The Importance of Marketing For a Lean Market

A low interest rate market has allowed many mortgage originators to increase their spending on technological upgrades and marketing programs in recent years. As the environment shifts in 2022 and there is less profit to be shared around the industry, many firms will inevitably seek to boost margins and salvage their bottom line by cutting spending in these areas. 

One way to protect your firm from further slowing production, should you be forced to cut marketing dollars due to shrinking margins, is to establish a long term marketing system aimed at retaining clients over their lifetime. Your past customers, their product and contact info, relevant dates, and other data points available every time a loan is closed are valuable assets to your marketing department and can be collected automatically into a CRM. Now you can funnel any lead information you can obtain in person or digitally into the same CRM and connect it to an automated email system to send automated reminders, sales emails, helpful content, or even holiday messages. If you operate this fairly straightforward system for a few years and you are diligent about collecting all the data you can; the next time you find yourself in a low margin environment you will be able to trim your marketing budget while remaining confident that the internal database you have developed will continue to drive digital production for only the cost of your CRM and email programs. Your data can further be used to create more meaningful targeted messages to your audience across all marketing touchpoints and thus can increase the value of every marketing dollar you spend.

If you would like help getting started capturing your data and putting it to use for your marketing, please contact Bill Dolan, Director, at (617) 694-2617 or email him at: Wdolan@scapartnering.com.