According to KPMG, about two-thirds of UK mortgages are sourced by mortgage brokers. To stand out from the crowd in such a competitive industry, mortgage brokers need to leverage a range of innovative marketing strategies.
By taking advantage of new technology, having a customer-centric approach, and using inbound marketing tactics, you'll be able to attract more prospects and convert more of them into clients. In doing so, you'll be able to decrease your reliance on lead generation companies.
1. Lead Magnets
According to Statista, the global digital population as of mid-2019 stands at 4.3 billion users or 56% of the world's population. Lead magnets are an effective way to build online rapport with these prospects.
What is a lead magnet?
It's a digital asset, such as a booklet or a checklist, which you offer free of charge to attract prospects. To receive your offer, prospects must provide you with their contact details. It's an easy way to build an email list and to develop a pipeline of prospects.
Lead magnets help your mortgage broker business create trust and become relevant to your target audience. By increasing credibility, you position prospects for conversion. For example, if you offer a Free Guide to Save up to £100pm on Mortgage Repayments and a prospect downloads it, you place the lead in an automated e-mail sequence which is designed to nurture them into becoming a client.
In the nurturing email sequence, you must prove your integrity and show that you have the right know-how and resources to help. Let the sequence work its magic and then you’ll be in a position to follow-up smoothly with a solution to your prospect’s needs after you've built a certain level of credibility via e-mail.
How to automate an email sequence
To automate the email sequence you can use a CRM system such as Pipedrive or a marketing automation system such as ActiveCampaign. You'll receive notifications whenever someone opts in to download your lead magnet and join your mailing list. You'll probably find that the more qualified and relevant mortgage leads will eventually contact you to enquire about your services rather than you having to chase after them.
To encourage this you should add a call-to-action (CTA) in each of your emails. Offering free information without asking your prospects to take some action is pointless. In each email, include an opportunity such as Click here for a free call with our mortgage expert.
2. Google Ads
Google Ads can be used to target users who search for specific topics at the exact time when they're ready to receive the information. So, if someone searches for best mortgage rates in London, you can make sure they see an advert for your business at the top of the search engine rankings.
You don’t have to pay for your ad to appear in the search results. You only pay if someone clicks your ad to visit your website. So it can be a lot less riskier than adverts in newspapers and magazines.
Google's aim is to highlight relevant information to users and provide high quality search results. So if you can master the secrets of setting Google Ads up properly and learn how to convince Google' search engines that you’re offering searchers what they are looking for, then you can use Google Ads to generate mortgage enquiries surprisingly cheaply even if you don’t have a huge marketing budget.
The difference between Google Ads and SEO
You may be curious about the difference between Google Ads and SEO (Search Engine Optimisation). The main distinction is that SEO is a long-term strategy focused on enhancing your website's organic search rankings, while Google Ads is a paid advertising platform that displays ads to potential customers based on their search queries and online activities.
SEO requires continuous effort to maintain and improve rankings, while Google Ads provides more immediate results but demands ongoing investment to keep the ads running.
3. Facebook Ads
Mortgage brokers need a constant flow of leads for their businesses. And Facebook advertising is a powerful social media tool which can be used for lead generation for mortgage brokers. You can publish your own content or share relevant news and then leverage Facebook Ads to get your posts in front of a wide reach of potential customers, even if they are not followers of your page.
Facebook knows lots and lots (perhaps too much) about its millions of users. So you can target your advertising based on people’s age, location, interests, job type, education level, etc.
Do you enjoy working with clients in their 30s within 20 miles of your office who have recently got engaged? Facebook Ads will let you find them.
How Facebooks Ads can help you generate leads
Lead segmentation and qualification is another benefit of using Facebook Ads. Using techniques such as quizzes and surveys, you can filter out prospects. What's more, Facebook allows you to follow-up with prospects through the messenger tool.
Although it takes time and consistent work to build a solid funnel using Facebook Ads, with paid advertising, it becomes a continuous lead generation channel. So, you can focus more on closing deals rather than finding new clients.
Because of its relatively low cost per click and huge array of targeting options, Facebook advertising is one of the most sustainable and efficient mortgage broker marketing strategies.
4. Capitalise on LinkedIn
With over 610 million members as of mid-2019 and 303 million monthly active users, of which 40% visit the platform daily, LinkedIn is the largest professional social media platform. If you're a mortgage broker, it makes sense to have a LinkedIn presence to generate mortgage leads.
Personalise your profile using accurate and interesting data about your business. It's what users pay attention to. Upload a professional photo and remember to use keywords such as remortgage, mortgage brokers, first home, or best mortgage rates in your headline and profile.
Your LinkedIn profile headline should focus on what you do and how you help your clients, rather than simply being a job title such as “Mortgage Broker at There’s No Place Like Home Loans”. Here's an example of an engaging headline:
Also, look out for opportunities to make new connections. But before contacting prospects, check their LinkedIn profile first and learn about their personal interests and professional background. When you connect with them, you'll be better prepared and be able to start a meaningful conversation.
Finally, look for opportunities to endorse people and give recommendations. By doing so you’ll encourage them to do the same for you. It's often more effective than simply asking someone for a recommendation.
5. Facebook Remarketing
Facebook remarketing lets you show Facebook Ads to people who have previously visited your website but not converted. If you're looking to create successful Facebook remarketing funnels, you must deliver ads to target audiences segmented according to their specific interests and browsing history on social media platforms.
By showing ads which are based on which of your landing pages a person has viewed, you can remarket to visitors who you know are interested in a certain service – for example you could show buy-to-let mortgage ads to people who have previously visited your buy-to-let mortgage page and show overseas mortgage ads to people who have visited pages on your site about overseas mortgages.
Although trying to convince past visitors to come back and visit your site again might seem counter-intuitive, it’s been shown to be a highly effective marketing strategy for mortgage brokers as well as for other service-based businesses.
6. Landing Pages
Unlike your main website, a standalone landing page will focus on a specific product or mortgage type.
It should answer the three critical questions which all new visitors to your site will be asking themselves:
Most mortgage brokers' websites offer very generalised information. For example, an ad on Google about first time buyer mortgages will take you to the broker's homepage, which includes information about commercial mortgages, equity release, and buy-to-let mortgages. The message isn't clear and it’s not compelling.
If you buck this trend and create a series of specific and highly relevant landing pages, your visitors are less likely to bounce off your website. And that means they are more likely to contact you or download your lead magnet.
7. Direct Mail
An offline marketing strategy such as direct mail still has a useful role to play when it comes to advertising in the mortgage sector.
Direct mail an effective way to find renters who can become homeowners. It means you can get your message and brand in front of them before they seek the services of a different company.
You can also use direct mail to generate remortgage leads. They're easier leads to process and are highly likely to convert. Lots of homeowners aren't happy about their mortgage rates but might not have thought about remortgaging until they receive your mailshot.
In conclusion, as a mortgage broker and a business owner, it's crucial to have effective advertising strategies to attract potential clients and improve your search engine rankings. By implementing these seven guaranteed marketing ideas discussed in this blog, you'll be well on your way to reaching and connecting with your target audience.
Remember to prioritise building relationships, provide value, and stay active on social media and other relevant platforms to increase your online presence.
Also, track your marketing efforts and adjust your tactics as needed to improve your search engine ranking and improve lead generation.