“Don’t do something because others are doing it, do it because it aligns with your target audience. “
Introduction
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 communications are strategic, targeted, and aligned with their business objectives.
Market Orientation
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
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.
By mapping out your strengths, opportunities, weaknesses, and threats, you can gain valuable insights to make informed decisions, allocate resources efficiently, and develop strategies that leverage strengths while addressing challenges.
Objectives
Ensure your marketing blueprint is a seamless extension of your business vision. Start by setting clear objectives that align with your overall company goals. Your marketing strategy should be an integral part of achieving these objectives.
Segmentation
Once you have set clear marketing objectives, begin your strategy by dissecting the diverse pockets within your potential client base. Categorise them based on demographics, psychographics, and behaviours. For example, segments might include first-time homeowners, seasoned property investors, or refinancers.
Targeting
Identify the segments that best align with your expertise and the firm’s strategic direction. Concentrate your marketing efforts where your offerings can truly shine.
Positioning
For the segments you target, sculpt a distinct brand image. Remember, “It pays to boil down your strategy to one simple promise—and go the whole hog in delivering that promise.” – David Ogilvy
Marketing Tactics
In the world of service industries such as mortgage advice, the 7 Ps of marketing play a crucial role in ensuring success. These elements encompass product, price, promotion, processes, physical evidence, place, and people. It’s vital to recognise that marketing involves more than just communication.
What services do you need to offer to support your target customers?
Your service proposition should align with the expectations and requirements of your target audience and your brand promise. This involves not only offering a range of products but also delivering exceptional customer service and support.
Where will you be located and how can customers engage with you?
Consider the location of your business, whether it is a physical establishment or an online platform, and its suitability for reaching your intended customer base. Accessibility is key – can your target customers easily find or access your business?
What is your pricing strategy?
Equally important is your pricing strategy. Assess whether your pricing aligns with the perceived value of your offerings and offers fair value to your customers.
What are your processes?
Moreover, well-defined processes must be in place to support your target customers. Streamlining your processes will enhance customer satisfaction and loyalty.
How will you promote your business ethically?
Promotions are another aspect that requires careful consideration. Ensure that your promotional efforts resonate with your audience, as this will significantly impact the effectiveness of your marketing campaign. Address how you will comply with regulations.
What channels will you use to promote your business?
Identify the channels your target segments frequent and decide what channels you will use to get your message across. For instance, young first-time buyers may be reached through Instagram or property-related podcasts, while property investors might engage with LinkedIn or industry webinars. Select channels not only for reach but also for relevance to your audience. Use research to inform your channel decisions. Consider budget, timings and duration during this phase.
What people do you need?
Remember that the people representing your business are a direct reflection of your marketing strategy. It is essential to have a team that is not only aligned with your brand promise but also capable of serving your target customers in a manner that delivers on that promise.
How will you provide physical evidence of your brand promise?
Lastly, evaluate the physical evidence that complements your brand promise. It is crucial to have tangible elements that reinforce the perception of your brand and build trust with your customers.
Execution
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.
With a clear roadmap and chosen channels, take action. Whether through digital ads, content collaborations on niche platforms, or traditional media spots, ensure your message is clear, consistent, and compelling. Track and test the performance of your marketing activities and make necessary adjustments along the way to optimise results.
Don’t do something because others are doing it, do it because it aligns with your target audience.
