It’s obvious that shopper purchasing patterns have changed dramatically in recent years. At the start of COVID, we jumped 10 years in e-commerce penetration in the United States in just 90 days. Furthermore, the mortgage sector is evolving. It’s no secret to readers of this piece that, in addition to traditional banks, there are more direct-to-consumer brands attempting to target mortgage customers.
Also, when consumers are deciding on a mortgage choice, they go through a lengthy process of obtaining information from websites, getting comments from user forums and opinion sites, and searching social media for other people’s experiences with a company. In today’s highly competitive purchasing environment, this represents a crowded and complicated path-to-purchase for mortgage providers attempting to spark buyers’ interest.
How can banks, nonbank lenders, and other mortgage lenders stand out while focusing and maximizing marketing resources when consumers have more information and options at their fingertips than ever before? They must invest in digital marketing in a smart, efficient, and data-driven manner to remain competitive and avoid losing money by blindly following money-backed corporations with more flexible budgets.
They greatly boost their chances of securing business if they can “divert” consumers’ attention at the correct time on their journey and invest in the proper places to assure return on investment (ROI) — positioning themselves front and center as the best choice over a competitor.