Effective communication requires careful planning in any field. Intermediaries looking to target specific customer groups must make sure the research, content and timing are all correct if the optimum result is to be achieved. Simply blitzing all potential clients in the same way and without due thought is invariably a waste of time and can even alienate them.
It can be tempting to think a mass e-mail will be sufficient but if you want information acted on, getting the message across involves more than just pressing a button. This is why at Platform we’ll use a number of different mediums even if the product change details are the same. An example of this could be the fact that a rate is changing or a particular deal is coming to an end, it might be linked to fees or to different criteria used for underwriting.
If we need to reach a packager, mortgage club, network or other key account then they will need to know sufficiently in advance so they can reach their customers. Some with more advanced infrastructures can do this quicker than others but we need to know how they operate and build this into our strategy for letting them know. Such messages, whether by using e-mail or direct mail can also be used to convey more detailed and technical information than say advertising or a press release and can also be tailored for each account if necessary.
Human contact
There is still very much a place for human contact when you’re dealing with a major client. Our business development managers will often put in a call or even a visit if there is something important we need to get across. This can also make sure that any related mail shot or e-mail is not ignored. Likewise, with sourcing systems, they must have enough time to make sure their technology can adapt to the changes. Usually, this can take several days.
The style in which a product change is communicated is of course crucial. We’re now in a more transparent environment and while a lender’s communications to an intermediary are not the same as those direct to a customer – we are not bound by the same Financial Promotion rules – my view is that being clear and not misleading should be a general business rule.
One method you won’t find any lenders using is the fax machine. As far as marketing is concerned, I think we can safety say the fax is dead to be replaced almost entirely by e-mail. E-mail continues to grow as a marketing tool and in my view brokers do read them providing they know you’re using the medium wisely.
Newsletters
In recent years we’ve also seen attempts by some lenders and packagers to start to produce regular newsletters for their brokers, which can either be distributed by post or increasingly e-mail. A newsletter can be all well and good but if you commit to producing one you need quality information to fill it or you’re unlikely to capture your readers’ attention. Also, with so many excellent trade publications, including of course Mortgage Introducer, the information must be of a sufficient quality and relevance to the broker for it not to end up in the bin.
A lender also can’t forget the tried and trusted mass media forms of communication when they have a key announcement. Booking advertising campaigns is often a substantial part of the marketing budget and specific bookings to coincide with product changes may be appropriate.
Press releases
Finally, the use of a press release to summarise product changes is often useful. In the mortgage sector we have a number of strong titles that are relied on as sources of business information. If we have a message to communicate, we need to speak to the appropriate journalist and again we need to be organised and aware of their deadlines. If you are looking to reach a wide audience, you cannot rely on one channel.
It can seem that communicating a simple product change is a piece of cake. It isn’t because even though at Platform we are more specialist, we still have different types of customers to target and their needs vary. The way we communicate is a way we can differentiate ourselves in a market which is increasingly rate and technology driven.
Whether it’s by phone, e-mail, in the press or by other means, we must ensure any changes are delivered in a way which is accessible, accurate and on time.
Paul Hunt is head of marketing at Platform
