5 Ways to Use Customer Marketing in Your Mortgage Business

Customer marketing is one of the most important marketing strategies adopted by businesses across industries. Not only does this give you loyal clients for life, but it will also provide you with a steady supply of referrals to keep growing your business in an organic way.

If you haven’t implemented customer marketing in your mortgage business yet, this could be the best time.

Customer marketing is about targeting the clients you have already won instead of running behind the prospects. Of course, you need to also attract new borrowers as other loan officers do. But it is important that you place your customer marketing practice in place right from the outset. You should already have a plan to bring your customer back for his next loan, as soon as you have closed his first loan.

Here is what you need to do, to implement customer marketing in your mortgage business:

Identify Customer Expectations

Your relationship with any borrower does not end with closing a loan. In fact, it starts from there. It is important that you understand the priorities of your customers and find out what they expect from you. A simple automated survey should help you do this. Based on the expectations your customers have in their journey, you should list out your responsibilities and identify potential roadblocks if any.

Thank Your Customers Always

You have no idea how valued you can make your customers feel by saying a simple ‘Thank You.’ You can say this by sending a text message as soon as you have closed the loan. And then you can probably send a glossy postcard or a closing gift that will reach them a few days later.  In fact, you can even automate these messages as a part of your post-close marketing campaign.

Ask for Reviews and Referrals

It is reviews that can make or break the buying decisions of your customers and this works in the mortgage business too. So, once you have closed a loan and thanked your customer, don’t forget to request them for a review. You can also ask them for some referrals by sending an email or an occasional postcard. Let them know their opinion about your business matters a lot to you. Many businesses today offer referral rewards to their existing customers to get genuine leads. Of course, if you can’t get referrals you can always purchase some quality mortgage leads to find new prospects for your business.

Implement Omni-channel Communication

Omni-channel communication is not the same as multi-channel communication. It is about designing a personalized, consistent, borrower-focused experience to meet your customers wherever they might be. It does involve sending messages across multiple channels, but the messages are all tailored to the journey of the customer. The messages could be about personalized mortgage checkups or refinancing options.

Anticipate the Mortgage Needs of your Customers

Customer marketing is all about anticipating the needs of your customers and helping them fulfill them. For instance, you can alert them when the interest rates drop below the rates they have borrowed for. Or you can help around when the client lists his home for sale. You can also monitor the equity of your clients and let them know when they can grab the opportunity to access some cash or get rid of their PMI.

Staying in touch with your customers need not always be about mortgages. You can reach out to them on holidays and on their birthdays too. You can even send a personalized glossy postcard or even a fun email with a personalized video. Use your print marketing strategy and show them that you care. Focus on developing long-term relationships that will be beneficial for you as well as your customers.

Leave a Reply

Your email address will not be published.