You’ve just closed a mortgage loan. Congratulations! But your work doesn’t stop there. Post closing brand awareness is key to turning one-time borrowers into loyal, lifelong customers. It helps you maintain contact and build strong relationships that lead to repeat and referral business.
During the closing process, communication tends to be transactional, focused on paperwork and funding. After closing, this relationship needs to shift. This is critical in the mortgage industry, because once loans transfer to servicers, lenders often lose touch with borrowers. Post closing brand awareness can help you avoid this.
Nurturing Borrowers Beyond the Closing Table
Pre-closing, email marketing, and regular check-ins are common. However, this approach is short-lived and insufficient for post-closing engagement. A less intrusive, passive approach is necessary, because everyone has enough emails in their inbox. Maintaining the client relationship post-closing requires creating meaningful interactions that benefit both parties.
Today’s consumers are discerning and expect a seamless, high-quality experience at every stage. You want to present your brand as something desirable, building a brand that clients are genuinely interested in and want to engage with.
The Shift in Communication Strategy: From Transactional to Relational
Consider the power of brand recognition and positive associations. Think of branding giants like Coca-Cola or Nike. They’ve achieved widespread brand recall by making recognition more than just visual. Post closing brand awareness helps you harness this power.
This isn’t achieved through traditional marketing. Instead, it is achieved through enhancing the customer experience. This strengthens the long-term connection with your brand.
Tools that streamline payment experiences combined with ongoing touchpoints create a more effective brand visibility plan. This approach eliminates added time constraints and excessive emails that may go unnoticed after the loan is transferred to the servicer.
Post Closing Brand Awareness: Strategies for Long-Term Engagement
Improving the client interaction process is crucial for innovation. Here are just a few ways you can improve post closing brand awareness:
Enhancing the Payment Experience
Imagine payments becoming an enjoyable part of your client’s homeownership journey. You can make this a reality by offering a convenient portal with flexible, easy, and even automatic payment options. This removes the hassle of repayment and fosters positive sentiment toward your brand.
A seamless payment experience improves customer satisfaction and boosts post-closing brand awareness. These platforms can also help your borrowers manage their other debts and give you insights into their financial picture, offering you opportunities for timely outreach and cross-selling.
Building a Community of Borrowers
Providing valuable content strengthens your brand as a thought leader. Share market trends, financial tips, and community events in newsletters. This transforms transactions into long-term relationships. Customers will associate your brand with care, expertise, and commitment.
Loyal clients often share their positive experiences. This creates organic brand awareness and attracts new customers.
Offering Ongoing Support and Value
Many financial institutions neglect post closing communication. This is a missed opportunity. Maintaining regular communication fosters customer loyalty and opens doors for future business.
Regular check-ins, property updates, tax deadline reminders, and helpful resources demonstrate care and build trust. These reminders increase brand awareness with relevant and timely information and can often be built into the payment platforms mentioned earlier in this article.
Being top-of-mind for home improvements or refinancing through consistent engagement on these payment platforms, can significantly increase referrals. Referrals convert much higher than cold leads, highlighting the importance of nurturing your existing customer relationships.
Measuring the Impact of Post Closing Brand Awareness
Many lending marketers prioritize brand awareness. However, it’s essential to think beyond initial recognition. Lenders need to focus on loyalty marketing to drive deeper client engagement and achieve stronger brand awareness.
Use metrics like “mind share” to understand consumer perception. Consider these strategies: Net Promoter Score (NPS), Customer Lifetime Value (CLV), and Customer Retention Rate. These metrics provide insights into your loyalty marketing effectiveness and your marketing efforts. Implementing loyalty programs post closing further amplifies brand recognition and fosters emotional connections.
FAQs about Post Closing Brand Awareness
What are the 4 stages of brand awareness?
The four stages of brand awareness are:
- Unawareness: The customer doesn’t know your brand exists.
- Brand Recognition: The customer may recognize your brand name or logo.
- Brand Recall: Customers can easily name your brand when given a cue.
- Top-of-Mind Awareness: The customer immediately names your brand when thinking of the product category.
What is post closing brand awareness and why is it important?
Post closing brand awareness refers to the strategies and efforts implemented by mortgage lenders to maintain contact and build strong relationships with borrowers after the loan closing process. It is crucial because it helps turn one-time borrowers into loyal, lifelong customers. This approach is particularly important in the mortgage industry, where lenders often lose touch with borrowers once loans transfer to servicers.How does post closing communication differ from pre-closing communication?
Post closing communication requires a shift from transactional to relational interactions. While pre-closing communication tends to focus on paperwork and funding, post closing engagement needs to be less intrusive and more passive. The goal is to create meaningful interactions that benefit both parties, moving beyond the short-lived approach of email marketing and regular check-ins typically used before closing.What are some effective strategies for improving post closing brand awareness?
Several strategies can enhance post closing brand awareness:- Enhancing the payment experience: Offer a convenient portal with flexible, easy, and automatic payment options to make repayment hassle-free and foster positive sentiment towards your brand.
- Building a community of borrowers: Share valuable content such as market trends, financial tips, and community events to position your brand as a thought leader.
- Offering ongoing support and value: Maintain regular communication through check-ins, property updates, and tax deadline reminders to demonstrate care and build trust.
Conclusion
Post-closing brand awareness goes beyond simply staying in touch. It’s about building genuine relationships, providing real value, and fostering customer loyalty. It’s a vital part of your overall business strategy.
By implementing effective payment options, relationship-building strategies, ongoing education, social media engagement, and community involvement, you can cultivate positive brand associations. This strengthens brand recall and makes you a memorable lender, unlike those who disappear after closing. Strive to become a leader like Coke or Nike, where customers not only recognize your name but understand your value proposition. By staying top of mind and consistently demonstrating value, you’ll not only earn referrals but also foster lifelong relationships with your borrowers.
