Can anyone help with PR for loans and mortgage products?

[BS]

Hi

We have been trading for a 6 months and currenlty use direct mail as the main form of promotion. I do believe we can be doing more and am looking for some advice from marketing and PR guru's out there who know the financial sector in depth.

We have been let down by 2 PR representatives / agencies over this time. This has left me skeptical of the level of return from these activities. We have to do more, but need some guidance.

I would appreciate any feedback or advice anyone may have including any proposals to take our company to the next level in terms of consumer and business exposure.

Thanks

[Rob]

Selling mortgages and other financial products via direct mail is hard. You are relying on the quality of the mailing list i.e. is it targeted at people who are known to be looking for a mortgage? This is unlikely, so at best you are hoping that your mail will drop on someone's doorstep who happens to be looking for a loan.

As you have identified, you need to broaden your activities to raise your profile. Here are some ideas for you (except for paid advertising space):

1. Obvious one for businesses such as yours - link up with an Estate Agent. Most of them are already tied up to someone but you may be lucky to find one broker who is providing poor service and the agent may be ready to change

2. Drive round your locality and look for For Sale signs and drop in your direct mail letter. This is taking your offering right to the target market as they are clearly moving and so may be looking for a mortgage. Why not call in and ask the owners to pass on your contact details to anyone who makes an offer?

3. Get in touch with your local paper and offer to write a weekly or bi-weekly article on finance related issues. They are always on the look out for good quality info and this is a good way of raising your profile

4. Linked to the above, get known as the local expert on financial issues. When something nationally happens, find a local slant on it and issue a press release, ring up the local radio station and offer your opinion. Very soon they will be ringing you first!

5. I see from your web site that you offer business loans. Ring up your local Business Link and offer to come in and do a presentation on their start up courses on what financial products are available for small businesses

6. Are there any new housing developments coming up? If so, get in touch with the developers and ask for a tie in.

7. Look in the local paper for planning applications. The applicants may need an equity release mtge for the planned extension etc

8. Get to know the local architects. They are the first to know about new builds, extensions etc. Ask them to pass on your details

I hope these ideas get you thinking about other possibilities.

Best of luck

[spyder]

What Rob is suggesting, while making good sense, seems like terribly old fashion hard work to me.

We have marketed products to hard to target consumers succesfully, using PPC search engines. However, if you are a full-time IFA/broker it is unlikely that you'll have the time or expertise to fully implement and manage such a PPC plan - your best bet is to outsource the work. That is, if you are able to find someone who knows how to go about it the right way.

For example, targeting the more popular keywords such as "loans" or "mortgages" is unlikely to work. You'll probably end up blowing your annual budget within a week - with hardly any result. These keywords are just too general, too competitive, and cost megabucks per click!

Also, if you intend to explore this marketing method, it's best to read up a little bit on the subject, so that you don't end up hiring a smooth talking "cowboy" masquerading as a marketing expert - who actually knows less about the subject than you!

Financial products are ideal for marketing via the internet - you are able to reach your consumers nationwide. No matter how many doors you knock on locally - estate agents, architects etc, you are still only fishing in a small pond.

[Rob]

Spyder is right about also considering a PPC campaign but as he says it can end up costing a fortune for very little return. You are also trying to compete against every other web-based mortgage business in the UK. So consider it but look for help

What I was suggesting may be "old fashioned" but these ideas have been tried and tested over the years and provide results. Despite what some people may think the internet has not relegated proven marketing ideas to the bottom of the pile!

As regards the ideas being hard work, yes they are. But then building a successful business is about hard work; that's the only way you can differentiate yourself from the thousands of others out there. Anyone who tells you that success is easy has either been extremely lucky or is lying!

[BS]

Thanks for the replies - that makes for some valuable reading. I will be trying a few of these ideas and have come across a strong lead source too - which I hope will boost our sales efforts.

Thanks again

[Jo Chipchase]

Hi,

I believe that a well-targeted and low cost press release sent to journalists/editors who cover finance, property and internet business (for example) might help your cause.

If you need advice on how to go about writing and distributing a press release for your business, read the advice at Pressdispensary.co.uk or you can call for a free consultation - there is absolutely no obligation to order anything.