Following the 2023 Mortgage Industry Marketing Awards, Barcadia Media’s Andy Shields got together with a selection of this year’s winners to discuss branding, the fundamentals of marketing, and how to get started. Helen Carter (Barclays), Tori Johnson (Livemore), Pete Muglestone (Online Mortgage Adviser), Laura Martin-Jones (Sesame Bankhall Group) and Ryan McMurtry (The Mortgage Marketing Forum) took part, chaired by awards sponsor and industry marketing expert, Jeff Knight of the Mortgage Marketing Forum.
This installment of the series covers how not to get bogged down in marketing theories and how to use insights about your customers to boost your marketing efforts.
Jargon busting
Our experts explored some of the more well-known terms that brokers digging deeper into marketing might come across - namely, the four (or seven) Ps. The 4Ps are an approach to thinking about marketing (known as 'The Marketing Mix') which stand for place, price, product and promotion - with the expanded version including people, process, and physical evidence. Marketers keep these elements in mind when detemining a product or brand's offering - but our experts say it's not the be-all and end-all for those new to marketing.
They suggested that brokers use marketing theory as a guideline, rather than an exhaustive roadmap for their activities.
Sesame Bankhall Group's Laura Martin-Jones offered: "Use it to enable you, absolutely, but don't use it to hinder you, so don't get caught up in the theory and the depth of it. Use it as a sort of checklist, to structure your thinking, but [...] you can get down a rabbit hole with it."
No action without insight
All of our experts were clear that gaining insight into your audience was key to successful marketing. Martin-Jones suggested asking yourself: "Where have I got my customers from? Where have I spoken to them? What sorts of thing did they tell me in conversations? And look at who you're targeting."
Knight continued: "Insight will come from listening to clients, and from your data", adding that this would help brokers create content that is relevant or 'asks the right questions' for the intended audience. Muglestone agreed, adding: "Put yourself together in a way that makes you attractive for anyone who you want to work with."
They also expressed that the insight gained into who your audience is should be the driving force behind your marketing - rather than sticking rigidly to a particular plan. Martin-Jones added: "Value the insight [you're gaining] every single day from your clients and what you're seeing in the market - don't get your head turned because someone says, 'Oh, you should be on TikTok' or doing this or that. Be consistent in your approach."
To hear what else our marketing experts have to say, watch the entire webinar on the Mortgage Industry Marketing website.
Our marketing experts’ advice for building a brand:
* Don't get caught up in jargon
* Use marketing theory as a guideline rather than a rulebook
* Start to build up insights on your audience and what they want
* Rely on your data and insight ot guide you, rather than what you 'should' do
