It’s never a good idea to try and develop your own marketing campaign until you’ve found multiple types of marketing that work for you. If the big word in the industry is HARP (the Home Affordable Refinance Program), don’t try to go against the grain and market for something that isn’t working. The public is well-aware of the changes in the mortgage industry, and is keeping up on buzz words like “FHA STREAMLINE” and “HARP.” Find a marketing means that works for you and your budget and get to work. When you go to trade shows or talk with colleagues about how great their own campaigns are working, GO AFTER THE SAME THING! The marketing is working because the market is accepting it. Find a marketing firm that follows the trends, and then follow them yourself. The market will always show you how to best offer your products.
Test, measure, test again
Many people begin a new marketing campaign with a new marketing firm and think that they should be setting records right away. This couldn’t be further from the truth. In fact, in most cases, the first campaign is only the beginning. Campaign number three or four is where their efforts really begin to pay off.
Tips for 2013
Direct mail responses are up. If you haven’t tried direct mail in a while, it might be time to give it a try again. VA responses are down so try to mix your VA campaign with other loan types as well. It’ll keep your response rates up while keeping an eye the VA market so you’ll see exactly when responses come back.
Internet leads work if you work them. Don’t expect to make an easy buck … those days are over. If you must use them, make sure you get exclusive Internet leads and not ones that have been sold 10 times already, unless you already know those type of leads work for you. When it comes to Internet leads, cheaper is not always better.
Live transfers are a thing of the past. With as many as 90 percent of the population on the Do-Not-Call List, telemarketing just isn’t what it used to be.
New data files are available specifically for the mortgage industry. You don’t have to get set up with credit bureaus to get qualified data anymore. Mail houses won’t have it, but good marketing firms will.
Trigger leads are still being sold by the credit bureaus. Remain aware of what methods your competitors are using. Whether you are using them or not, it’s a reality that must be dealt with.
Last, but not least, RIDE THE WAVE! The mortgage industry is back and it’s time you came back with it. If you are not having the biggest year of your career, you’ve got to take a look at your own marketing efforts and how you can make your campaigns perform better.
Medford, Ore.-based TagQuest is a full-service marketing firm created specifically for the ever-changing business world. TagQuest assists companies with their direct marketing, advertising and branding needs, and knows what it takes to generate quality customers and, most importantly, how to retain those customers for years to come. TagQuest brings forth a unique opportunity to utilize our experience and expertise in varying consumer sales and marketing environments. For more information, call (866) 376-5540 or visit Tagquest.com.