Marketing is often mistakenly seen as promotion - like advertising for example. But there is so much more to it. However, Marketing need not be complex or expensive.
So what is Marketing?
The Chartered Institute of Marketing (CIM) defines Marketing as being the management process of identifying, anticipating and satisfying customer requirements.
For me, I see Marketing as the link between the mortgage broker and their clients. With good Marketing you understand your target audience and what they want and need. And with good Marketing, your clients clearly understand you, they like you and they talk about you in a good way.
However you define Marketing, one things is for sure: it is more important than ever.
I'm Not Influenced By Marketing
Most people believe that they are not influenced by Marketing. The reality is actually somewhat different.
Every product and service we buy - be it online or in a store - every media media message we receive and notice, every choice we make as consumers is shaped by Marketing in one way or another.
Even when a new client reaches your door via a referral, there will have been some Marketing forces taking shape along that journey.
Marketing Is Important To Mortgage Brokers
The Marketing process is crucial to all companies, large and small. This is because it addresses those things that are really important, such as knowing your target audience, understanding their needs, tapping into market trends and delivering the right message to the right client at the right time.
Good Marketing is about being human and helpful.
Good Marketing has helped so many companies become successful - even within the mortgage market.
On the other hand, without good Marketing, you can't get close to clients and you become out of sight and mind. Without good Marketing, someone else could be luring clients away.
We Are All Marketers
As the market changes, so does the role and importance of Marketing. What was once seen as the role of a department now requires a frontline business attitude by all employees.
Because a brand is everything you do and everything you say.
You Already Do Marketing You Know
Many firms, especially small ones, are delivering Marketing without knowing it. For example, mortgage brokers make sure they really understand their clients; that is good Marketing.
But if you don't understand that you are "doing" Marketing, it is hard to keep things consistent over time. And consistency is key. Doing things ad hoc and on the hoof is less effective and can cost you more.
Applying a simple Marketing framework starts with the thinking before you act. That way you get better results and spend less. It just takes a bit more know-how and confidence, that is all.