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With more than 23,000 brokers in the mortgage business in the United States, it’s imperative to create a marketing strategy to outperform the competition.
But despite the heavy competition, there are plenty of solutions to marketing for mortgage brokers to reach your goals, and establish yourself as a major player in the space.
Today, we’re talking about mortgage broker marketing strategies.
If you’re ready to take mortgage marketing by storm, follow our five tactics that can help you rise to the top of the mortgage industry.
Content Marketing
Content marketing is defined by Content Marketing Institute as “a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience — and, ultimately, to drive profitable customer action.”
In other words, you create and distribute content to engage your audience and generate more leads.
Today, almost every online marketing strategy includes some form of content marketing. Let’s look at types of content marketing for mortgage brokers:
- Blog posts: This is a written article focused on a specific topic. Examples could include how to guides for getting a mortgage, comprehensive piece on interest rates, and choosing a loan officer or real estate agent.
- Infographics: Think of an infographic as a visual blog post. Find data that’s easier to share in the form of an image, as opposed to a blog post. For example, “The Top Cities and States for Home Sales in 2021.”
- Videos: If you’re more comfortable in front of the camera than you are writing blog content, video marketing is for you. This allows you to share professional guidance in a more personalized manner.
- Direct mail: Take your online digital marketing strategy offline with direct mail. Examples include sales letters, postcards, flyers, and brochures.
While these are among the most common forms of mortgage broker marketing, it’s just the tip of the iceberg. The more content you create, the easier it is for your creativity to shine through.
Content creation combined with SEO, which we’ll get into below, is one of the strongest mortgage marketing strategies.
You’ll be positioned as an authority in the mortgage business, make your website easy for prospective clients to find, answer their questions, and expand your existing customer base.
Search Engine Optimization (SEO)
You put a lot of time, money, and resources into creating and sharing high-quality, engaging content on your website and blog.
And for that reason, you want as many people as possible to read it.
Search engine optimization is the process of getting web pages to rank higher in search engines such as Google, Bing, and Yahoo. Particularly, by using keywords relevant to your audience in your blogs and landing pages, and target users looking for your exact service.
Search engine ranking factors include but are not limited to:
- Content quality
- Backlink quality and quantity
- Page speed
- Mobile-friendliness
- Internal links
- Core web vitals
- Title and header tags
- Meta description
- URL structure
- Image alt-text
Yes, that’s a lot to think about.
And yes, it can take many years to become comfortable doing your own SEO. This leaves you with two basic options:
- Focus on what you can do yourself: This includes creating high-quality content that naturally attracts website visitors searching for what you offer.
- Hire a professional: From a digital agency to an SEO consultant, there are professionals who can help. This is often necessary if you need assistance with technical ranking factors. You have to do what makes sense for your business but often, a whole team of marketing professionals from an agency is the better deal than spending your own time or hiring someone else. Once you run the numbers, you may find that it’s a no brainer.
Social Media Marketing
Content creation is important, but content distribution is also critical to your success.
Even if you have a large library of high-quality content, it doesn’t do you any good if nobody sees it.
Social sharing — including platforms like Twitter, Facebook, Instagram, and LinkedIn — is one of the best ways to engage and inform your target audience.
You can do things such as:
- Post industry updates to LinkedIn
- Share new products and services on Twitter and Facebook
- Share images on Instagram of homes purchased by your customers
- Document your day visiting open houses
There are two general keys to success with social media marketing:
- A consistent schedule
- Sharing quality, unique information, guidance, and advice
In addition to “organic” social media marketing, you can also purchase ads on all the major platforms.
With advanced targeting, you’re putting your brand and products in front of potential customers that match your target demographic.
Social media ads cost money, whereas an organic approach is free to carry out, but a trial and error approach can lead you to a strategy that generates a positive return on investment.
Word of Mouth Marketing
Word of mouth marketing, also known as word of mouth advertising, is the process of spreading information about a company from one person to another.
This can happen in two ways.
Naturally
For instance, you help someone get a loan at a competitive rate, without jumping through hoops. Quality service will generate referrals. Your customer then tells a family member about your service and they reach out to you to learn more. By providing industry-leading service to every customer, you greatly increase the chance of this happening.
You can also start networking online, and post and interact on sites like LinkedIn, Quora, or even Reddit. If you can become a go to source for helpful content about the mortgage process on online communities, new clients will be more inclined to come to you when they’re ready.
Targeted efforts
There’s nothing wrong with giving word of mouth marketing a push in the right direction. A common approach is to ask satisfied customers to leave a positive online review. The more positive reviews you accumulate, the greater chance you have of generating online inquiries.
This could be done via email marketing. Create a specific campaign to send out to your existing customers and prompt them to leave online reviews.
Not only is word of mouth marketing one of the most powerful solutions for mortgage brokers, because consumers generally trust other consumers, but it also doesn’t cost you a dime.
Though a concentrated digital marketing strategy is important, don’t forget about the offline marketing as well.
Buy Mortgage Leads
You may not consider it a traditional marketing solution for mortgage brokers, but buying leads is one of the quickest and most efficient ways to fill your pipeline.
The process starts by comparing a minimum of three to five lenders that sell mortgage leads.
When doing so, focus your attention on reputation, types of leads available, customer service, return policy, and price.
Once you narrow your options, answer these questions:
- How much money are you comfortable spending on mortgage leads?
- Do you want to purchase new leads or aged leads?
- Are you interested in exclusive leads?
- How many leads can you comfortably work at a time?
When you buy mortgage leads, you can be in touch with potential clients within a matter of minutes. Even though leads cost money upfront, the convenience of connecting with interested prospects makes it worth your consideration.
Summary
The mortgage broker marketing strategies that work for you may not yield results for the next person, and vice versa.
That’s why it’s so important to experiment with various tactics, track your results, and make changes as necessary.
If you’re looking for someone to guide you, book your discovery session with Kaleidico today. In the meantime, check out our complete guide to mortgage marketing.