Important Marketing Trends in the Mortgage Industry
As the millennial generation has come of age, marketing for the mortgage industry has shifted. This is because millennials are very different from the generations that came before them, such as generation X and the baby boomers. Millennials grew up with the internet and smartphones. They are extremely tech-savvy and skeptical by nature.
Many millennials came of age just as the housing market collapsed in 2008. Many of them also carry a tremendous amount of student loan debt. As a result, they have learned to be very careful regarding both financial and housing decisions. Millennials are now responsible for about 36 percent of all new home purchases, and this number could soon increase. This makes millennials the dominant generation for new home purchases.
Because millennials have become the leading force for mortgages, mortgage marketing is shifting to accommodate the unique needs of the millennial generation. Here are some important marketing trends that are happening right now as a result of the growing millennial influence on the mortgage industry.
Unlike previous generations, millennials do not necessarily trust the word of a mortgage broker, a real estate agent, or even recommendations from their friends or family members. However, they do tend to trust their own research on their internet. A large percentage of millennials will perform research on a company before making a purchase. They will search for key topics on Google and then view the top results. They tend to trust brands who seem authentic, and who help to educate them by providing high-quality content.
Content marketing involves creating blogs, articles, whitepapers, and other content to use to educate consumers and entice them to websites. 55 percent of marketers say that blogging is now their top inbound marketing priority. So, if your company does not have a blog, or if your blog is not very good, then you are missing out on a key mortgage industry marketing trend that is designed to attract millennial mortgage seekers.
We live in the day and age of social media and it is more important now than ever before. This is true even for the mortgage industry. An astonishing five out of six millennials connect with companies on social media. This means that it is crucial for your company to have an active social media presence where you can engage with your customers. 87 percent of millennials have smartphones and they spend a significant amount of time using their social media accounts on their phones every single day.
Facebook, Snapchat, Youtube, and Twitter are some of the most popular social media apps used by millennials. To optimize your marketing efforts, your company should have accounts with as many of the top social media networks as possible. Another key social media statistic to know is that 62 percent of millennials say that if a brand engages with them on social media that they are more likely to become a loyal customer.
So, if you want to create strong and meaningful connections with your customers and if you want to reach them where they naturally are, then you need to have effective social media marketing. There is no getting around it.
Socially Conscious Marketing
Socially conscious marketing is another trend that could be set to have a strong impact on the mortgage industry. The reason is that research has emerged which shows that 75 percent of millennials believe that it is important for companies to give back. This research also revealed that more than nine in ten millennials would switch brands to one that supported a cause.
This is extremely significant because if your brand could prove to be socially conscious, then it could help you to take customers away from your competitors. So, if your company has not yet partnered with a charity or a cause to give some of your profits back to society, then you should strongly consider doing this. Just think about how much attention your marketing campaigns could create if your target audience learns that by getting their mortgages with you they are not only getting a good deal but are also helping to make the world a better place.
Having a good ethos and not seeming like a greedy, soulless corporate giant is important when marketing to millennials. So, try this approach and see how it works for you. If it works well, then it could be the start of a whole series of socially conscious marketing campaigns for you. Socially conscious marketing campaigns have a habit of attracting media attention, which could help to increase awareness for your campaign and for your brand. With so many positive benefits, it is no wonder why socially conscious marketing has a strong potential to become a dominant marketing trend in the mortgage industry.
With so many millennials now becoming ready to buy houses and take out mortgages, it is crucial for mortgage companies to be able to advertise them correctly. Content marketing, social media, and socially conscious marketing are all things that you should be using if you want to optimize your marketing efforts in the modern-day mortgage industry. Using these marketing strategies can help you to expand the reach of your brand and to increase your bottom line.