How to Market / Advertise Intangibles or Services
Marketing intangibles or services is quite different in comparison with marketing products that a potential customer can see and feel. Studies indicate that upwards of sixty percent of consumers will choose a mortgage agent based on their prior dealings with the agent, the reputation of the agent or being referred to the agent.
This clearly indicates that a personal relationship is vital, which is why networking and personal contact is so important. In marketing mortgage financing, which is an intangible, it is important to use marketing to focus consumers on key concepts that have the effect of turning the intangible into the tangible. The following are strategies designed to market the intangible service of mortgage financing.
Mortgage brokering in Ontario is regulated by the Financial Services Commission of Ontario (FSCO) and requires a license. To obtain a license you must first pass an accredited course. The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is accredited by FSCO to provide the course. For more information please visit us at www.remic.ca/getlicensed or call us at 877-447-3642.
Testimonials
The use of testimonials can have the effect of reducing the need of a consumer to touch or feel a product. Testimonials from satisfied clients have the effect of personalizing the process. The consumer can relate to another person who has had a beneficial experience and translate that experience to him or her. In essence this provides the consumer with something tangible: another consumer who can be seen or heard.
Clarity
Since uncertainty causes apprehension and stress, it is vitally important to provide your potential client with clarity. This means clearly outlining the process involved in obtaining mortgage financing so that the client can understand that progress is being made as steps are completed. This can be done verbally or in pamphlets or brochures.
Attention to Detail
Since mortgage financing is an intangible service, it must be described to the client. This process must be done in as much detail as the client requires. As some clients are more detail oriented than others, the mortgage agent must first determine the appropriate level of detail to provide to the client and then ensure that he or she pays particular attention to these details. One of the fastest ways to lose a client’s faith is to be uncertain of the details of their application or of any part of the mortgage application process.
Continued Contact
After the sale is complete and the mortgage has closed, continue to stay in contact with the client. By having a competent CRM (Customer Relationship Management) program the mortgage agent can ensure that he or she receives repeat business and referrals from this client.
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