The landscape of mortgage marketing, along with promotional efforts of other client-based businesses, has changed rapidly over the last few decades. Where once it was enough to have your marketing plan consists of the basics: being listed in the yellow pages, having business cards and advertising specialties, likes pens and calendars with the name of your business to pass out to customers and potential customers, branding yourself in magazines, and newspapers, the modern day business person must step up their marketing plan to include networking, both offline and on the web.
Competition is fierce in today’s mortgage market. Never before have customers and potential clients had more choices or easier access to information. Today’s consumer is educated, and many take the time to shop around for the best deals. This has created a much stronger climate of supply vs. demand, creating a buyer’s market. But consumers are not just looking for the best price. The smart consumer also searches for quality and a personal relationship with their seller.
This has created a revival of old-school marketing. Networking in person, meeting face to face with clients and potential customers, has become almost as important as it was back in the roaring 50s, when business was almost always conducted in person. The big difference in then and now is that the world is much more multi-dimensional. There is another, equally important side of the marketing coin, and that is the internet. It has become a necessity that the mortgage marketing plans of brokers and agents include having and maintaining websites and blogs, along with active profiles and regular communications on such social sites as Facebook, LinkedIn, MySpace, and Twitter. Online marketing, or online networking, has become an essential component of any smart business person’s marketing plan.
The good news is that networking online is far less expensive than traditional marketing devices, at least in a financial sense. Creating and maintaining profiles and communication on major social networking sites is free and a website or blog is very inexpensive. However, this is where the saying, “time is money” definitely applies. Networking online requires at least a basic understanding of the internet, commitment, and dedication. Some business owners assign online marketing tasks to their current employees, but it is becoming even more common for businesses, including mortgage brokers and agents, to hire bloggers and/or writers, professionals who telecommute, to build and maintain their online presence.
These are exciting times in marketing, and changes now take place at warp speed. No matter what form of marketing and networking you choose for your business, in today’s business climate it is imperative that you stay abreast of the latest trends. For those who view the glass half full, this is just one more way to keep you on your toes!
