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Strategies:
Evolving into a mortgage marketing professional
Will you survive the post-refinance market?
Sales is not marketing is not sales
Evolution of marketing perspective
The 5 Ps and the 1 C of marketing
The last originator standing will be a marketer
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To define an effective strategic marketing communications strategy you will need to package your brand attributes in the form of communicable units that can cut through the clutter of competitive noise to influence customers to consider you favorably duri
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The 5 Ps and the 1 C of marketing
Organizations that have a strategic marketing focus will typically build their marketing mix on the traditional 4 Ps of marketing – Product, Price, Promotion, and Place – but with a twist. As a Mortgage Origination Marketer, you’ll know the importance of basing the 4 Ps on the Big C: the needs of your target Customer, as follows:
- Product is what you are offering to meet the specific needs of your target Customer.
- Price is determining how much your target Customer is willing or able to pay for your product.
- Promotion is how you tell your target Customer about the right product; this includes implementing marketing communications activities that allow you to get your message through competitive clutter to your target Customers in a way that influences their perceptions about you and their decisions about your services.
- Place is how and where you get the right product to your target Customer. This could include your office, the Internet, the telephone, the Customer’s home – or a combination of the above.
There’s a fifth decision area that successful Mortgage Origination Marketers address: Positioning. Positioning is how your target Customer perceives you in comparison with your competitors. Are you the mortgage expert in your marketplace -- just like everybody else -- or have you come up with a substantive angle that sets you apart from the competition? For example, if your market is saturated with cookie-cutter conforming loan sources who all promote the “best rates” and the “best service”, you might be overlooking an opportunity to meet the needs of niche Customers who don’t fit in the cookie-cutter cast.
If you can identify unmet needs in your marketplace and design your marketing mix around meeting those needs, you might find yourself in a less crowded and more profitable segment of the market -- that is until others figure out what you’re doing. By then, however, as a Mortgage Origination Marketer you’ll have already transitioned into another new and ever-changing marketplace.
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Written by Brent Duncan |
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