Mortgage Marketing vs. Holiday Rush, Impulse Marketing

A reflection…

shopping nightmare compared to how your mortgage marketing should workAfter all the fuss of the holidays and all of the “sales” and “marketing” tactics that exploit the new year are finally over, we can now look back and ask the question, “Do you remember any of it?” Did any of the ads rise above the fray to make a sale? Think about the different types of marketing you received and how many 10%-, 20%-, 30%-off deals of which you could’ve taken advantage. Did any of these ads speak to you, really? Did you do what the ads asked of you? Did you “Act Now!” Did you “Hurry before you missed out!” Did you feel guilt from the pitch to feel “urgency”? More importantly, did any of it make you feel as though the ads or those behind them were part of your family? Of course not! They never do. Does your mortgage marketing have the same effect? That’s definitely something to think about…

Here’s what we’ll never see…

“20% off your next mortgage!”
“Come down to our office right now and get a free iPad with your refi of over $350k or more!”
“Qualify for your chance at free groceries FOR LIFE with your closed loan from Loans R’ Us!”

This is because marketing and sales for the loan officer and real estate agent are completely different than marketing and sales for regular retail. Here’s an example of some of the thinking and approaches we’ve seen over the years.

“I’m going to send a birthday and Christmas card to all my past clients once a year.”
“I’m going to contact them when their ARM is about to expire, and I’m going to send them all the rates and programs they CAN’T take advantage of, because they closed their loan last month or six months ago. AND I’m going to do it using email, because I hear it’s the wave of the future!”
“Social Media is the answer! I’m going to start a blog!”

As it turns out, email marketing, as a platform, is not as lucrative for the loan officer as some of the digital marketing companies might’ve led you to believe.

If I’ve said it once, I’ve said it a thousand times… you should never mistake activity for achievement!

There are all kinds of marketing strategies for all kinds of industries, but realize that the Information Super Highway is crowded and, while many people say, “The consumer is far more tech savvy nowadays,” the reality is they aren’t really that tech savvy, and being tech savvy doesn’t change the consumers’ perspective on who they trust and what they want to read, much less buy.

If anything, online marketing has made people far more skeptical than they used to be. And as I’ve covered quite a few times, mortgages and home purchases aren’t an impulse purchase by any stretch of the imagination. Therefore, retail marketing tactics for mortgages aren’t going to work and they never have.

Do yourself a service and figure it all out once and for all. Sign up for a Free Marketing Needs Assessment. This will give us the opportunity to look at what you’ve done, what you’re currently doing, and take a no-nonsense look at the practical application of marketing for Loan Officers and Real Estate Agents. We’ll show you what works and what doesn’t and, most importantly, why? The assessment takes about 15-20 minutes, and you’ll be glad you did it. Our testimonial page is filled with people who “did it” and now “get it.” Schedule your Free Marketing Needs Assessment today!

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