The Mortgage Agent’s Guide To Niche Marketing
Niche marketing is the ability of a marketer to target a specific group or demographic and design a marketing campaign that answers the needs of that group or demographic. An excellent example of niche marketing can be found in the automobile insurance industry by companies with a program designed specifically for drivers over the age of fifty.
This program targets a specific demographic, one that the insurance brokerage has decided offers high returns, and markets specifically to that group through media used by that group.
In the mortgage brokerage industry the marketing tends to be undifferentiated. Advertisements tend to include several messages, such as offering mortgages to individuals with poor credit, no income, who are self-employed, or who are looking for the best rates. While this casts the widest net, it does not speak to any specific target market. Therefore, no one encountering this marketing will feel like it is speaking directly to him or her, which is a key element of any marketing.
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
Potential areas of niche marketing for the mortgage agent include:
- The medical profession
Often these professionals are self-employed high-income earners with significant debt that could benefit from non-bank products
- Construction workers
Often seasonally employed working long hours, they might benefit from specific products from non-bank lenders as well as more convenient methods of applying for mortgage financing.
The above examples provide an insight into what niche marketing might be for the mortgage agent. In all cases niche marketing requires the marketer to identify a potential niche market, research what the characteristics and needs of that market are and either develop or identify products or services to meet those needs.
Whatever the message ends up being, it must eventually be delivered to the public. This can be done in several ways, of which the following is a partial list:
- Flyers
- Classified Advertisements
- Yellow Pages advertisements
- Promotional items such as pens, fridge magnets, etc.
- Sponsoring an event
- Sponsoring an award
- Hosting or being a presenter at a seminar
- Delivering coupons
- Bench advertising
- Billboards
- Newspaper inserts
- Newspaper interviews
- Magazine articles
- Newsletters
- Emails (CASL compliant)
- Direct mail
- Your website
- Social Media
- Or any means that can deliver a message to a wide audience.
Whatever the message is and however it is delivered, the key to successfully marketing a product or service is developing the strategy and then implementing it. As P.T. Barnum once said, “without promotion something terrible happens – nothing!”
You may also be interested in our article about managing your client database: Close More Deals By Leveraging Your Client Database
Here’s how to win at your next client meeting: How to Win a Face-2-Face Client Meeting
Looking to get more referrals? Read our article: 8 Dynamite Ways to Get More Mortgage Referral Sources
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