How To Advertise A Mortgage Firm
Mortgage firms are coming up every single day since the demand for the services is high and more and more people are now needing help with mortgage debt. It is therefore prudent to use marketing techniques that will keep the firm ahead of the competition.
Taking advantage of the different ways of advertising is key. Furthermore, adopt different marketing strategies since the market is constantly changing. Digging around the different advertising methods, here are ways to advertise a mortgage firm to get leads.
Collaborate with real estate agents
In business, forming relationships with stakeholders in the industry is among the most efficient ways to advertise and grow your business. Mortgage firms can, therefore, collaborate with real estate agents so as to get referrals from their clients. The best part about the referrals is the quality of clients is high since they need the services for example mortgage loans.
However, for this to work, building referrals into agreements is advised. Agreements not only build a lasting relationship but also help to minimize any conflicts and confusion. Show the value that the company provides to make it easy for the real estate agents to give the referrals.
Hold workshops and seminars
Organize seminars and workshops for prospective clients and discuss the issues that revolve around the mortgage industry. Moreover, incorporate discussions and give the attendees opportunities to share perspectives so as to build trusting relationships. Holding these forums demonstrates knowledge and expertise in the field that brings trust to work with the firm.
Ensure to address the challenges that customers face and show willingness to offer solutions to the problems. Conclude the discussions by providing information about your company, services, and modes of making contact. Finally, gather contacts from interested parties to continue correspondence.
Social media marketing
According to a study by Statistica, the number of social media users worldwide is expected to rise to 2.5 billion in the year 2018. The access to the internet and devices to access the networking sites will see the number continuously grow. The use of social media as a form of marketing thus provides a great opportunity to advertise the mortgage firm.
Social media platforms such as Facebook, Twitter, and LinkedIn enable connecting with new clients, growing the brand and engaging with clients. What’s more, methods of advertising are getting easier by the day since there’s an option to use paid advertising. Furthermore, many of the activities can be automated saving on costs and time.
Remarketing is simply the act of advertising the services of the firm again to clients who have visited your website or social media pages but have not become clients. These individuals are commonly known as warm traffic. The success rate of this form of advertising is 98% since they are aware of your firms’ products and services. Tracking of the warm traffic is possible using tracking codes.
Advertising is a crucial process in a firm since it determines the number and type of clients a company gets. Use the above methods are sure to bring in clients to the mortgage firm.
How do you win back a former client
If you ask a direct marketer, a cataloger for instance, the answer would come back pretty quickly: “Tell them you want them back.”
That’s not exactly a novel approach, but in the right hands, it can work. Think about some of the times you’ve been a major customer for one business or another and for some reason simply stopped buying from them.
How many even knew you’d left? And, if any did, how many wrote or called to tell you they want you back?
This may sound obvious but before you can win back former clients, you have to know they’re former clients. You would be amazed at how many companies don’t know or don’t care. Why not?
Usually it’s because companies are in permanent acquisition mode, as in acquisition of new customers. That’s the glamor end of marketing. The issues that get ignored are time and cost:
New customer acquisition: Lots of time & high cost.
Win back a former client: Much less time & much lower cost.
Under normal circumstances, trying to get lapsed customers to return to the fold is a no-brainer. It’s low-hanging fruit just waiting to be picked and all you have to do is … pick it.
These are people who already know you (and, just as important, you already know them). They’ve already bought insurance from you. Now it’s up to you to begin the relationship all over again.
An internationally known expert on the subject, Andrea Nierenberg has written many books and spoken at conferences all over the world about building relationships. In her “Million Dollar Networking”, she stressed “Continue to talk to them (lapsed clients), with short messages over time: direct mail, invitations to interesting (and useful) information on your website, emails, etc. Court them again!”
You might also ask former clients why they stopped doing business with you. It can’t hurt to ask them to fill out a survey or to explain their decision in a short paragraph. You’ll then reward them a worthwhile gift. Believe it or not, this works, especially if your letters and emails read as if they’d come from a human being as opposed to a faceless corporation.
Here are a few tips on bringing your lost clients back into the fold:
- Try to stay in touch with all of your clients all year long, then watch your (customer file) database for defectors. When you spot one, act fast.
- In the case of specialty insurance, mention the benefits of it again. For instance, cyber insurance is vital but still new so consider sending those clients a roundup of cyber theft disasters.
- Unless it’s from “corporate”, a personal letter from you should appear to come from an actual person. Your signature should be in blue ink and, ideally, just above a handwritten P.S.
- If you’re emailing, make the subject line interesting, and include their name in it, if possible. It will be noticed and opened.
- A phone call is always the best way to open a conversation, and these days we rarely receive them from our trusted vendors. So call everyone up one morning, one at a time of course, and find out how they’re doing and if they’re interested in another product they might need.
- Remember holidays, send cards and birthday wishes to people. So few businesses do that today, you’ll be remembered for this nice gesture.
- Send a gift, a nice pen, a personalized memo pad, or something bulky in an envelope. A gift is always remembered and don’t use your logo on it, just have a note enclosed.
The most important aspect of all this is that acquiring new clients is an expensive and time-consuming process. Bringing lost clients back is not.
P.S. Try new things, simple things: send cards and letters with live stamps. Invite people to local luncheons or conferences for small business owners. Etc. etc.