Mortgage and banking marketers may be in a challenging situation amid a weakening home market and an unstable economy. Even though the future may look dark and uncertain, marketers have a unique chance to leave a lasting impression on both current and potential customers if they use this slower pace to improve the customer experience of their marketing initiatives in their specific regions.
Freddie Mac predicts a decrease in 30-year fixed mortgage interest rates to about 6.25% in Q4 2023 from an average of 6.8% in late 2022. Although this change is in the direction lenders are hoping for, these rates are startling, given that 2021 mortgage rates were about 3%.
Mortgage marketers may have a solid start to 2023 by analyzing the behavioral data of prospective homebuyers and making sure they are interacting with the clients who have the greatest thirst for information at the correct time and with the appropriate message.
Marketers in the banking and mortgage industries ought to change the products they promote. In reaction to the circumstances they confront, potential clients are almost certainly looking for programs that will enable them to save money and practice better financial management. Marketers need to understand that the products and services they provide should target consumers’ problems.
Timing is another area on which marketers might concentrate. While there is never a poor moment to address consumer-based pain concerns, 2023 is a crucial time to show that your services and products seek to address issues that are currently bothering people. The bright side is the specificity and clarity of the data that these ostensibly small groups may supply, provided marketers can identify the correct windows for when these customers are looking for services. To read more on this, click here.