today. It has all the information you might want to know about our commission structures, training resources, marketing tools and more.