Mortgage marketing is essential for any mortgage company that wishes to be successful. The old adage that “it takes money to make money” is especially true when it comes to marketing. Simply opening up a mortgage shop and putting your name on the door may have worked prior to the market crash in 2006 when everyone was making money, but success today is contingent on many factors, and one of the most important is getting ahead of the competition with a successful marketing plan.
There are many options when it comes to mortgage marketing. Many smaller companies rely on flyers, word of mouth or referrals, or seminars and presentations. Internet marketing with pay per click and search engine optimization is a good strategy for any business, but this requires a large budget to spend on hiring inside talent or outsourcing to a specialist agency. Direct mail is a popular and reliable method of advertising used by many mortgage shops. Direct mail marketing is known as one of the most effective methods for targeting specific candidates, and generating a consistent ROI (return on investment). Direct mail’s success comes from the ability to target recipients that are “in the market now.” This is accomplished by finding a mailing list that targets candidates a mortgage shop wants to work with, and then designs the advertisement to appeal to these candidates.
Direct mail campaigns that rely on prescreened buy to let mortgages data such as trigger leads can have a high degree of success. A campaign using prescreened data can have a higher ROI than any of the best investments in real estate or stocks. Trigger leads are candidates that recently had their credit pulled and are actively seeking a refinance. These lists can be purchased for a mortgage marketing campaign, and a direct mail can be sent out offering them a competitive rate. Telemarketing lists can also be used in conjunction with these campaigns to follow up after an advertisement has been mailed.
Mortgage marketing with direct mail also has the added advantage of branding a company. Many people who see an advertisement don’t call the company the first time they see it (even though they may have a need for the product or service). Repeated mailings to the same candidates can have a high degree of success for callbacks, with the added benefit of branding. If a telemarketing campaign is launched after sending a few advertisements, many prospects are now familiar with the mortgage company.
The mortgage business is filled with competition today. Outsourcing to a mortgage marketing company that can handle an entire campaign in-house, from the mailing lists (data) to the printing, mailing, and design, and also has experience and a good reputation, can be the difference between success and failure of a campaign.