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Local Marketing

Introduction to Local Marketing for Mortgage Brokers

Local online search is now the primary way people find the businesses and services.

Here are some compelling statistics from a recent online study:

  • In March 2012, 3.5 billion people searched online for a local business
  • 97% of consumers now shop locally online
  • 27% of all searches are local searches
  • Top ranking businesses on Google get 34% of all traffic for the targeted searches

The days of the phone book are long gone. Today’s consumer reach for their laptops or smartphones as the first step in their shopping process.

It is more important than ever for mortgage brokers to market themselves locally. In this article, we will talk about local marketing and why it is essential for mortgage brokers.

What is Local Marketing?

In recent years, we’ve been seeing a trend from search giants Google, Bing and Yahoo to promote businesses at a local level. The evidence is clear when we look at how Google has evolved their search results page.

Most of us have seen the local results from Google. For instance, if you type in the search term “mortgage broker” into your search, you will see results similar to this:

Local Listings Mortgage Broker

The thing to notice here is that the local search results are placed in a optimal viewing area on the screen, higher than most pay-per-click ads and even general search results. This is valuable real estate for mortgage brokers.

Just to give you an idea of how much a listing in the top 7 slots of the local search results is worth, businesses on average pay around $3.50 per click or about $3000 per month on pay-per-click (PPC) ads just to show up in the area on the right column of the search page.

A well-ranked listing in the local search is worth more than ads when you consider:

  • Local search results are placed on a highly visible area on the screen.  Better than most of the PPC ads.
  • Local search results are much more credible than advertisements, therefore your conversion rate (number of people who see your listing vs. how many contact you) is much better than advertisements.

Local marketing is a relatively new focus in online marketing. It employs strategies to get businesses and service providers like mortgage brokers top rankings in local search results.

Why Is It Important for Mortgage Brokers to Do Local Marketing?

It is one of the most important forms of marketing for mortgage brokers today. With local marketing, you can get a high number of qualified leads, while restricting your competition to a local level. You won’t need to compete with mortgage brokers from another country or even another city for a spot in the listings because the search results are localized.

Another great advantage of local marketing is that it gets you in front of mobile users.   Smartphones are fast becoming the most popular way people find information. Studies show that by 2014, searching on mobile phones will be more popular than searching on your desktop or laptop.

Effective local marketing means that you limit the competition, giving you a better chance to be found by prospective customers. It also expands your online presence to mobile phones and puts you in a good position to take advantage of future trends.

Moving Forward

If you haven’t started marketing yourself locally, now is a better time than ever to start. The giants of the online world, Google, Yahoo and Bing are all making big moves toward local search. Investing some time into local mortgage marketing could give you an edge over the competition and allow you to hit your monthly targets.

In future articles, GoTo Mortgages will show you how to get yourself listed at the top of local search results and convert that traffic into qualified leads.

In the meantime, we’d like to know – how often do you search locally using your mobile phone?

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