Mortgage marketing can be challenging. It’s a competitive industry and for ads to be effective they need to reach specific people. Lenders need to have precise targeting to connect with the right audience, and unfortunately, not every advertising medium has that capability. To help you improve your mortgage marketing, we’re sharing three different forms of advertising that are proven to be successful.
Mortgage lenders have relied on direct mail ads for decades and continue to do so. A well-executed campaign can generate a high sales rate and ROI. The beauty of direct mail is that you can market to the exact audience that you want to target. Databases have contact lists based on the type of mortgage, such as FHA/VA and reverse mortgage. Additionally, you can also try using trigger data to target people who have already inquired about a loan and therefore are in the market for a new mortgage or refinancing. By focusing in on your target audience, your mailer will be more relevant and you’ll have higher odds of getting a response and closing a new loan.
Look for Referrals
Don’t overlook asking for referrals because it can be one of the best ways to get new leads. People take recommendations from friends, family, and even acquaintances very seriously. Ask your friends, neighbors, and family members to see if they know of anyone who may be in need of a mortgage. You can also reach out to past clients and ask if they’d consider recommending you. If you do this, make sure that you contact those who had a positive experience working with you. It’s a good idea to keep in touch with former clients. If you have a good relationship with them, they’re much more likely to give you referrals.
Paid search has been a popular advertising tool for businesses in almost every industry. Its targeting has gotten even more sophisticated, making it especially useful for mortgage marketing. Search ads allow you to target users by location, age, and income. You can also have your ad show for people who have been searching for similar topics, which means that your ad could appear for someone who has been Googling things like mortgage rates, mortgage companies, etc.