Effective loan marketing to first time home buyers can net lenders favorable returns over the short-term, along with establishing long-term financial relationships. In the digital age, it’s important to leverage social media, mobile devices and online content to reach as many first time buyers as possible. Implementing these three tips into your loan marketing campaigns can help you maximize and prove your return on investment.
Leverage Social Media & Mobile Devices
Social media platforms such as Twitter, Facebook and Pinterest have the power to help you disseminate your marketing collateral to your target markets cost-effectively. Additionally, paid social media advertising on these social platforms allows you to drill down the demographics you would like your ad content served to. You can choose geographic areas, age ranges, genders as well as interests to best reach those your are targeting. First time home buyers are more likely to respond to customized messaging on platforms they actually pay attention to, so leveraging these channels is a critical component of first time home buyer mortgage campaigns.
Emphasize the Long-term Financial Benefits
Many first time home buyers are well aware of the potential financial hazards associated with purchasing a home, given the financial crisis of 2008 and subsequent housing collapse. However, in some areas, monthly mortgage payments can be more attractive than rent payments. This important financial benefit of homeownership should be emphasized in campaigns, along with the benefits of building home equity. Low or competitive interest rates and tax-related mortgage benefits are also important to note; however, the market is saturated with low rate advertisements.
Focus Content on Target Market
Any content you are publishing needs to be well-written and search engine optimized to reach as many first time home buyers as possible. Blogging efforts that utilize targeted keywords that first time home buyers are searching for will capture them during the right time in their search. When creating your blog content, be sure to speak directly to first time buyers in your target market and provide them with relevant information to create trust in your brand. Increasing and proving marketing ROI for financial institutions becomes an easier goal when you utilize blogging and the accompanying analytics to optimize your campaign.
Given the competition in the lending industry and the pervasiveness of the Internet, effective loan marketing is more important than ever before. For more information on how to increase and prove the ROI on your mortgage marketing efforts, download our free eBook!