We're already three months into the new year, have you reviewed your marketing strategies yet? There's no better time than now to analyze the top trends and marketing tools for mortgage loan officers to identify the best ways to gain traction for your business.
Here are five marketing strategies for you to implement this year to boost brand exposure, overall efficiency, and to capture more leads.
1: Produce and Share Visual Content
Research suggests that visual content in the forms of photos, videos, or infographics, get two to three times the amount of engagement than social posts without visual content. For example, videos on Facebook have an engagement rate of 4.3 %, whereas infographics have a 40 % engagement rate.
It is quite clear that visual content is eye-catching, engaging, and easily shareable! Therefore, mortgage loan officers should aim to create and share visual content as it keeps your business top-of-mind, and it increases your overall reach. The content does not have to be complicated to make; it can be a few facts about mortgage loans that are relevant to your business, which you can easily convert into a visual. There are a variety of tools, such as piktochart or canva, that allow you to create visual content efficiently.
2: Get Networking
Between 82 and 86 % of Americans depend on recommendations from their friends and family when considering purchasing a product or service. 67 % of Americans are more likely to buy a product or service after their friends and family posted about the service on social media. Loan officers should network online to get their name out there; this can be done by connecting with past customers on social media and engaging with their content, or networking with other local businesses that can share your services through platforms like Linkedin. Sharing customer reviews on your social platforms or your website is another excellent way to gain new customers.
However, it is essential to keep in mind that in today's digital world, it is still necessary to network offline. Attending trade shows, community events, or volunteering for local organizations is a great opportunity for networking and building positive relationships with your community. Past clients can use these events as an opportunity to connect you with their family and friends by showing that you are a person or a business that cares.
3: Develop an Effective Email Strategy
Despite popular belief, email marketing is still a very effective marketing strategy in 2020. According to a recent study, email marketing is 40 times more effective than social media. Over 86 % of marketers believe that their email marketing strategy is effective. The reason as to why many email marketing campaigns fail is not because of the tool itself, but rather, the approach used to implement this tool. Several businesses get email wrong by sending impersonalized 'spammy' emails too often to people that do not regularly engage with their content or brand.
Lenders should aim to develop high-performing emails through personalization, email list segmentation, automated campaigns, email testing and optimization, and thoughtful design. It's also beneficial for lenders to share content that is of value to the subscriber, whether it's an email containing industry news or a 'how-to' on credit ; focussing on the needs of your subscribers will vastly impact the success of your email marketing strategy. Platforms such as Mailchimp or Hubspot make it easy for mortgage loan officers and other marketers to test their email campaigns using A/B testing, sending automated emails, and personalizing emails to their potential clients.
4: Promote Your Social Media Posts
With social algorithms continuously changing, it isn't very easy for loan officers to get a grasp on what works. Gaining consistent exposure and engagement on social media is not as easy as it used to be. Therefore, promoting posts and creating advertisements on social media is a great way to get your brand in front of those outside of your network to increase brand exposure. Also, specific social platforms allow you to target your ideal audience, which increases the overall effectiveness of the social campaign.
5: Use Automated Marketing Tools
Not all loan officers have the time or the resources to develop and implement high-performing marketing campaigns, which is where automation comes in. Marketing automation can help mortgage lenders save time and work more effectively.
A recent study showed that 51 % of top-performing companies use marketing automation tools for customer retention. Marketing automation can also be used for lead nurturing and acquisition. Using marketing automation software like Zapier can help mortgage loan officers become top-performers within their industry by improving overall work efficiency and effectiveness of campaigns.
Make 2020 a Better Year for Your Business
With these five marketing strategies, mortgage loan officers can become more efficient in 2020 by boosting exposure, capturing qualified leads, and building a big network.
If you're looking for additional tools that you can use to boost individual business outcomes, NestReady helps lenders enhance their marketing, increase engagement and client loyalty, and achieve higher and faster conversions — all through their own digital environment.