When compared to other industries, mortgage lenders face unique marketing challenges. Regulations and a shifting financial landscape mean that to compete, mortgage lenders will need to concentrate on educating themselves on a changing marketplace and learn to meet these challenges head-on.
Challenge #1: Keeping Up with Regulations
Everyone knows that lenders have no shortage of rules and regulations governing how they market their products and services. Aside from the FTC’s exhaustive list of guidelines, lenders have numerous other regulations that target how and what they communicate. It can be confusing, to say the least. To ensure you stay in compliance:
- Always strive to be clear, concise, and true in all your marketing materials.
- Always include necessary disclosures.
The best way to make sure you’re staying within compliance? Concentrate on customers as people first, not financial assets. Offer them products that best solve their problems and continue to treat them as individuals throughout your marketing campaigns.
Challenge #2: Penetrating New Markets
Every lender wants to expand into previously untapped markets. If you want to understand how you can offer more to a wider audience, look to your existing client base. Then take a closer look at how you compare to other lenders. Spotting the gaps will help you anticipate customer needs. Once you understand who the customers are who need products and services you provide, use your marketing campaigns to facilitate building relationships with them.
Challenge #3: Improve Customer Loyalty and Retention
Mortgage growth stems from customer retention, so daily management of retention efforts is crucial to gaining loyalty and retaining customers. For example, monitor leads and study the customer data produced by your mortgage CRM to identify if an existing client is shopping for a new product or service and respond quickly to retain their business.
As with most marketing, it all comes down to putting customers first. Detailed insights will help you create personalized experiences that help boost loyalty and reduce attrition.