Mortgage rates in the UK surged at an unprecedented rate in 2022, doubling from March to December. With inflation rising, the Bank of England introduced multiple bank rate hikes, driving mortgage rates to 4.7 per cent by January 2024. Among other indicators, these numbers reflect the constant state of evolution of the mortgage industry.
Economic conditions, tech innovations, regulatory framework shifts, and changes in consumer preferences all contribute to the dynamic nature of the sector. To stay competitive, mortgage brokerages must adapt to these changes, particularly in marketing, their primary means of reaching potential clients.
While a general approach is convenient, addressing every stage of the funnel is the most effective way to do it. This article offers strategies covering all bases, from awareness to post-purchase satisfaction, ensuring brokers can enhance their marketing efforts to boost reach and impact.
1. Awareness
At the Awareness stage of the marketing funnel, mortgage brokerages focus on raising brand recognition and capturing the attention of potential clients.
Strategies for this stage
Social media advertising
Utilise platforms like Facebook, Instagram, and LinkedIn to showcase the brokerage’s expertise and services. Engage with the audience with visually attractive content and targeted ads to generate interest. However, as the average social media user logs into about seven networks a month, focusing on the most relevant ones is essential to avoid diluting ROI.
Search engine optimization (SEO)
Optimise the broker’s website and content with relevant keywords to increase search engine results pages (SERPs) visibility. This approach ensures that the broker is discoverable when potential clients search for mortgage-related information online.
Content marketing
Produce informative, superior-quality content like articles and blog posts. Address common questions and concerns regarding mortgages to establish credibility and attract organic traffic to the broker’s website.
2. Interest
The mortgage broker’s objective at the Interest stage is to cultivate curiosity and deepen their engagement with potential clients.
Strategies for this stage
Compelling content creation
Produce informative and engaging content that digs deeper into mortgage-related topics. Webinars, blog posts, and videos can provide valuable insights and solutions to common questions and concerns, positioning the brokerage as a trusted authority in the industry.
Showcase expertise
Highlight the brokerage’s expertise and experience through content and case studies. Demonstrating successful outcomes and sharing testimonials from satisfied clients can instil confidence and credibility, further capturing the interest of prospective clients.
Free consultations
Offer complimentary consultations or assessments to prospects interested in exploring mortgage options. This personalised approach allows brokers to understand individual needs and preferences while showcasing the value of their services.
Downloadable resources
Provide downloadable resources such as guides, e-books, or checklists that offer actionable advice and information. This step adds value for potential clients and encourages them to take the next step in their journey with the brokerage.
3. Consideration
The Consideration stage of the marketing funnel involves potential clients evaluating various mortgage providers and determining which best aligns with their needs.
Strategies for this stage
Highlight unique value propositions
Communicate clearly the unique advantages and benefits of choosing the mortgage broker over competitors. Whether it’s personalised service, access to exclusive mortgage products, or competitive rates, emphasise what sets the firm apart.
Showcase success stories
Feature case studies, reviews, and testimonials from happy customers. Real-life examples of successful mortgage transactions and positive experiences can provide compelling evidence of the broker’s ability to deliver results.
Provide educational resources
Offer informative content that helps potential clients make informed decisions about their mortgage options. Educational blog posts, FAQs, and comparison guides can empower individuals to understand the mortgage process better and evaluate their choices effectively.
Personalised recommendations
Offer personalised recommendations and guidance based on potential clients’ unique needs and preferences. By understanding their financial goals, lifestyle, and constraints, brokers can tailor their advice and solutions to resonate with individual circumstances.
4. Intent
By the Intent stage, potential clients are on the verge of making a decision and are ready to take action.
Strategies for this stage
Targeted email campaigns
Craft email sequences that address potential clients’ specific needs and interests. Customise messaging based on their previous interactions with the brokerage and provide relevant information that moves them closer to making a decision.
Compelling offers
Present targeted offers and incentives to encourage potential clients to commit to securing a mortgage through the brokerage. Whether it’s a special promotion, discounted rates, or exclusive perks, make the offer compelling and time-sensitive to prompt action.
Follow-up communications
Maintain regular communication with leads to provide support and address any questions or concerns they may have. Timely follow-up calls, emails, or messages can help keep potential clients engaged and reassured as they finalise their decision.
Clear calls-to-action (CTAs)
Provide clear and prominent CTAs that prompt potential clients to take the next step in the buying process. Whether scheduling a consultation, filling out an application, or requesting more information, make it easy for clients to move forward confidently.
Simplify the application process
Streamline the mortgage application process to minimise friction and make it as seamless as possible for potential clients to proceed. Invest in user-friendly online forms, digital document submission, and automated workflows to expedite the application process and reduce barriers to entry.
5. Evaluation
Before finalising their decision, clients meticulously assess their options and seek reassurance – the Evaluation stage.
Strategies for this stage
Exceptional customer service
Differentiate the brokerage by providing exceptional customer service and personalised support tailored to each client’s needs. Promptly address inquiries, provide detailed information, and offer proactive assistance to alleviate concerns or uncertainties.
Transparent communication
Foster trust and transparency by maintaining open and responsive communication with clients. Keep clients informed about the evaluation process, provide updates, and address any concerns promptly and thoroughly.
Detailed explanations
Offer clear and detailed explanations of terms, conditions, and mortgage options to ensure clients fully understand their choices. Provide educational resources, conduct personalised consultations, and offer guidance as clients make educated decisions that align with their financial goals.
Responsive support
Anticipate and address potential concerns or objections that clients may have during the evaluation stage. Be proactive in offering solutions, providing reassurance, and showing the broker’s commitment to meeting clients’ needs and expectations.
6. Purchase
Clients have committed to securing a mortgage in the Purchase stage, and facilitating a seamless and stress-free purchasing experience becomes crucial.
Strategies for this stage
Streamlined application process
Simplify and streamline the mortgage application and approval process to minimise client delays and frustrations. Provide user-friendly online application forms, digital document submission, and automated workflows to expedite the process and reduce administrative burdens.
Guidance and assistance
Guide and assist clients throughout the purchasing process, offering support at every step. From completing paperwork to navigating complex requirements, be prompt in providing assistance and ensuring clients feel supported and informed.
Clear communication
Maintain clear and consistent communication with clients, providing regular updates on their applications’ status or any necessary documentation or requirements. Keep clients informed and engaged throughout the purchasing process to build trust and confidence in the brokerage.
Proactive problem-solving
Anticipate and address any challenges or obstacles during the purchasing process. Be proactive in identifying solutions, addressing concerns, and advocating for clients’ interests to ensure a smooth and successful transaction.
7. Post-Purchase / Retention
The Post-Purchase / Retention stage focuses on nurturing long-term client relationships and fostering loyalty.
Strategies for this stage
Personalised thank-you notes
Send personalised thank-you notes or messages to clients for choosing the brokerage. Acknowledge their trust and confidence and reaffirm the broker’s commitment to providing ongoing support and assistance.
Post-purchase resources and guidance
Offer valuable resources and guidance to clients to help them navigate homeownership successfully. This could include educational materials, tips for managing their mortgage, or information about relevant financial products and services.
Regular communication
In a study, 64 per cent of customers expect companies to communicate with them in real time. Stay in touch with clients through regular communication channels via email, text, or social media. Keep them informed about industry news, relevant updates, and opportunities to optimise their mortgage or financial situation.
Request feedback
Proactively seek opinions from clients about their experience with the brokerage. Encourage them to provide feedback for improvement. Use this to refine the broker’s services and processes and demonstrate their commitment to continuous improvement.
Address issues promptly
Respond promptly to any client issues or concerns and proactively resolve them. Whether it’s a billing inquiry, a service issue, or a question about their mortgage, demonstrate a commitment to their satisfaction through timely and effective solutions.
Effective marketing for mortgage brokerages requires a strategic approach that addresses each stage of the funnel. By understanding their target audience’s needs and preferences, brokerages can tailor their marketing efforts to attract, engage, and retain clients throughout the entire buying journey.
