Buyer Personas Help Shape Your Mortgage Marketing Strategy

Buyer Personas Help Shape Your Mortgage Marketing Strategy

At the heart of your marketing strategies is the goal of not only creating more relationships, but creating positive and memorable relationships that buyers will take with them after their financing transaction is complete. 

Buyer personas can help you accomplish this by understanding exactly what your borrows needs and pain points are. 

It can be refreshing to hear about a deal that went exceptionally well from a loan officer on your team. But, what made that particular transaction so memorable, both for the loan officer and the buyer, and how can you produce more marketing material designed to attract similar homebuyers?

Ideally, every lead that hits your team's desk will be somebody who has been gainfully employed at their company for years, with a sizable down payment waiting in their bank account, boasting a strong 750-plus credit score, and a proven history with low debt-to-income ratios.

Unfortunately, we live in the real world, and not every application that comes across is the ideal borrower. However, there are more exceptionally qualified homebuyers out there, and they're shopping rates and loan options right now.

You just need to design a strategy to reach them. And that likely looks very different, depending on who that person is. To address this, you need to create mortgage buyer personas for each type of client you work with.


Why Create Buyer Personas for Borrowers?

When you’re looking at the types of clients you want to pursue (and we aren't talking about those perfect needle-in-the-haystack types), you should create an outline that paints a clear picture of the type of person he or she is, with specific demographical information, along with their problems and needs. This will help you refine your message. 

Creating this outline, or buyer persona, helps you identify your strongest benefits to these individuals and attract more of them by putting yourself in a targeted position to interact with them.


Create Your First Buyer Persona

As a best practice, you want to gather as much information as you can to make your efforts, as personalized as possible. Then, track and compile any data linked to this information to create a very concrete idea of their buyer’s journey.

Here’s a list of information you want to collect when creating a buyer persona:

  • Demographical information
  • Interests, hobbies, and personality type
  • Reasons it was a pleasure to work with them
  • Locations they go to for information and resources
  • Problems they had; answers that solved them

When you’ve completed this outline, it becomes natural to think about that client in every piece of communication you send out, creating acutely targeted marketing campaigns, and, later on, stronger client relationships.



Putting Your Personas To Work

Keep this sheet for reference as you 

Once you’ve finished identifying your preferred clients, gathering information about them, and organizing it in an easily accessible and comprehensible report, you can build out content for each of the personas you have created. To take this one step further, you can refine your content to fit your buyer personas along each stage of the homebuyers journey, further deepening your connection to your borrowers.

To get you started, here are a few homebuyers you might be trying to target:

  • First-time/millennial homebuyers
  • Refinance applicants
  • Vacation/second home buyers
  • Growing families

Having successfully created your mortgage buyer personas gives you a clear picture of who your clients are. Knowing as much as you can about them allows you to further develop your marketing strategy.

The most successful mortgage marketers map out each of their ideal clients and create content and campaigns that are geared directly toward the needs and goals of these individuals. Using a strategic approach to your communication to each buyer persona increases conversion rates on your marketing campaigns and ROI on your marketing dollars. 


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