You may not know who Carolyn Davidson is, but no doubt you know her work. In 1971, Ms. Davidson was paid $35 to create a logo. The result? The Nike Swoosh — a visual representation of who Nike is.
This is branding, and it’s a conversion trigger that many lenders miss.
But not you, because you’re about to learn all about what a mortgage brand is, what it does, and how to create your mortgage brand to stand out from competitors.
Crash Course On Mortgage Branding
The American Marketing Association defines a brand as “A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.”
It’s the sum of all the experiences that a consumer has with a business, and this experience triggers consumer behavior!
Consider this: a brand may be the reason you choose Coffee Bean over Starbucks or Target over Walmart. Sure, you take into account quality, price, maybe even proximity, but no doubt you choose to patron business partly because of the connection you have with their brand.
What A Mortgage Brand Does (hint: chosen one)
A mortgage brand works exactly the same way. It’s an identity, an emotional bond with your consumer that not only creates a familiarity with your lending business; it actually creates a preference!
A consumer that has a positive experience with your brand can’t help but choose you. They are drawn to you like a moth to a flame (more on this effect below).
So how can you measure how effective your brand is at converting? You can’t.
That’s where many mortgage professionals get stuck (but where you won’t be!). The mortgage business is largely about numbers and calculations, but branding leans more on the side of psychology and marketing.
There are no hard statistics to measure.
No numbers to crunch, no data to input in a table, no analytics to put into a neat little chart with an animated arrow pointing upward.
That’s because a brand influences action but is not the action.
It’s NOT click-through rates or the amount mortgage leads that came in over the weekend (stats that can actually be measured).
Mortgage branding creates an anchor or a bond with your consumer that makes them prefer you. And when they prefer you, BAM! You got yourself a quality mortgage lead.
Brand Exposure for A “Moth To a Flame” Effect
A clear mortgage brand is a foundation to a “moth to a flame” effect. In marketing terms, we call this multi-touch. The basis for this conversion tactic is that when your consumer experiences your brand with a consistent message, it reinforces their connection with you.
It’s like creating a deep-seeded memory that draws them to your lending business because they’re familiar with you. Even if they’re a new borrower, they already trust you. They prefer your lending business over all your competitors.
Because they “remember” your lending business.
Want to learn how to create a mortgage business brand that draws in prospects and influences conversion rates?
Stay tuned for the second half of Mortgage Branding 101 where we’ll show you exactly how and where to use your brand to reach your prospects.