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You’ve got mail – why lenders must talk to brokers

by: Mark Long
  • 28/08/2012
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You’ve got mail – why lenders must talk to brokers
With brokers accounting for over half of all mortgages sold in the UK, it’s not surprising that marketing to intermediaries is now top of the agenda for many mortgage lenders.

At BDRC Continental we’ve been tracking the effectiveness of this activity since 2007, asking 100 mortgage intermediaries each month for their views on how well mortgage lenders are marketing their brands.

We’ve discovered that brokers’ unprompted willingness to recommend (UPWTR) a brand today is a key precursor of sales tomorrow.

But which communication channel best speaks to mortgage intermediaries, thereby driving the highest UPWTR?

In Q1 2012, brokers that came into personal contact with a brand at a national account or other industry event were 1.1 times more likely to recommend the brand as a result.

However, with only 5% of brokers recalling a lender brand at such an event, that makes it the lowest performing channel of all those we assessed.

Perhaps surprisingly, email communications and business development managers jointly topped the Q1 league table as the communication channels that most resonate with mortgage intermediaries.

Sending a broker an email marketing message makes them 1.4 times more likely to recommend the brand, and with an impressive 25% of intermediaries recalling a brand having emailed them, it’s arguably the most cost effective communication channel that best appeals to the broker community.

Building willingness to recommend is a central aim of lenders’ intermediary marketing. So next time you want to get in touch with brokers, why not drop them a line?

Mark Long is director at BDRC Continental

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