A couple of banks in North Carolina are trying some new tactics to attract more customers, especially Millennials. Millennials have drawn much attention as they now represent the single largest group of consumers.
Companies of all sorts, including banks and mortgage lenders, are now vying for their attention and their business.
New Dominion Bank of Charlottesville has gone through a makeover started in 2016 to re-brand itself under their new motto – “Banking Handcrafted”, concentrating on personalized services.
M&F Bank in Durham formed an internal Millennial Advisory Board, to identify and address issues important to this new generation.
These are just two examples of a growing number of banks, and other institutions, that are investing time, resources, and money to better appeal to Millennials. In doing so, they may find they attract customers from all generations as many consumers want some of the same things millennials now desire.
Lenders need to look at ways to communicate with and attract more customers. It’s not enough to just offer low rates and call on Realtors. Everybody does that.
Websites and online tools are great but how do you draw consumers to your site? How do they know what you have to offer and what sets you apart from everybody else? Social media!
Today’s consumers have much more information at their fingertips and many more ways to find what they want. They can very easily explore various options available online. What are you doing to communicate with today’s consumers, and have them communicate with you? How will they know you exist?
Traditional marketing and advertising in print and on TV and radio will help but that can get pretty expensive. It shotguns your message.
Through the use of social media outlets, you can target your audience providing specific information about your company and the products and services offered.
Many today look to Quicken Loans for their home financing Why? Because of their Rocket Mortgage campaign. You may not be able to afford such a campaign, but you do need to find ways to compete.
Social media outlets like Twitter, Instagram, and Snap Chat may offer you some alternatives. Methods that you and your originators can get the word out to those who may be interested in what you provide.
Times change, consumers change, and so does the mortgage market. 2018 will present varying opportunities for financing. But, for the most part, it’s shaping up to be a purchase market. You need to reach potential homebuyers early and often. Waiting until they find a home may be too late.
The game has changed, and you need to play different. Start looking for ways to help you reach more potential home buyers earlier in the process. You will become their trusted advisor, guiding them through the confusing maze of home buying and home financing.
It’s time to learn some new tricks.