Every mortgage lender knows that in our cyclical business, loan volumes will rise and fall. Everything else rises and falls with it, for both the lender and the vendors that serve them.
High volumes allow for more staffing, new technologies, if you have the time and resources to implement them, and more marketing. But when industry dynamics shift, every budget gets tighter.
This may seem counterintuitive to marketers in other industries, even those who sell business-to-business. When business in many markets starts to decrease, marketers get larger budgets to work with.
It doesn’t work that way in our business. A falling tide grounds all the boats so we must do a great job of marketing our wares with a lower budget. Fortunately, it can be done.
The Eternal Budget Crunch
Even marketers in other industries with larger budgets must get the most out of every dollar they spend. Ask any marketer if they have enough resources to do what management would like and they’ll answer in the negative. There is never enough.
When I first joined the mortgage technology space, the industry was still keeping pace with the post-pandemic surge in new mortgage business. With interest rates falling and workers no longer chained to their desks, the industry was on fire and our marketing budget reflected it.
It was an exciting time to enter the mortgage technology business. Mortgage Cadence had just undergone a significant rebrand, and MCP, our loan origination system, was nearing its initial launch.
Investments flowed generously towards swag, website redevelopment, and enhancing our digital media presence. The goal was clear: make a strong showing and capture the market's attention. I was part of a great team that took that mission to heart and did a great job.
However, this period of abundant spending was short-lived.
Targeted Communication: The Key to Efficiency
Not long after, we began to see a need for restraint. But, despite tighter budget management, we still had an important goal: continue to maximize our brand visibility and recognition at every turn. We had a lot to be proud of and commercialize!
We moved into a market where every dollar spent on marketing needed to not only reach its target audience but resonate deeply, ensuring maximum return on investment.
In truth, every good marketer approaches their work with this goal in mind, but when budgets get tight it becomes even more important. This is the best way to ensure that you don't waste any budget marketing to those who will never buy your offering.
It's a simple concept, yet its execution is anything but.
Efficiency is a matter of effective targeting
Identifying and understanding your real audience is the foundation of effective marketing, particularly when every dollar counts.
This targeted approach to communication ensures that we're not just shouting into the void but engaging in meaningful conversations with those who have a genuine interest in our services.
It's about quality over quantity, reaching those you can help the most. Understanding our prospects' needs is the cornerstone of any good marketing strategy. In a world inundated with generic sales pitches and one-size-fits-all marketing strategies, personalized and resonant messaging stands out. In the mortgage lending industry, this approach is essential.
The more we know about what our clients and prospects are dealing with, the more certain we can be that every message we put out into the world is tailored to our audience's specific needs. This way we not only maximize the impact of a limited budget but also build stronger, more meaningful connections with our prospects.
The journey through fluctuating marketing budgets, from the highs of rebranding and product launches to the more measured approach necessitated by tighter financial constraints, has been both challenging and instructive.
It has underscored the importance of targeted communication and the power of resonant messaging. In the B2B financial services industry, where every marketing dollar must work harder, understanding and addressing the specific needs of our prospects is not just a strategy—it's the way we operate.
By Alison Flaig, Head of Marketing at Mortgage Cadence
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Media Contacts
Mortgage Cadence:
Alison Flaig
Head of Marketing
(919) 906-9738
