Marketing guru urges lenders to listen more closely to brokers
Lenders need to listen to brokers more, according to a top mortgage industry marketing expert.
Jeff Knight, founder of Grey Matter Marketing Solutions and Mortgage Marketing Forum, has worked in the industry for 27 years and values the impact advisers’ insight can make.
“Listening is the best form of communication,” said Knight, who identified the change he would like to see in the industry over the coming year. “For brokers to be listened to more - their insight can lead to some key developments,” he urged.
By listening more, Knight explained, lenders can maximise their relationships with brokers. He anticipates a challenging year ahead.
“For the industry, there are lots of bumps that will appear this year, especially as the next election gets closer,” he reasoned. “It is hard for everyone to keep up with rate changes. There are lots of challenges but also a lot of opportunities for those who can be brave, take a step back and focus on being more distinct. The key is to be adaptable and keep your powder dry.”
As anticipation builds about when the UK’s polling day will be this year, Knight is clear about what the government could do to improve mortgage business.
“Getting inflation under control is vital, as that will settle the markets and hopefully see the Bank of England reduce interest rates,” he suggested. “Beyond that, there is so much more needed. We need incentives for housebuilders to build and to build affordable homes. And we need investment to help with the whole net-zero issue.”
Clearly an optimist, Knight believes in overcoming what some may see as barriers to success.
“Barriers are caused by others,” he advised, “through things brokers can’t control, like rate changes. The solution is to focus on what you control, to have one big impact goal that can be focused on, rather than try and do too many things. People use brokers because of their expertise – so they should not lose sight of the value they give in this industry.”
Knight has recently joined the WHJE Group, the specialist financial services brand and marketing group. Under the newly announced deal, WHJE takes a 75% stake in Grey Matter Marketing Solutions, where Knight remains as principal and an active shareholder. He will also continue to run Mortgage Marketing Forum.
His role, day to day, sees him provide marketing consulting and training services to the industry.
“This is wide-ranging and includes marketing strategy, CRM, through to research and analysis,” he elaborated. “I am like a bolt-on marketing director who also provides training and leadership development. With both my companies, I am privileged to work with a diverse group of companies and people in the industry. These include mainstream and specialist lenders, distributors, brokers and conveyancers.”
He added: “I have worked in the industry since 1997. In that time, I have worked for a range of different lenders as a senior marketer and senior exec, responsible for all things marketing, strategy, product development, internal comms and research. I have been fortunate to work with some great people and great leaders and have a really good grasp of this great market.”
During his career working with the mortgage sector, Knight has certainly seen changes.
“Over the years there have been a lot more toys to play with,” he observed. “Email marketing has become really sophisticated, then there is video and social media, of course. In the current market, marketing is having to adapt to changing needs and a rate-led environment that is fast moving, but the principles of being human and helpful remain.”
What would Knight’s advice to his colleagues in the profession, for achieving more in the year ahead?
“We all have talents, the key is to know these and turn these into your strengths and get the most out of these,” he enthused. “Do what you do best and have good people around you for the rest.”
