Online marketing can be a daunting task for every mortgage broker.
There are so many things to keep track of, and forever changing strategies. But there is one thing that remains the same: without an effective online marketing strategy, you will not have any leads coming in.
The following top 5 things are what every mortgage broker needs to effectively run their online marketing campaign today.
You need a converting website and landing pages
Mortgage brokers need a converting website and landing pages. The first thing every mortgage broker needs is an online presence. This means having an entire website dedicated to helping you find leads, convert them into calls or emails, and collect their information for future marketing campaigns.
A website is the first and most important thing you need to be successful online. Without a website, your online marketing will fail. A worthy mortgage broker website has a call to action page and a conversion funnel that converts leads into cold calls and emails quickly and efficiently.
It's important that you also have an easy to use website with plenty of content to keep people coming back for more, including your photos, videos, testimonials, blogs, etc.
It's important that you also have an easy to use website with plenty of content to keep people coming back for more, including your photos, videos, testimonials, blogs, etc.
You need specific marketing campaigns that generate leads
The second thing every mortgage broker needs is specific marketing campaigns that generate leads. Having a great site alone is not what will get your lead in the door. You also have to create highly targeted advertising campaigns through websites like Facebook, Instagram, Google’s display network, etc., so when people search for keywords related to mortgages they see your ads pop up on their screens. These need to be personalized adverts built off of data from previous customers who were looking at homes with similar characteristics.
One of the most effective marketing campaigns that a mortgage broker can do is use their own email list. It’s been shown to have an incredibly high conversion rate, because it shows people you already have their best interests at heart and not just trying to sell them something on a whim.
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Learn MoreYou need a multi-channel follow up system for your leads
After all this hard work, if you don’t keep track of things properly then none of what you did before matters – ever. By having a proper lead management method in place, like SMS or email tracking software or communication tools, after someone leaves their information with you they are automatically routed into the next step in your process so there is no lag time between when they fill out their form on your website to when they are contacted by someone in the company.
You will need a long term nurture campaign
One of the ways you can follow up with leads is through a long-term nurturing campaign. A new lead may not be ready to purchase right away, but that does not mean they won’t just months down the line after all of your automated marketing efforts have been filtering into their inbox or phone every day for an extended period of time.
These types of campaigns do require some work at first, because you will need specific templates set up and databases full of information about each person who leaves contact details with you so it doesn’t feel like spam when people get emails from ‘Mortgage Broker Joe Schmo’ daily; but in the long run it will definitely pay off.
These types of campaigns do require some work at first, because you will need specific templates set up and databases full of information about each person who leaves contact details with you so it doesn’t feel like spam when people get emails from ‘Mortgage Broker Joe Schmo’ daily; but in the long run it will definitely pay off.
You need to know YOUR numbers
Mortgage brokers need to know their numbers when running an ad campaign: If you have a successful marketing campaign, then your phone should be ringing off of the hook.
When this happens, being able to track these people from when they land on your site until they are ready to purchase is incredibly important so that you can further target them down the line by optimising the ads that work well and cutting back on ones that don’t do as well.
If you are too focused on the cost per lead you get when running ad campaigns, or the amount you invest in online marketing, then you are one of these type of mortgage brokers:
- You are not ready to grow your business
- you don't have the confidence on your skills to close clients and all those investment will just go down the drain, or
- you have zero idea of what you are doing
But it's not the end for those type of mortgage brokers. We've worked with mortgage brokers that has a lot of questions and uncertainties getting into online marketing, and they still got incredible results with the right tools, training, and marketing experts working closely with them.
Determine your customer's Life Time Value
You need to know your customer's Life Time Value (LTV). It represents the total amount of money a customer is expected to spend in your business during their lifetime.
Let's assume that you get $3,900 income per transaction (purchase loan / refinance). And your customer refinance their loan 3 times during the term of his loan. So your customer's LTV will be $11,700. Now, put in mind that this doesn't cover the annual trail you get per customer yet.
Why do you need to know your customer's Life Time Value? Your average customer's LTV will give you an idea on your ROI and the value of the leads you are getting from your digital marketing investments. It will also give you an idea on how much budget you will be willing to spend for your online marketing.
Here's a simple scenario:
Let’s just say in your given area there are 400 homeowners. In that 400 homeowners, you can convert 10% of them into leads in one month, which will be 40 homeowners. And let's be real conservative and say 5% of those leads will convert into customers, which is 2.
So within a month, you’ve closed around $7.8K in upfront income from refinancing with a remaining LTV of $7.8K each for your new customer. This doesn't even include yet the ongoing trail commission/income the broker receives.
So there’s even more opportunity to get more customers since we are using conservative values on our conversion rates. Plus an additional opportunity to close another 15%-20% of the remaining leads through your nurture campaigns.
You get the figures now? Great! Now you are ready to get your online marketing started.
Get Our Modern Broker Method System
A plug-and-play marketing package for mortgage brokers. These are proven and tested marketing methods that are specifically tailored to your services.
Learn More