There are several types of marketing that you can use for get more clients for your mortgage business.
There is traditional branding and direct response. But, what is the difference between these two types of marketing, and which one is the best to use?
In this post, we’ll spend some time talking about brand marketing and its effects on your financial, insurance, real estate or mortgage practice.
Let’s first dive into what brand marketing is. Brand marketing is all about getting recognition for yourself or your company. Think about some of the large companies out there. Think about the commercials that you typically see. They all have one thing in common; they use brand marketing.
Brand marketing is important to some degree because you want your prospects to know about you and eventually give you their business because you are the one that they have in mind when they are thinking about obtaining the services you provide.
However, the downside of brand marketing is that it often takes way too much money to even begin to penetrate a market. The other negative part of brand marketing is the fact that you can’t really track your true ROI, or return on investment for your marketing dollars.
Let’s say you buy space on a few billboards in your area. This branding gets your face or company out there, however, its very difficult to know exactly how many new loans are coming in because of the billboards.
So, a few months later, you have a $1500 – $3000 bill for the billboard space and you have absolutely no idea what they actually generated you in new revenues.
As you can see, brand marketing is good to some extent. However, for a person with a limited marketing budget, it may not be the best bang for your buck.