Brand identity and the role of the mortgage broker
Mortgage Solutions magazine recently drew on external research to highlight the fall out in the broker industry of late from around 45,000 down to just 9,000 brokerages nationwide. So, what is the secret tool behind the ones who have survived and thrived during recessionary conditions? Typically, if you look at the brokers that are experiencing strong growth at present, they are often the ones that have invested in good brand consultancy and specialist financial PR.
The majority of brokers rely on word of mouth recommendations from existing clients to generate new business; therefore the importance of developing a strong brand identity cannot be underestimated. A ‘personalised’ and ‘bespoke’ service is often what borrowers are lacking when they enlist the services of a broker and whilst so many claim to be able to deliver this unique selling point, few are effectively marketing and publicising themselves as such.
What is needed is a ‘back to basics’ approach, firstly to identify (or usually to create a brand identity) and then to firmly establish it in the marketplace with optimised website copy, targeted marketing collateral towards existing clients and consistent content generation based on thought leadership articles and a consistent stream of press commentary. The key point for brokers is that diversification of services and product offerings is not enough to stay afloat without a powerful corporate brand and a unique message to deliver it to market.