Outside the broker bubble, marketing is evolving rapidly and the next bandwagon businesses are jumping on is influencer marketing, which has been tipped to offer the greatest marketing arbitrage in 2017.
It seems in the broker game marketing trends don't quite catch on as quick, with social media and digital marketing strategies still something of an advantage that only some brokers have, but most don’t.
For those who don't know what influencer marketing is, it's almost a subtle testimonial from an influential figure with an aligned audience. Brands pay “influencers” to mention them, be seen with them or take a picture of a product or service and either endorse or say they use this particular product or service.
To a degree I think mortgage brokers have been using this form of marketing in the same way they use referral partners. For example, they leverage the audience/relationships a real estate agent has and gets the agent to recommend them. This isn't as scaleable as a real influencer model, however. It's targeted yes, but only on a case-by-case basis – a relationship over time that sees leads drip-fed. This is undeniably a great way for brokers to generate business if they get it right.
Influencer marketing, on the other hand, is more along the lines of a big scale campaign with the view to drive brand awareness and conversions. It's a targeted way to gain brand exposure to a relevant audience that may already have a degree of interest in the type of product one delivers.
Consumers' attention is shifting, as more and more attention is given, and this is becoming the number one resource of where we consume information. It makes more sense to advertise your product via a channel that almost seems impartial in a place that has the consumer's attention.
In order to leverage an influencer successfully, it's important that the message and the product or service brokers want to push is aligned with their already established brand and is of some degree of interest to their audience. The ideal scenario is that the advertisement seems authentic and genuine.
Should individuals be interested in digital marketing and want to find out more about how they can leverage new trends and social media platforms to drive business, visit zakwilford.com.
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Zak Wilford is a specialist business consultant in the finance broker space and recently joined the banking and finance division of heavyweight recruiter Randstad.
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