Mortgage intermediaries ignore the marketing power of the internet at their peril. The combination of website and e-mail as a tool to reach out to customers is both a golden opportunity and a grave threat.
British consumers have embraced the commercial potential of the internet to a greater extent than almost any other developed country. Recent figures show internet use in the UK is running at 47 per cent of the population, higher than any other European country, with broadband now in more than 35 per cent of homes and still growing fast.
Perhaps more startling is that average online spending in the UK per person is set to top £1,200 this year, outstripping not only Europe but also US spending at £1,000.
The challenge for brokers is how to tap into this vast market with the resources they have available, while keeping themselves ahead of the opposition. The reward is a business that allows even small brokers to break free of their local limitations to compete equally with the big players.
First port of call
Websites are increasingly becoming the first port of call for consumers looking to buy a product or service and often their first need is informational – they are browsing to get a better understanding of the market – rather than transactional.
It is pointless for brokers to publicise a website on advertising or marketing material, or to go to great lengths to get to the top of search engine listings, but then to offer an inferior experience to consumers who do make the online journey to their virtual shop.
The website needs to look professional and not home-made. Paying to have the initial structure and content is likely to be money well spent and, on the whole, consumers often appreciate clear and concise web pages more than flash graphics.
The website should include background details about the company, including contact numbers and addresses along with its regulatory standing will reassure potential clients they are dealing with a stable and financially secure organisation.
With a mortgage likely to be a customer’s largest lifetime purchases, it is important to portray a human face too. Include the credentials of key staff to show the expertise of the people behind the business. Details of news events, such as awards for good service, all help build a positive picture. It can also be useful to put the market in perspective, using economic data such as house price surveys or comment on major issues.
Emphasising expertise
Comprehensive listings of products and services can be worthy but dull so take the effort to highlight the ones likely to have the most appeal. Brokers offer a wider range of services than mainstream mortgage providers so it is worth emphasising expertise on, for example, buy-to-let, non-conforming or commercial lending. Explanations of legal work and surveys along with links to preferred partners can also be helpful by adding to a potential customer’s knowledge.
‘Best-buy’ tables that constantly update with the changing market are a good way of drawing attention to the most attractive products. Don’t be afraid to add an ‘expert’ commentary along with the basic facts and figures. Calculators engage users by showing them how much they can borrow and how much it will cost. It is also worth asking happy clients to provide testimonials or to act as case studies to give new customers a feel for how they are likely to be treated and the standards of service they can expect.
Websites also need to have basic information on terms and conditions, fees and complaints resolution procedures. One effective method of pulling this kind of information together is through a Frequently Asked Questions (FAQ) section that is easily updated and can address a wide range of topics from simple contact details to whether someone with a county court judgment can apply for a loan.
Giving out information that shows a business in a positive light is important but the site also needs to be interactive and transactional. Fully online mortgage applications are still quite rare but mortgage brokers can still use the transactional power of their site to raise revenue through additional products such as insurance.
White-label partnerships
Most small and medium-sized players are more likely to partner with an outside provider to avoid the high cost and hassle of setting up their own secure systems. Linking to a general insurance (GI) provider is straightforward and can be highly cost-effective because it lowers the regulatory hurdles and lessens the administrative burden. White-labeling is an even more effective tool, combining the transactional ability of a large company seamlessly with the look, feel and personality of a broker’s own website.
We provide this kind of service for free, with no minimum business levels, allowing the broker to set up the links then watch the revenue roll in.
Look at the opposition to see what they are doing and copy good ideas. But the golden rule is to use your imagination – you know your clients better than anyone else so make sure your website gives them what they want or someone else certainly will.
