With the lending space swarming with cash back offers, government stimulus packages and low interest rates, Mortgage Choice has suggested that brokers and marketing teams need to collaborate for an effective marketing strategy.
Pushing out marketing material in a timely manner is important even in the best of times for mortgage brokers and their brokerages.
In the latest episode of The Adviser’s In Focus podcast, partnered by major brokerage Mortgage Choice, CEO Susan Mitchell emphasised that this has become even more critical at present during the coronavirus pandemic.
With record- low interest rates, lenders offering cash back incentives for borrowers wanting to refinance, and the federal government announcing a range of stimulus packages to cushion the economic blow caused by the COVID-19 crisis, Ms Mitchell said borrowers might be reassessing their financial situation.
“There’s just so much noise out there, so you have to get your message to cut through for someone to understand that you are there as an expert,” Ms Mitchell told The Adviser.
“To get that message through, I think, is sometimes quite difficult because there is a lot of noise, especially on social media. I think just keeping that clear and making sure people understand what you do for them is really important.
Ms Mitchell suggested that a general communications plan that outlines what marketing material a brokerage will push out during certain time periods on certain platforms can bring clarity to a brokerage around their marketing plan.
Furthermore, she opined that in order for a brokerage to establish an effective marketing plan, the marketing team must collaborate with the lending specialist who is across the lending market and can guide the marketing team on relevant topics that customers want information on, in a timely manner.
“That combination of the lending expertise sitting right alongside the marketing [team] is what really makes it fly and lets you get great messages out really quickly,” Ms Mitchell said.
Paddy O’Sullivan, owner of the Mortgage Choice Nowra franchise, told the In Focus podcast that while the Mortgage Choice head office takes care of the overall marketing strategy such as general brand recognition, email communication, social media marketing, and presence on the Google search engine, he likes to focus on taking that forward and establishing a local presence of his franchise.
Rather than sending out monthly emails or daily Facebook posts, Mr O’Sullivan likes to create and post short videos and create content with a “local feel” in Nowra.
“On the weekend, we were just down at the river with the bridge in the background and just [created a] quick video on the iPhone,” Mr O’Sullivan told The Adviser.
The content, which targeted first home buyers, was posted on the franchise’s social media channels and boosted in the local area.
Mr O’Sullivan underscored the importance of creating and posting original content frequently to establish a local presence and connecting with potential clients.
“Put some content out. Don’t worry about how polished it is. Don’t be embarrassed about it,” Mr O’Sullivan advised.
“Be consistent with it. Keep it going all the time.”
Mr O’Sullivan recommended that brokers should focus on creating a local spin on brand presence rather than focusing on generating leads.
Ms Mitchell concluded by recommending brokers to create a website that attracts customers and can collect their details to nurture those leads.
She also underlined the importance of establishing a “clean, sharp” brand where customers know what it stands for.
“It stands for integrity. It stands for expertise,” she said.
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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