Industry Insights - Mortgage Brokers

Marketing to mortgage brokers in light of the 2021 ASIC guidelines on hawking requires a nuanced and compliant approach. The Australian Securities and Investments Commission (ASIC) introduced these guidelines to protect consumers from unsolicited and potentially exploitative financial products. Understanding these regulations is crucial for anyone aiming to effectively market to mortgage brokers while adhering to legal and ethical standards.

Understanding the 2021 ASIC Guidelines on Hawking

The 2021 ASIC guidelines on hawking prohibit the unsolicited offering of financial products. This includes cold calling, unexpected in-person approaches, and unsolicited emails or messages. The aim is to protect consumers from high-pressure sales tactics and ensure they have the time and space to make informed financial decisions. (Source )

For marketers like us, this means that any engagement with mortgage brokers must be carefully structured to avoid unsolicited contact. Instead, the focus should be on creating opportunities for brokers to seek out information and services voluntarily. So how do we get new clients with this new guidance? Glad you asked! Here are some tips from our work with brokers.

Strategies for Marketing to Mortgage Brokers

Content Marketing

I know I bang on about content marketing in almost every blog, but in this case, it's even more important than ever.? By creating valuable, informative, and relevant content, you can attract your target customer to your brand without direct solicitation. This might include blog posts, white-papers, webinars, and case studies that address the challenges and opportunities your particular customers might face getting a loan.

Empathy is the key here. Understanding your specific target market's pain and speaking their language will create trust. This advice presumes you have already chosen a particular market to focus on and positioned yourself clearly for them.

For instance, we had one mortgage broker who only worked with mums in her local area. By being hyper focussed she wrapped up the local market and was referred by her clients as she dominated her community. You can imagine the mum's group having coffee at the local cafe, surrounded by prams discussing their new home and lamenting the interest rates. But also praising their broker who really 'got' them and bent over backwards to get the best deal.?

SEO and Online Presence

SEO becomes more important if you can't be proactive. This reactive approach relies on content like blogs - see point 1. An effective search engine optimization (SEO) strategy that is my personal fav, is to publish these blogs on LinkedIn so you get a separate link in Google.?

You can also get into Google snippets which is like being recommended. Although, it's not really like that. Writing your blogs to answer a question is the best way to get into snippets.

Networking online and offline

My mortgage for mum's client used Facebook groups to network and was exceedingly useful for her. Other clients have used webinars and others have run face-to-face events. It really depends on your target client and goals.?

Even trade shows can be an effective way to connect with specific clients without breaching the ASIC guidelines. These events provide a platform for face-to-face interactions and allow you to get to know clients' pain points which is great for ongoing content production.

Email Marketing?

Email marketing remains a viable option if done correctly. Instead of unsolicited emails, focus on building a robust email list through voluntary subscriptions. Offer valuable content, such as industry reports or exclusive insights, in exchange for contact information. An eBook download is a pretty standard exchange of IP for email. We have had quite good success with this process with several clients recently.?

Ensure that all email communications are permission-based, with clear opt-in mechanisms and easy opt-out options. Using a quality email system such as Hubspot or Mailchimp to ensure this is built into the process.?

Compliance and Ethical Considerations

While implementing these strategies, always prioritise compliance and ethical considerations. Regularly review your marketing practices to ensure they align with the latest ASIC guidelines and industry standards. Transparency, honesty, and respect for clients' needs should be at the forefront of your marketing efforts and if they are you will e-ttract enough referrals so you will not need the push marketing.?

Interested in more marketing and branding advice? I'm offering free consultations and advice through my website.

https://www.andrewford.com.au/free-consultation