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Juggling Your Marketing Dollars: All too many originators are willing to let their pins bounce out of the pattern, and that could be the start of seeing them all hit the ground.

Article Excerpt
There is no doubt that times are tough for those originators that are fighting to survive the current mortgage market turbulence. Dollars are scarce to come by and when they do come in, they are spent on areas originators consider to be high priorities. However, at more than one shop, marketing is not high on that list of priorities. Mortgage marketing experts will tell those originators now is the time to upgrade both their marketing skills and their marketing efforts.

A report from Mintel Comperemedia, Chicago, bears out the facts that marketing has gone by the wayside. If your competition is not marketing themselves, that is an opportunity to get out the word about your company, the report noted.

In 2007, Mintel Comperemedia says there was 2.6 billion direct mail pieces sent out to promote mortgage or home-equity loans, down by 30% from the 3.7 billion sent in 2006.

It found eight of the top 10 mortgage and home equity senders of direct mail in 2006 reduced their total offers last year. Of the firms that cut back, half reduced their direct mail campaigns by more than 60%.

People have tightened up spending, home sales are down, and theres not a lot of faith in the market, says Farah Huq, market research manager at Mintel Comperemedia. With fear of recession and many Americans struggling just to make ends meet, it makes sense that lenders have backed off direct mail advertising for the time being.

Industry sales consultant Dale Vermillion says companies need to measure the success of their marketing efforts...