I believe that marketing is best described as a vehicle with which to communicate your company’s brand to target customers of your choosing. Communication of your brand simply means telling the market about your product and its value to customers, which will invariably lead to additional benefits such as raising awareness of your ability to satisfy a specific need better than competitors. This concept applies whether you work for a large brokerage or are working from home trying to build a business.
At a grassroots level, marketing starts with word-of-mouth referral which is a no-cost, organic growth method accomplished by focusing on a solid service proposition to clients. A company’s performance is automatically and constantly evaluated by the client and discussed with friends and family. This evaluation covers both the outcome and the journey (e.g. how knowledgeable staff were, how fast the service was). Ticking as many of these boxes as possible to enhance your brand value, driving word-of-mouth referral and repeat business may be seen as the first step.
Data is crucial for evaluating everything from existing clients and desired client profiles, to your conversion and return on investment (ROI) figures for campaigns. Once the brand is in place, using your existing clients as brand advocates is an effective, low-cost method for increasing your reach and driving not just referrals, but filtered referrals. A brief analysis of the demographic profile of your existing clients will reveal the type of deal that may be forthcoming from their referrals. This way you not only land new business, you provide the best chance of securing a similar type of business.
For example, you may wish to attract London-based investors who hold several existing properties in the £300/400k range, and want to expand their portfolios by 50%. Filtering existing clients that fit this profile and constructing a marketing campaign that includes, for example, sending an educational article on market trends in this bracket (plus the relevant products from financial institutions) would be a way to stimulate interest. Experienced investors have a thirst for knowledge; if your brand is seen as a source of this knowledge, they will gravitate toward you.
Now you’ve established a brand identity and are using your database efficiently, what next? Basic targeted campaigns should increase business as long as the material is directed through the appropriate channels, such as emailing bulletins. Once a campaign has launched, ensure communication channels with your new and existing customers remain open, allowing them to make an enquiry easily. For potential customers the website is ultimately the channel they will use for more information.
Note that the job of direct marketing material is not to sell the product – it is to create interest and drive traffic to a desired location where a conversation can be started or customers can find more information. Once this has been achieved, the campaign has been a success and it’s up to you to convert this into bottom line benefit.
After the launch, tracking response rates across your contact channels is vital to maximise your campaign efficiency. Initial results will reveal how responsive your target audience is to different media channels. For example, on websites, close analysis of open/click through/bounce rates will provide a clearer understanding of your audience and their viewing behaviour. You can then tailor the website to their habits, making your campaigns more relevant and increasing lead conversion.
Marketing for new business requires time and commitment rather than hard cash, but a carefully thought out campaign that considers the points discussed will not fail. Even if the volume of new business generated is less than hoped for, you have still learnt about your potential clients and promoted your brand, which will only serve to drive organic growth over time.
Jim Moulton is head of marketing and broker engagement for commercial mortgages at Shawbrook Bank