Co-branded marketing occurs when two brands with related products team up to win customers. While you may not have heard of co-branded marketing, you have almost certainly seen it before. When you go to the grocery store, you invariably find certain types of products displayed close to each other. Whether it is cookies and milk, chips and salsa or sour cream and those onion soup packets you can use to make dip, grocery stores have learned that certain products naturally go together. When a combination of products clicks with consumers, both brands benefit. The benefits include increased sales and a prominent place in consumer’s minds.
Co-branding works well in mortgage industry as well. Co-branded mortgage marketing can be an effective strategy for both you and your partners.
Choosing the Right Partner
Co-branded mortgage marketing starts with choosing the right partner. You want to choose partners whose products and services complement yours. As a mortgage provider, your product is loans. Your customers are people and businesses who are purchasing properties. To think of likely partners, make a list of the other services your customers need. Real Estate Agencies, Home Inspectors and Title Holding Companies are the obvious choices; with some creativity, you may come up with more.
Putting Co-Branding to Work
The best way to get your feet wet with co-branded mortgage marketing is to partner with a realtor. When your realtor partner works with a potential homebuyer, they will recommend your lending services. When you have a customer interested in buying a new property, you will refer them to your realtor partner. When it works, co-branding benefits everyone. Both partners gain customers, and the customers save the time and energy it would take them to find a lender or realtor. By sharing information, you can improve your marketing efforts further and make your business more efficient. Here are some examples of some direct marketing pieces that incorporate co-branding. Many companies use this strategy to strengthen their partner relationships.
Co-branded mortgage marketing takes a well-known marketing technique and puts it to work in a new setting. It may work well for you.
Here’s another resource you or your team may be interested in: 10 Tips on How to Find, Attract, and Keep Top Producing Loan Officers! Check out these ten powerful tips to help you build and keep a top producing team.