According to an article in last week's Financial Times, March 2021 saw UK mortgage lending rise by the highest amount since records began. This was partly due to the expected ending of the stamp duty holiday on 31 March which was then extended to run until the end of June.
Judging by the conversations I've had with mortgage brokers recently, the market has remained incredibly buoyant since March and many brokers are busier than they've ever been - to the point where quite a lot of them are saying things like:
"I'm too busy to do any marketing - I don't have the time"
"What's the point in spending money on marketing when I'm already really busy?"
"I'll worry about my marketing once things quieten down a bit"
Now you might think this is fair enough. After all, if you're already rushed of your feet, then why would you want to make time to carry out marketing activities which are only going to make you even busier?
But, in common with many marketing experts, I firmly believe this is the wrong approach.
The times, like now, when mortgage advisers are busy and have plenty of clients to look after are precisely the times when they should be increasing their marketing, not decreasing it.
That may sound counterintuitive, so let me explain the reasons why I'm saying that the best time to focus on your marketing is when you're already busy.
1. Marketing doesn't produce instant results
Not everyone who is exposed to your marketing will act straightaway. A lot of the clients you're dealing with right now may well have first become aware of you several months ago.
As you'll know if you've read any of my articles about lead magnets, it often takes several "touches" before someone will take the plunge and make contact with you.
So if you want to make sure you are still busy with new clients in three, six, or twelve months from now, you need to start cultivating those prospects now by keeping up with your marketing efforts.
2. Marketing needs to be consistent
Never underestimate the power of brand awareness. Although, in an ideal world, you might want all of your marketing to produce an immediate direct response from your ideal target clients, the truth is that this won't always happen.
However, even those marketing activities that doesn't produce instant results will still be doing a valuable job of getting your name out there and building awareness of your corporate and/or personal brand.
But to build brand awareness you need to be consistent. It's no good, for example, running online ads for a few days and then stopping. And it's no good posting on LinkedIn or writing a blog article once in a blue moon.
People need to get used to seeing your name out there. The old saying goes that familiarity breeds contempt, but it actually breeds trust and credibility. So by continuing to market your business even when you're busy, you are helping to ensure that people develop trust in your business - which means they are more likely to respond favourably to your more direct marketing campaigns in the future.
Marketing is food, not medicine.
3. Marketing costs money
Although there are ways to get free publicity for your business, the majority of the marketing you are going to want to do as a mortgage broker is going to require some budget. And you're going to find it much easier - both psychologically and physically - to find money to invest in marketing if you're busy and are generating decent revenues.
Whereas, if you wait for things to quieten down, you're going to be more fearful about spending money on marketing activities - especially new marketing ideas where you don't know yet if they are going to work.
4. A relaxed marketer is a better marketer
Did you know that the longer someone is unemployed the harder they'll find it to land a job?
Or have you ever noticed that the longer someone is single, the harder they seem to find it to get a date?
Conversely, have you ever been in the situation where you've gone for a job interview having already got two other good offers on the table? I bet you found the interview quite enjoyable and got offered that third job as well.
This happens because the better life is treating you, the more relaxed you are. And the more relaxed you are in a situation, the better you tend to perform. On the other hand, if you're desperate to land a new client or to get a girlfriend/boyfriend people can sense it. And it often puts them off.
So do your marketing now whilst you're busy. Because that way, you'll be more relaxed when you follow up the enquiries you get and you're more likely to turn them into clients.
I hope this article has helped convince you that, however busy you are, it's never a good time to stop marketing your mortgage business.
If you want to learn more about how to market and grow your mortgage business yourself, check out The Predictable Pipeline Programme. Or, if you really are too busy to do any marketing yourself at the moment, then let's have a chat about whether outsourcing it is a good idea.