The Mortgage Marketing Trap
By Martin (Ken) O'Callaghan - Head of Marketing, HLPartnership
In the ever-evolving world of mortgage advice firms, effective marketing strategies are vital to stand out from the competition and attract new clients. However, all too often, mortgage advisers fall into the “mortgage marketing trap,” where they engage in marketing activities simply because others are doing it, without considering how it aligns with their overall strategy. To avoid this trap, it is crucial to start the marketing strategy process from the top, focusing on market orientation, diagnosis, strategy development, and execution. By taking this approach, mortgage advice firms can ensure their marketing efforts are strategic, targeted, and aligned with their business objectives.
- Market Orientation: Understanding Your Customers
Market orientation is the foundation of any successful marketing strategy. Begin by deeply understanding your target audience, their needs, preferences, and pain points. Conduct thorough market research and gather insights into your potential clients’ demographics, behaviours, and aspirations. This knowledge will enable you to tailor your marketing messages and tactics to effectively reach and engage with them.
- Diagnosis: Assessing Your Internal and External Environment
Once you have a clear understanding of your target market, conduct a comprehensive diagnosis of your internal and external environment. Evaluate your firm’s strengths, weaknesses, opportunities, and threats (SWOT analysis) to identify the unique value proposition you can offer to clients. Additionally, analyse the competitive landscape to understand how other mortgage advice firms are positioning themselves and identify gaps or areas of differentiation.
- Strategy Development: Aligning Marketing with Business Objectives
With a solid foundation of market orientation and a thorough diagnosis, it’s time to develop a well-defined marketing strategy. Start by setting clear business objectives that align with your overall company goals. Your marketing strategy should be an integral part of achieving these objectives. Consider factors such as target market positioning, messaging and branding strategies to differentiate your firm from the competition and attract the right clients.
- Execution: Implementing Your Strategic Marketing Plan
Once your marketing strategy is in place, it’s time for execution. However, remember that execution should be the final step in the marketing strategy process, not the starting point. Based on your strategy, select appropriate marketing channels, such as digital advertising, content marketing, social media, or traditional methods, to reach and engage your target audience effectively. Track the performance of your marketing activities and make necessary adjustments along the way to optimise results.
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