The relative lack of choice in the market, combined with a wariness among borrowers towards high street banks, should mean one thing for the savvy adviser: that their services should be more in demand than ever.
In a downturn, it is true that some borrowers may shy away from anything which they think might looks like an extra expense, but if they know that a broker can find a mortgage that they might struggle to find by themselves, saving time and money in the process, then it becomes a no-brainer. A mortgage broker becomes a necessity rather than a luxury, and this is the most important message of all to convey through marketing in a downturn.
To capitalise on this, potential clients must know who you are. While it may be tempting to use the old marketing literature from past years, it is worth taking some time to change the message, making it ‘talk more’ to borrowers’ current fears and anxieties about their mortgage repayments and house prices. In these times, an advert in the back of a property supplement is just one answer. A separate, but additional way to get exposure is through relationship building with existing clients, and using smarter ways to get the attention of potential customers.
The internet has become the primary source for news and information, having overtaken radio in market share, according to the Internet Advertising Bureau. And although the effectiveness of internet advertising is difficult to prove, the benefits of search engine optimisation and syndication are irrefutable.
If you can successfully syndicate your content online – and this basically means distributing your news and announcements to companies and websites, this can really drive leads. The bigger your web presence, the more chance people will come across you and see something useful, which can lead them through to your site. Of course, the important thing is content. A solid web presence is also great for search engine rankings. A growing number of brokers advertise online on a performance-related basis, so they only pay if they see a result, or return on their investment. This is generally someone clicking through to their website from, say, an online banner or video ad. It means that no money goes to waste, and costs can be kept down.
Newspaper marketing teams work hard to generate online advertising, creating more opportunities for brokers to build lasting relationships with big media titles. But to take advantage, make sure your own website is up-to-date.
To maintain a presence in the real rather than the virtual world, you need to build up your reputation locally. A smart way to get maximum exposure is to think laterally. Are there local events or competitions in the local paper you can sponsor? What about an affiliation with a locally-renowned charity? Is there a sports team that needs kit sponsorship? All of these efforts will build a reputation with people in your area, which, are the lifeblood of regional brokers.
To widen the net, look to the national press. Build a relationship with journalists who usually write financial market stories and make yourself available for comment. Journalists have fast turnaround times, so email them developments as they happen, along with anything snappy that you have to say on the subject. A bit of editorial from a respected journalist is worth a fortune. It is more effective than an advert, if people think you are good enough to be quoted.
Above all, word-of-mouth is the most reliable form of advertising. The only way you can make this sustained and effective is to offer the very best service possible. In a downturn, customers will be even more thankful if you go the extra mile, and more likely to do the advertising for you. n
Rob Clifford is chief executive of Mortgageforce
