In today’s mortgage broking industry, effective marketing is essential. Done right, it has the power to scale your business to previously unreachable heights. Take content marketing, for example; it costs 62% less than traditional marketing methods while generating three times as many leads. And according to a recent survey by the Content Marketing Institute, over 67% of marketers report generating business demand or leads from their content marketing efforts. This number is up by 7% year-over-year.
However, it’s not enough to simply implement marketing strategies; measuring and analysing your efforts is equally vital. In this article, we’ll explore why measuring and analysing your marketing is crucial, offering helpful insights and tips to help mortgage brokers thrive.
1. Data-Driven Decision-Making
In the digital age, data is a powerful asset. Marketing measurement and analysis provides valuable insights that enable you to make informed decisions. By tracking key performance indicators (KPIs), such as website traffic, lead generation, and conversion rates, you can identify what’s working and what needs improvement. This data-driven approach ensures your marketing strategies are aligned with your business goals.
Successful brokers know exactly where to put their marketing dollars because they use statistics to show them. Whether it’s Google ads, LinkedIn content or phone lead gen, they know what’s worked for them – and they double down on it.
2. ROI Assessment
Marketing is an investment, and like any investment, you want to confirm your return. Knowing the ROI of each marketing channel and campaign helps you allocate resources effectively. You can focus on strategies that deliver the best results and adjust or eliminate those that aren’t performing as expected.
Do you know the ROI of your marketing efforts? The average ROI of email marketing is $36 for every $1 spent – can you say that this is true for your brokerage? If not, what’s the return on your input for the channels you are using? (And we love email marketing, so this is definitely something we support our clients with).
3. Target Audience Insights
Understanding your target audience is essential for effective marketing. Measuring and analysing data can provide insights into your audience’s demographics, behaviour, and preferences. With this information, you can tailor your marketing messages to resonate with your ideal clients, increasing the likelihood of attracting and converting them.
4. Campaign Optimisation
Marketing campaigns are rarely perfect from the start. Measuring and analysing your efforts allows you to optimise your campaigns over time. You can test different ad creatives, messaging, and targeting options to find the most effective combination. Continuous optimisation leads to improved campaign performance and better results.
5. Cost Control
Measuring and analysing your marketing also helps control costs. It allows you to identify areas where you may be overspending or not getting a sufficient return. By optimising your marketing strategies based on data, you can allocate your budget more efficiently, ensuring that every dollar spent delivers value.
6. Adaptation to Market Changes
The mortgage brokerage industry is dynamic, and market conditions can change rapidly. Measuring and analysing marketing efforts keeps you agile. When you notice shifts in market behaviour or trends, you can adjust your strategies accordingly. This adaptability is critical for staying competitive and relevant.
7. Accountability
Measurement and analysis also promotes accountability within your team or organisation. It provides clear metrics to assess the performance of marketing professionals or agencies you may be working with. This accountability ensures that everyone is working towards achieving the same goals and objectives.
If you want to take your mortgage brokerage to new heights, book your discovery call with Christian Paterson today or fill in this online form for more information on how Auctus can help.
