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This piece originally appeared in the January 2023 edition of MReport magazine, online now.
In any market, a downturn shines the spotlight on innovators who manage to stay ahead of market conditions and make the pivot. In fact, some of those adaptations eventually change the way we do business completely. Take, for example, the urban restaurants faced with disaster during the pandemic lockdowns of 2020. Some, sadly, were forced to close their doors for good. After all, revenue had declined to a trickle. And yet, others innovated, quickly revamping to offer take-home cocktails, takeout options, or take-and-bake meals.
Now, it may be time to ask what the mortgage industry’s version of “takeout” is. In past down cycles, the major priority for lenders and service providers naturally became the mobilization of their sales and marketing efforts. That remains the case as we enter 2023. However, the way the mortgage industry ramps up its marketing and sales efforts will be a little different this time around.
Many lenders and service providers, in fact, will have to start by dusting off their previous marketing strategies. The historic rush of origination volume in 2020–2021 could be compared to a restaurant that’s suddenly swamped beyond its normal dinner service levels—dirty dishes are left piled in sinks and the kitchen floors might go without being mopped because the priority is simply serving the influx of customers. If anything, many mortgage businesses complained of production and throughput challenges during the heart of the last refinance surge. Who needs to scrutinize a marketing plan when there are already too many orders to fill? Now, however, as mortgage firms return to their marketing plans, more than a few are realizing that what worked in 2019 probably won’t work today. It’s time to update.
In that seemingly short period, however, something changed dramatically among those who did continue to update their marketing.
Ad sales began to…
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