As competition in the mortgage market increases as a result of fewer home sales and higher interest rates, it's imperative to take steps to stimulate your business. Savvy marketing strategies can mean the difference between your business's life and death in this depreciating marketplace. The following mortgage marketing ideas can bring new business to your doorstep:
- Become an expert. Nothing helps brand recognition more than having a column in your local newspaper that positions you as a market expert. When you're perceived as a knowledgeable source, potential customers are drawn to you. Peruse your local newspapers to see which ones could benefit from a real estate column; then write it. If you flunked out of English composition in college, hire a ghostwriter.
- Don't be shy. When you help your clients, share with them the steps you took on their behalf to manifest a great mortgage deal. As a result of their gratitude, they'll likely share their positive experience with friends and family-your potential new clients. Word-of-mouth referrals are a gold mine.
- Follow-up mortgage leads on the weekends. Since most people are preoccupied with business on weekdays, the weekend is the perfect time to grab the attention of a potential client. People relaxing from the weekly grind are more likely to converse with you about new mortgage possibilities than those recovering from a hard day at the office.
- Treat every person with respect. People may be hanging up on you each time you call, but if you treat everyone with kindness, you have the potential of grabbing the attention of the one customer who'll respond to your graciousness.
- Consistently update your website. No doubt about it, people will judge you by what they see on your Internet site. Make sure it's attractively designed, and easy to navigate. Visit it frequently, and put yourself in the shoes of a new customer experience. Getting clients to the site is half the battle; making sure they can easily find what they're looking for is the key to winning the battle.
- Study the marketing strategies of other businesses. Take time to observe the marketing strategies of other companies. Do you receive a newsletter that you always read instead of tossing into the trash? What makes it successful? Are the articles good? Is it the art design compelling? Is it the timeliness of the subject? Once you find something that works for another business, consider adapting it to yours, as well.
Business may be slow, but it's out there. People are always buying homes; it's your job to develop marketing strategies to ensure that when they knock on a mortgage lender's door, it's yours.