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Ok.  Now I’ve done it.  I’ve given myself away as a (deep breath) marketing guy.  (*sighs and groans of disappointment ensue*).  But I just have to do it. Today, I’m going to revel in my craft. That’s right.  Here’s what I saw this year in the title and mortgage industry in the way of marketing.

You see, not only are the regulations, faces and markets changing.  The way we do business is being transformed as well.  I really wouldn’t be doing my job if I didn’t share what I see changing in my little area of competence.

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So, without further adieu, here’s what changed in the world of marketing communications—mortgage-style—in 2010.

  1. The rise of content marketing.         2010 saw a number of industry players begin to send less broadcast or interruption-based messaging, and more information of value into the marketing channels.  Instead of print advertisement or postcard mailers pronouncing the advertiser’s value proposition, more and more firms began to transition to self-produced Webinars, newsletters or even Linked In forums or Facebook pages to encourage a discussion about matters germane to their clients and prospects.
  2. The shift away from trade publications as the only game in town for marketing.       Once upon a time, not long ago, one’s only option for sponsorship, advertising and marketing involved an insertion order, an exchange of cash, and the help of a trade organization or trade publication.  And don’t get me wrong—many of these entities have done a very good job in the past year of shifting their models to meet the dramatically changing needs and tastes of their advertisers.  But it’s apparent that, with a number of cost-effective consultants, Web-based software and simple list-building techniques, many firms are trimming their advertising budgets without trimming their marketing communications budgets.  I believe the trade organizations and publications will remain relevant, and we see many of them wisely offering more and more customizable offerings, moving away from the “blast and pray” technique of the late 1960s.  That’s good, because this is an industry where the majority of firms seek to save every dime they can.  When they invest, there’d damn well be an excellent, measurable and sustained return.
  3. Social media—it’s not just about what’s for dinner anymore.      Not too long ago, the standard arguments for not even having a profile on Linked In or Facebook could be summarized by the following statement:  “I don’t have the time.  Besides, why do I care what an old high-school classmate had for dinner?”  It’s true.  Who really does care?  But in 2010, many more began to realize that Linked In and its ilk aren’t going away.  And maybe, just maybe, there’s more to be gained there.  Such as:  who’s changing firms?  Who’s introducing new products?  What do my peers and customers think about the market or the industry trends?  In 2010, we saw many more holdouts at least begin to dip their toes into the pool that is social media.
  4. Sales and marketing began to converge.     I’ve discussed this before.  Once upon a time, sales was about the relationship.  Marketing was the pretty pictures and feature/benefit bullet points.  But with the advent of the Internet, information overload and lean resources, the tolerance of our prospects has dropped dramatically.  Bottom line is that we make time for human interaction, but are annoyed by hard pitches without the foreplay of conversation.  As a result, and with the help of many great new marketing communications channels, marketing too, became more about the value provided by the marketing itself, and less about pounding the target with product specs.  Webinars, Facebook pages, newsletters and the like represent more opportunity for two-way dialogue, and are moving us away from the monologue of advertising.
  5. Media relations became a viable and cost-effective way to get the word out.      Maybe it was the dramatic cut in advertising budgets.  Maybe the light went on that the credibility gained from having a respected third party tell the firm’s story was worth the effort.  And maybe an industry used to controlling every last detail finally became willing to take the risk of allowing someone else to be the comma jockey on their story.  Whatever the cause, I believe we saw many more firms in the industry warm up a bit to the thought of proactively approaching the media for coverage.

Indeed, we came a long way in 2010.  But we still, in my opinion, have a ways to go in 2011 with our marketing communications.  Among the items I think we’re faced with are the following.

 

  1. We need to move further away from monologues and towards dialogue in our materials.     Yes, the industry is using more Webinars and e-newsletters.  But I still notice we have a lot of “lurkers” in the social media forums, and not a tremendous amount of give-and-take in open places.  For content marketing and social media to truly work, we have to take the risk of open dialogue.  This one may take some time in a highly competitive and highly regulated industry.  But it can happen, and I believe the firms that grasp this will benefit tremendously.
  2. Marketing “strategy” still tends to be tactical.      No, this is not for everyone (especially my clients!).  But I still see many firms who view marketing as something to be done in their spare time.  Many still don’t have consistent or appropriate key messaging, quality Web sites or even quality materials.  For these businesses, the “strategy” is a quick flyer at the lowest price.  Unfortunately, the return on such investments is fairly predictable.  Sadly, in many cases, those firms mistake poor execution for an ineffective medium.  Whether you believe it or not, marketing communications is a critical part of revenue.  Too many businesses in our space still don’t believe that.
  3. We need to take a few risks.         To be honest, this applies to every industry, not just ours.  Yes, it’s a rough time to throw money around and take risks.  The “book” tells us we need to sit on any cash we have until we have some market certainty.  I can’t argue that.  But I vehemently disagree that this entails heading to the bunker until the all-clear sounds.  Calculated risks can actually help a firm separate a bit and find the pockets of opportunity that remain, even in this turbulent market.  One of those risks can be loosening up the traditional ideal of marketing communications.

Well, those are a few of the marketing communications trends I’ve seen.  Agree?  Disagree?  I’d love to hear your thoughts, and will post them if they don’t involve swearing at me!