Being a successful loan officer requires keeping abreast of current marketing trends. Up-to-date marketing practices help you to draw in new clients and secure new business with existing customers. Marketing strategies need to adjust with the times, and 2020 has provided abundant challenges for homebuyers, homeowners, and businesses alike. Below we discuss six of the top loan officer marketing strategies in 2020 to help you succeed.
1. Choose the Right Social Media Platform for Your Target Market
Advances in technology and more tools to choose from makes the internet a valuable marketing tool for loan officers. If you weren’t on board with digital marketing prior to 2020, now is the time. The arrival of COVID-19 and associated closures and stay-at-home orders mean you need to find creative ways to connect with potential customers online. Additionally, the pandemic has led to a 43 percent increase in social media use, putting even more potential business at your fingertips.
While you need to create or utilize your digital marketing strategy, you cannot simply put out the same content on all possible channels and expect results. Instead, you need to choose the right platform to fit your target markets. According to Pew Research Center, Facebook and YouTube are the most widely used channels for American adults, but the youngest adults prefer Instagram and Snapchat. This suggests that if you are targeting first-time homebuyers, then you might want to focus your digital marketing efforts on Instagram. Similarly, if you want to attract older homeowners looking to refinance their mortgage, Facebook will likely be your best choice. Make sure each of your loan officer marketing strategies in 2020 is tailored to the right platform, the right tone, and the right posting schedule.
2. Use Google Ads
Social media is only one tool to help you with marketing. You do not want to miss the opportunity to connect with potential business and build your brand on social media, but it likely will not be your go-to marketing strategy. One of the best loan officer marketing strategies in 2020 is Google AdWords. This is Google’s pay-per-click (PPC) advertising program.
AdWords stands apart in one major way from other PPC programs found on Facebook and other channels. Users only pay for results instead of paying for ads upfront. This is a great fit for those with small marketing budgets. It’s also a perfect choice for those who have had to cut their budgets because of the impact of COVID-19. Google AdWords allows you to target your ads to specific devices at certain times of the day. These will drive potential clients to a landing page, ultimately moving them through your sales funnel.
3. Hold an Online Webinar
Sponsoring a community event is always a great way to market to new and existing customers. COVID-19 makes that a bit difficult in 2020, but you don’t have to let the pandemic stop you from interacting with potential clients. Instead of sponsoring a face-to-face event, consider holding a live, educational webinar. You can give the webinar yourself or hire an outside expert in a mortgage-adjacent industry. Some examples of educational events you can hold online include:
- How to Repair Your Credit to Qualify for the Best Mortgage Rates
- How to Increase the Value of Your Home by Adding Curb Appeal
- Question and Answer Session for First-Time Homebuyers
- Information for Veterans Who Want a VA Loan
- HELOC vs. Home Equity Loan vs. Cash-Out Refinancing
- Mortgage Pre-Qualification vs. Mortgage Pre-Approval
For any event you hold, require registration. This provides you with contact information for potential leads. Collecting a large database of leads is the foundation for most loan officer marketing strategies in 2020. Whether you add online attendees to your email list or choose to call them, you have begun to build trust with your webinar, which increases the likelihood of conversion.
4. Keep Fresh Content on Your Blog
Do you have followers on social media or those who regularly visit your website to read your blog? If so, then you need to prioritize putting out regular content. Fresh content keeps readers coming back and also provides an opportunity to share your content with others.
In fact, 82 percent of Americans look for a recommendation from friends or family when making a purchase or trying out a service. When your readers keep coming back for new content and more education, it’s more likely they will contact you when they want to buy a home or refinance their current mortgage. It’s also more likely they will recommend you to friends and family verbally and through social networking sites.
5. Create Awesome Video Content
Approximately 75 percent of Americans use YouTube, with the percentage increasing as age decreases. In 2020, creating useful video content for followers and subscribers is tantamount to a successful digital marketing strategy. Although you can create video ads, positioning yourself as a teacher instead of a loan officer looking for clients will likely serve you better in today’s business climate.
Many of the same ideas you choose to use to create a web event will also work for video content to post on your own YouTube channel. You can also kill two birds with one stone and record live events to post on a YouTube channel later. In any case, you want to have clean backgrounds, good sound, and quality videos that ooze professionalism and position you as an expert or showcase other experts. You can use links within your video or in the description to drive leads to your website, blog, or other social media page, ultimately pushing them through your sales funnel. This makes video creation one of the most important loan officer marketing strategies in 2020.
6. Invest in Customized Lead Generation
Whether you want to get more leads and make more money the lazy way, or you simply want to avoid having to manually do all the above, bring all of your top loan officer marketing strategies for 2020 together. Invest in a customized lead generation system. These systems are tailored to your business and help you automate your lead followup process, saving you time and money. In addition to automated followup, a done-for-you lead generation system also provides CRM and guidance from an industry-best conversion coaching team.
Empower builds plug and play marketing systems that save mortgage loan officers time, increase productivity, and promote conversion. Contact us today to learn more about automating your marketing strategies, or book your free live demo below.