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As the mortgage industry grows more competitive, banks and loan originators need to focus on marketing strategies that convert.
With a shortage of buying options, consumers are spending more time shopping around for different rates, inquiring from company after company.
Historically, mortgage as an industry hasn’t delved into creative marketing because the primary marketing tactic was direct referrals from industry partners like real estate agents and builders. From investing in your social media strategy to updating website content, mortgage marketers should differentiate.
Standing out begins with marketing. Social media and videos have been huge in mortgage marketing as 87% of online marketers use video content. Diversify your marketing strategy so you can target and reach the audiences that your brand can best serve.
Below, we’ve recognized creative mortgage companies, who ventured beyond traditional marketing strategies to engage customers of tomorrow.
5. Navy Federal Credit Union
Navy Federal Credit Union boasts incredibly active social media profiles with nearly 30,000 followers on Instagram, almost half a million followers on Twitter and 1.15 million likes on Facebook. Navy Federal, originally formed in 1933 to serve members of the U.S. Navy, and has now expanded to all branches of the U.S. military. Their mortgage promotions thoroughly engage consumers through Twitter polls and interactive videos. Plus, Navy Federal has featured happy customers, like a military couple that was able to buy their dream home with the help of a Navy Federal mortgage. Navy Federal’s spring 2018 mortgage campaign seems to say, if you’re ready to buy a home, “we’re here to help!” by providing neighborly advice and being more than just a bank.
4. Bond Street Mortgage
3. Mortgage Masters of Indiana
On their Facebook page, Mortgage Masters of Indiana leverages social media posts to generate interest in their mortgage options. In the post below, for example, Mortgage Masters engages their followers by asking for consumer opinion and offering a prize to one participant. The brand produced a series of fill-in-the blank social posts based on applying for mortgages. Some answers were almost as easy as yes or no, asking questions like “Do you have the Zillow app on your phone?” or “This house (pictured below)… LIKE it, LOVE it or LEAVE it?” Mortgage Masters’ spring mortgage campaign resulted in likes, shares and comments, and boosted their reputation, making the brand personable and approachable.
2. Bank of America
One of Bank of America’s (BofA) most recent mortgage campaign consists of social media posts promoting their services featuring real customers in front of their new home. The family depicted below achieved their dream of owning a home with a mortgage from BofA. Founded in 1904 as Bank of Italy, the bank’s social media presence, which is active and on brand, has raked in almost 75,000 Instagram followers, 508,000 Twitter followers and 2.8 million Facebook likes. Being featured on BofA’s Instagram account is just one way the bank shows appreciation for its consumers, building a trustworthy and concerned reputation.
1. Movement Mortgage
Movement Mortgage leverages social media to reach their targeted audience. Created in 2008, during the financial crisis, Movement Mortgage was founded to change the way consumers and agents alike view the lending process. A pioneer in its field, Movement Mortgage markets itself nearly entirely through video. So it’s natural that this strategy migrated to their social media. With nearly 5,000 Instagram followers, the brand posts helpful steps through engaging videos to interact with consumers digitally. Mortgage Movement’s spring 2018 campaign, featured below, even keeps up with industry news. In their social media efforts, Movement Mortgage has given a revolutionary face to their backend support of underwriters and processors to develop trust that is promoted to their prospective base. While offering advice and mortgages, Movement Mortgage has been recognized by Inc. magazine as the fastest-growing mortgage bank in the country.
Shashank Shekhar, CEO of Arcus Lending in Silicon Valley, CA, broke into the mortgage industry with his expertly-crafted blog, which quickly gained notoriety. Shekhar authored a short paperback entitled, “My First Home: A step-by-strep guide to achieving the ultimate American Dream,” to help American home buyers approach the mortgage process with confidence. He has since become one of the leading experts in the mortgage industry all thanks to his incredible content marketing.
When promoting your mortgage services, your brand can take plenty of routes. Whether your brand implements social media polls or TV spots into your marketing strategy, be sure to use the tactics that best reach and engage your target audience.
Building a new campaign? Check out the latest mortgage market consumer trends
The new Q1 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals, highlights mortgage market consumer trends, including:
- Consumer-estimated credit scores by mortgage product and region
- Home market values by mortgage product and region
- Mortgage balances by mortgage product and region
- Top consumer segments by mortgage product
- Top consumer segment profiles (including demographic and behavioral attributes)
- Marketing strategies for loan originators