All lenders and brokers are feeling the impact of the prevailing financial climate, and this applies to commercial mortgage lending as well as residential.
It would be foolish for anyone to believe 2008 will be anything other than difficult as we face up to the threats of a slowing global economy.
Broker firms that have formerly relied on new business walking in the door may be a little rusty on their marketing techniques, and may well be needing a little help.
With this in mind, here are some key points, which can be integrated very simply within any marketing plan.
Use your data
The first consideration is how to make use of your data.
Most broker firms will have a database of customers or introducers. Starting with this ‘in-house’ resource is the most logical platform from which to launch a commercial marketing campaign. This data must be structured, up-to-date and segmented to allow you to maximise campaign response.
Canny marketing staff will be able to glean additional data from many sources, including exhibitions, trade magazines, local chambers of commerce, yellow pages, professional association, and many more – but you should always start with what you have in the office, as these individuals will already be familiar with your brand and more receptive to your message.
There are also bought-in sources of data but these must be carefully selected to provide recent, relevant and targeted information. Of course, this last option starts to cost money, but don’t forget that commercial deals tend to be for larger amounts than their residential counterparts and just one completion could pay for an entire campaign.
Target your message
The next essential element is to target the marketing message so that it speaks directly to the intended audience.
A suggested split could be as follows: business owners currently renting that want to purchase premises; owners wishing to remortgage to raise cash for business purposes; split by business sector; split by region, etc.
It will also pay dividends to find out how your target group likes to receive information. This does not have to involve a costly research project – just phoning a sample of the target group and asking a few simple questions could provide valuable insights.
We are all familiar with the main marketing channels – trade and local press advertisements, direct mail, e-mail, websites, etc – and each of these have their advantages and disadvantages.
To save disappointment, and wasted budget, think about the options for each target group and make sure that the medium is right for the message and the audience.
Key elements
Whatever marketing strategy is decided upon, some key elements need to be in place.
First, it is essential to track responses so that you know which methods work best for your business and your clients.
This is easily achieved by giving each print communication a specific code that has to be quoted back, and phone calls/e-mails can easily be monitored using dedicated reply routes.
A commitment must then be made to diligently follow up all leads, and to keep up the communication using all practical methods so that the target audience may experience a sustained set of messages.
With some early focus on structuring your data, some basic research and targeting, and a commitment to deliver the campaign and track its progress, the potential exists to develop a lucrative new area for your business in spite of current market conditions. Making your marketing work now will place your business in a far stronger position when conditions improve.
