By Michael Foster.
Every campaign goal requires a different strategy, but no niche is quite as unique as mortgage lead generation. When it comes to getting leads for finance clients, marketers need to keep in mind that the selection process is long, complex and ever changing. Consumers are looking for the best deal, but the complexity of financial products means they often do not know what the best deal is. Sometimes, they don’t understand why one deal is better than another and will often make the wrong choice because of a lack of information or understanding. The first hurdle toward mortgage marketing is making the message clear and intelligible for a nonexpert audience. Add on top of this the consumers’ instinctual desire to select from several bids, and you have a long sales funnel ahead of you. So how can you make your mortgage lead gen campaign work, even if you have the best product on the market?
Adapting to Market Changes
The first thing you need to do is keep current with the mortgage industry and changes in lending practices and product offers. Do you know the current standards for FHA loans? Is HARP 2.0 still available and relevant to your audience? How are mortgage rates trending and what does the public think is going to happen to mortgage rates?
When you have all of this knowledge in your back pocket, you can then use it to target your campaigns for the current market. Since the mortgage market changes quickly, you will need to refine and improve your campaign to adapt to those changes. This constant need to adapt often makes mortgage lead generation a more handson approach than other verticals.
Appealing to Audiences
You could have the best mortgage product in the world, but if you can’t communicate that in terms your customer base can understand and appreciate, they won’t bite. So you need to look at which campaigns work and which don’t. The usual testing and tweaking that lead generators are used to is key here, but it also means understanding how audience behavior changes over time. Understanding the difference between lender types and knowing where you are in the market can make a huge impact on your ROI. Think about what your lending product offers customers that no one else does and then think about how you can communicate that clearly and concisely. Then you can draw potential customers in after first getting their attention.
But getting their attention is the first step, as it is with any marketing campaign. Identifying who your audience is and what they are looking for is the initial play toward a strong mortgage marketing campaign. Are they looking for low interest rates or low monthly payments? Are they looking for low down payments or low fees? Are they actively researching or more passively waiting for a deal to drop in their laps? No two customers are the same, but trends across customer bases exist, and identifying those trends is the first step toward making a pitch that will get your audience into the funnel and turn them into customers.
A Practical Guide to Mortgage Lead Gen
At this year’s Leadscon in New York, Goodmortgage.com’s Ed Powell will lead a discussion on how lead providers can get better leads by addressing current challenges in reaching consumers. Powell will lead a discussion on the evolution of mortgagehunting consumers, and how this has changed marketing loans online. With over a decade in the industry and substantial experience at Goodmortgage.com identifying how consumers respond to mortgage pitches, Powell knows what works and what doesn’t. With a bit of education and awareness, mortgage marketers can avoid the declining yields of mortgage campaigns plaguing the industry, and actually see conversion rates and lead quality improve.
Click here to register for LeadsCon New York 2016.