What Are Buyer Personas and Why Should Your Mortgage Company Care?

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June 25, 2015 | By RGR Marketing Blog

What Makes Your Mortgage Customers Tick?

Like acting, effective selling is all about the creation of relationships. After all, if you landed a starring role in a movie or theatrical performance, you’d want to know as much about your character’s backstory as possible, and you’d also research the backgrounds and motivations of the supporting characters you’d be interacting with.

The more you knew about the characters in the story, the easier it would be to give a persuasive performance. Mortgage marketing isn't that much different, as it turns out.

We’ve all seen sub-par performances in movies, where the characters seemed one-dimensional and unconvincing. When that happens, we have a tough time sympathizing with them, and we don’t find ourselves drawn into the story.

We’re not discussing the finer points of cinema, so let’s bring it back to mortgage sales. In your story, your prospects play a very important supporting role. They’re the people who can help your business succeed. But in order to make them want to be a part of your success story, or more accurately, to make them want to cast you in a supporting role in the story of how they became homeowners, you’ll need to create strong relationships with them.

And the more you know about them, the easier it will be to do just that. That’s where buyer personas come in.

What’s a Buyer Persona?

A buyer persona can be defined as: “…research-based archetypal (modeled) representations of who buyers are, what they are trying to accomplish, which goals drive their behavior, how they think, how they buy, and why they make buying decisions.”

To put it another way, buyer personas are semi-fictional characters based on real people: your existing customers.

Demographics are useful, but they’re only a part of the whole picture. Buyer personas allow mortgage professionals to gain a much deeper understanding of their clients.

How to Develop Buyer Personas for Mortgage Marketing

To create an insightful and useful buyer persona, mortgage professionals should incorporate a broad selection of pertinent information, starting with the general demographic data: age, gender, marriage and household status, geography, education level, career, income, and other broad-stroke categorizations.

Once the basics are in place, it’s time to give the buyer persona “character” more depth. What do they do in their spare time? What gives their lives meaning? Which media outlets do turn to for entertainment? Which news sources do they trust? What are their pain points?

Answer these questions for your existing customers, and you’ll start to see certain trends emerging. The common threads that connect different members of your client base should become key traits of your buyer persona. You may also find that your business serves several different buyer personas.

Why Buyer Personas Matter

Once you gain an understanding of the characters that can help your business succeed, you’ll be able to market mortgages to each buyer persona more effectively.

Today’s consumers have grown weary of the bland, one-size-fits-all marketing approach. They expect to be engaged on a more personal level. And while creating a different marketing strategy for each of your key buyer personas is more work than simply shotgunning a generic message out into the world, you’ll find that it’s also much more effective at creating strong business relationships.

And if you're interested in jump-starting your mortgage marketing efforts for the second half of the year but don't have a ton of time or effort to lend to it, then consider buying quality mortgage leads today from RGR Marketing -- we've got the best leads in the business!

[Photo Via: Inlanta]

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