Mortgage Marketing in 2009

So the markets really been changing these past couple of years right? Mortgage marketing just isn’t what it used to be… Or so most people claim! Have you ever wondered why your marketing efforts seem to be going unrewarded? You might be surprised to learn that it has very little to do with the economy. Skeptical? Read on:

Mortgage Marketing Truth #1

One of the main reasons why most loan officers are having trouble with their sales and marketing efforts is because they have stuck loyally by their traditional methods. Unfortunately for them, technology is rapidly changing the way people shop, research, and make buying decisions. Up until last year, the Yellow Pages was the undisputed champ for getting local exposure.

2008 saw the first year where the Yellow Pages landed in 2nd place, and is declining steadily every year. Why? Because more people used search engines (Primarily Google) to find local businesses. That’s right. For those of you who are still spending bundles of cash for direct mail, newspaper ads, magazine ads, billboards etc, you’re ignoring the fact that the web offers far superior numbers and exposure to a very targeted group of people!

Not to mention you can get away with spending less than $100 per month to see these results. How much money would you need to spend on direct mail to get in front of 100 people who are actively seeking a loan officer? Thousands  right? (The industry average is less than one half of 1% response rate to direct mail)

By comparison, online marketing efforts put you in front of a much larger group while allowing you to dramatically reduce your spending.

Mortgage Marketing Truth #2

Leads are better when they come to you! Wouldn’t you agree that it’s far easier to convert a prospect who is already looking for a loan officer than to cold call and talk someone into chatting with you? I know which lead I’d prefer… Unfortunately, many loan officers still spend a large majority of their time pushing a boulder uphill. In todays market, a referral, or hot lead is far more likely to close than someone you pick up through cold calling efforts.

This is simply abiding by the rules of working with “qualified” leads. Most mortgage marketing strategies I run across still involve lots of phone calls, lots of follow-up, and lots of time spent trying to separate the good from the bad. There’s nothing wrong with this at all, and I applaud those who are motivated enough to get out there and make things happen.

But in a difficult market, isn’t it better to have multiple streams of business flowing in instead of putting all your eggs in one basket? Isn’t it also a good idea to use methods that help deliver pre-qualified leads to you, by working with those who have made an effort to come find you instead of the reverse? An online marketing strategy can make this a reality.

Mortgage Marketing Truth #3

You need a marketing strategy that will build on itself. If you send out enough mailers, or place a large number of ads in the paper, will you ever reach a point where the mailers start mailing themselves, or the newspaper ads start placing themselves?

Can you ever reach a point where all your adds or mailers are free to send? Of course not! You’re probably thinking I’m a little nuts for even asking! My point is that traditional marketing methods will never stop requiring you to do a proportional amount of work, and/or spend a proportional amount of money to make it work.

So no matter how good you are, you still have that ever-increasing bill to pay each month. Online marketing on the other hand offers a social networking potential. In other words, as your website becomes more popular, more visitors begin to comment on your site, or on your blog. As more activity shows on your site, the more the search engines like you, and the higher up your rankings climb.

With proper article placements, you can have your content appearing on dozens, if not hundreds of other websites that will now funnel more traffic and prospects to your website without a single penny paid by you. See? Online marketing offers multiple opportunities for you to get higher return just for having good information, and a well planned website.

This saves you time as well as money. Your costs are not driven up just because you get more exposure. The same cannot be said of traditional advertising. The point here is that there are several great reasons to get started with a quality online marketing strategy ASAP. To learn more, click the link below, or request more information by filling in the form:

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