Friday, April 10, 2009

Effective Mortgage Marketing Strategies during Recession

There are a lot of challenges that you are going to meet when you are working with your mortgage marketing strategies. These days, for example, it is never enough that you have marketing strategies to implement, but you must also learn to do them while in the middle of a global crisis. 

Do not worry, though, there are several ways on how you can market your mortgage company and get the leads that you are looking for your business during recession:

1. Know your market. The first rule is to know the people that you want to deal with. We are talking about your target market. It does not matter if you only have few. The most important thing is that they can provide you with good conversion rate. This means that the profits that you are going to earn are a lot higher than your expenses. 

That is why it is highly suggested that you develop your own criteria for your market. For example, if you are going to sell netbooks for students, your target could be those who are entering college. Most of them may already have their own savings or jobs to make a purchasing decision on their own. They are also one of the biggest users of netbooks today. 

2. Focus on the value of your products. Several business marketers would like to blabber about how good their product is: how their binoculars possess night vision, how their mobile phones are capable of video calling, or how their chairs can follow the shape of your spine. 

What they may have to fail to realize is that most of the consumers are after the value of your products or services. This means that they want to know the long-term benefits they are going to get from them. This way, they know that they are buying something of value. So before you start selling your home equity products, make sure that you can ask yourself first, “What is in it for them?”

3. Maintain, do not cut back. A company will always have an advertising budget. During recession, however, the firm tends to cut back on their marketing expenses, which is actually a bad move. You are not only cutting back on your costs, but you are also reducing your market share or exposure. What you need to do then is to just maintain your advertising media. If they have been getting too expensive, you can try to look for other alternatives. For example, if a one-page ad in a newspaper is already going to cost you almost a thousand, you can settle for a half-page, which could be several hundreds less. 

4. Diversify your market. Diversifying your market does not really mean that you are going to skip qualifying your leads. You are just trying to expand your portfolio, so you can earn more for your business. For example, if you are selling fixed-rate mortgage bundles to your prospects, you may want to add variable-rate mortgage into your list of products and services. To know which to offer, be in constant watch to the needs of your market and industry. 

5. Track your marketing techniques. You are not only going to track your leads but also your marketing techniques. Though it has been mentioned that you have to maintain your marketing strategies, there is no use in keeping those that do not work at all. By that time, these strategies are no longer investments but expenses. You are not going to get something out of them. You can use your lead analytics program to identify which of them are working advantageously for you and which ones are not. 

Global recession is such a huge challenge, but it does not mean you cannot go through it well. If you can get pas it, then you can definitely get past every business pain. 

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