Avoid these three common marketing mistakes
made by mortgage originators
Successful marketing isn't easy. Lukewarm messages will be ignored or not seen by prospects in the first place. Overly aggressive messages might turn them off. You want to find that sweet spot where potential clients develop a positive perception of you and your services and decide to do business
with you.
You'll need to be prepared, professional, determined, and avoid some common mistakes. Here are three of them:
Expecting too much
Your message isn't always going to reach its audience right at the moment they're ready to refinance or buy a new house. You're going to need to send potential clients marketing material that you don't expect will light up the phones right away. Getting your name, phone number and/or website address in front of prospects regularly along with an effective message will prime the pump for when they are ready to apply for a loan.
Stick to your guns: Don't give up on a campaign that bolsters your branding just because nobody has clicked through to your online 1003 in the two days after you sent it. Research shows that on average it takes seven impressions for your marketing campaigns to make an impact. Stay true to the campaign — persistence pays off.
Failing to target your message
Everybody knows you're the best, most attractive, friendly, debonair, intelligent originator in the area. Or just possibly, maybe they don't. That's ok. You don't need to be all things to all people — in fact, trying to be all things to all people results in scattered, ineffective marketing.
When you market to a particular type of potential client or referral source, speak to their pain. Your message will be more effective and translate into more orders. You'll target a different message to a previous borrower (wouldn't a home equity loan help with all those home improvement projects you have in mind?) than to someone who started to fill out an online app but never finished it (When you're ready to apply for that mortgage, I'm ready to guide you through the whole process) than to a local real estate agent you'd like referrals from (My superior customer service and range of loan programs make me an asset to your buyers).
Ignoring your unique selling proposition
There are more brokers and originators these days and fewer borrowers applying for loans. It's a buyer's market. Telling a prospective borrower you're someone who can get them a loan that will let them cash out their home equity is like telling them you have two eyes and breathe air.
Do you have an easier, more user friendly, more intuitive online 1003 than the other guy? Then that might be your message. Are you super friendly and committed to customer service? Maybe that's it. Do you (really) have access to more loan programs than the competition? Say that. The point is to make sure you give borrowers or referral sources a reason to give you their business instead of someone else.
No one knows what makes people choose you over someone else better than past and current clients and referral sources. Ask them! Why assume or guess? Once you find out what your unique selling proposition is, make it the centerpiece of all your marketing.
