Marketing is an essential component of any successful business, but when corporate budgets come under pressure, it is always one of the first areas to suffer.
It should be remembered that in a difficult trading environment it is essential to keep business coming in through the door. Marketing plays a massive part in this and firms should be looking at how to get the best value for money out of their marketing, rather than just pulling the plug on their activity altogether.
Losing focus
It is very easy, especially when the market is buoyant, for marketing to lose its focus. In a crowded market, some think that the louder they shout, the better their message will be heard. This is not the case.
There should always be a very clear link between what a certain activity will cost, who it is aimed at and what it is expected to achieve. There should also be an excellent understanding of the overall company strategy and therefore an understanding of how any marketing activity can fit in with that and help drive it forward.
Without this level of integration and understanding it is impossible to make a marketing campaign effective and so firms can neither justify their activity nor see the results that it is generating.
Asking questions
While there is always enthusiasm and urgency to get marketing campaigns up and running, it is imperative that enough questions are asked internally if it is to be successful.
What does the firm want to find out? Who is best placed to give it the best answers? What medium of communication should be used? What sort of message is it trying to convey? How can results be tracked? How can changes in sales volumes be tracked? What would a similar campaign cost using a different medium?
It is fair to say the more detailed and structured the planning that goes into a marketing campaign, the better it will deliver for firms.
It is also important that firms generate an understanding of what works for them and carefully log the results of each and every campaign.
Monitoring success
There is now so much competition in the mortgage market that firms cannot hope simply to wave their corporate colours in general marketing activity and get the kind of interest they need from customers. They have to segment the market and tailor the individual groups of people with a specific message.
Firms need to examine what works for them and use it, rather than simply being dragged along on the coat tails of what is perceived to be the best option by the market.
If the idea is to build the brand, then perhaps the best medium is through the trade press. If a particular product is being launched, then the corporate database can be used to highlight those it will be of interest to. After that it is a question of targeting them. Is e-mail better than a letter? Do brokers want to be contacted by SMS text message or will they simply delete it? If a firm is looking to promote its own level of service, where better to do it than on the website clients will be using to apply for products in the first place?
At a time when trading conditions have become significantly more difficult, and there are issues around availability and long-term commitment to the market, there are some very strong messages to deliver, and this is especially the case for lenders who have a history of operating in the market and coping with difficult times.
A lot of the newcomers to the market have made large splashes in a bid to capture market share and this is only to be expected. However brokers are no longer looking simply for product. They need service and certainty in these difficult times and the more established players have an excellent opportunity to re-establish their brands. Watching how well they do this will be very interesting.
An effective message
It is right that marketing activity should be scrutinised and budgets come under pressure and in many ways those that take the time to re-examine their marketing operations and better structure their activity will find they can get better value for money and better results from it.
Marketing is not something that should simply be cut from corporate life when things are difficult and in many ways the pressure that hard times put on the market make it easier for firms to differentiate themselves and demonstrably show where their unique selling points lie.
Getting this message across effectively and efficiently will be the difference between those who struggle and those who take the opportunity to re affirm their relationship with core customers and deliver for them when they need it most.
Answer ten questions to win Amazon vouchers!
Get the daily news delivered to your inbox
Find the latest industry jobs
