Today, being a mortgage lender is not just about relying on realtor referrals or newspaper ads to close more loans. Today, being a lender means embracing the new era of digital lending from not just traditional marketing but also from having a digital marketing presence. Your digital marketing strategy will support your sales funnel and your overall goal of realizing your digital lending vision.
Why? Because today people shop, search and even take classes online. It makes sense that mortgage companies need to be there as well. Just think back ten years ago on your own shopping behavior in comparison to how you shop today.
Before making a purchase, most of us go online to see what type of company we are going to buy from, and what their reviews say. All of this research is done ahead of time to support our reason for buying that product. This is why it is important for lenders to set their online presence today with digital marketing.
Here are three digital marketing strategies lenders can adopt to stay competitive.
1. Social Media Marketing
According to Statista, people spend 153 minutes per day on social media. That’s a lot of time! Platforms such Instagram, Facebook and Twitter are the most popular for business-to-consumer (B2C) marketing. Today 72% percent of Americans use some type of social media. With millennials becoming the next wave in lending, it is important to modernize your marketing approach and be where your consumers are now.
But, before you go hire a social media specialist, think about your social media marketing strategy. Who is your target audience? What are your goals? Think about the type of posts you want to share. The posts should represent who you are as a company, so that customers get to know you as a lender.
- Educational: Educate your audience on why credit is so important in the homebuying process.
- Quiz: Create a quiz that asks potential customers to test their knowledge in the buying process.
- Quotes: Sometimes people like to see a quote that may inspire them that day.
Posting is just one aspect of social media marketing. You also need to interact with customers so they know that they are being heard.
For example, making sure that you are responding to social media comments to show the customer that you care and are present for them. And, if someone is making a negative comment, it is even more crucial that you respond in a timely manner to let them know that you can go above and beyond.
So, which tools can you use to manage social media? When it comes to managing social media, you can use companies like Hootsuite and Sprout Social. These platforms make it easier for you to manage all your social media and even schedule posts ahead of time.
Who does this well in the mortgage industry? Freedom Mortgage. They really connect with their customers and even provide a phone number right on the front page image.
2. Video Marketing
With 73% percent adults watching youtube videos, it is important that lenders start thinking about their video strategy. As you create video content, you can use platforms like YouTube and other social media channels to distribute your content. You can also post them on your own website.
Again, videos give a personal touch because customers get to see your face, and sometimes even interact with you.
- Explainer videos: This should be valuable to the customer. Consider walking them through your lending process or explaining to them what a pre-approval means.
- Product testimonial: This is a great way to show who you have helped. This way, they get to see and feel out the way you work.
- How-to video: People who have bad credit may not know how to fix it. In this case, teach them or give them resources.
When it comes to creating videos, there are plenty of tools that you can use. Camtasia is a great tool, used to screen record and create videos. Animoto is another great tool that helps create unique, tailor-made videos for your brand.
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Who does this well in the mortgage industry? Quicken Loans creates great videos that provide consumers useful information, especially in the community.
Having a blog is another way to help you increase your brand presence online. It allows you to let the customer know that you are knowledgeable in what you’re doing. By having a blog, you can also reach your customers on a monthly basis by providing your content to them. This is a great way to stay in touch even after a completed transaction.
- Guides: There has been a lot of conversation about forbearance. Consider explaining to customers what that means to them and create a guide to support them.
- Interactive content: Nothing beats interactive, such as a calculator to pay off a mortgage.
- Education: Again, all content should provide value and education. Educate the customer on fees and more. There can be an endless list of topics.
How do you know if your social media is working?
Once you launch your marketing strategy, it is important to monitor how well your marketing is performing. Without this, you have no idea what’s working and what is not working.
Here are some of the metrics lenders should be tracking.
Social media metrics:
- Impressions: How many times did people see your post?
- Likes: How many people liked your post?
- Click-through-Rate (CTR): How many people went to your website?
- Conversion Rate: How many people who clicked on your website reached out to you and applied for a loan?
Now, once you understand how to manage your marketing strategy, it is important that your loan officer knows how to do it as well. Loan officers may be really great at being on their own Instagram, but are they positioning themselves as an expert to the community? Whatever sales training you have, it is important to add training on digital marketing as well.
How does this tie into a digital lending platform, such as POS?
For one, having a good website and having good call-to-actions (CTAs) throughout your website is important to help customers know that you are there to help them when they become ready to apply for a loan.
Another thing you can do is include the “apply now” button on your social media marketing so that when a customer is ready to apply, they can hit the “apply now” button. All these details should be part of the planning process.
Digital marketing will help lenders increase brand awareness, create customer engagement and help shorten the customer buying journey. Imagine, if you can have a customer before and after the sale. With digital marketing, you can have a customer for life!