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Real Estate and Mortgage Institute of Canada Inc.
Toronto:
2175 Sheppard Ave E, Suite 307
Mississauga: 1065 Canadian Pl, Suite 203
t: 1-877-447-3642     e: support@remic.ca

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 The Mortgage Agent’s Guide To Niche Marketing

Niche marketing is the ability of a marketer to target a specific group or demographic and design a marketing campaign that answers the needs of that group or demographic. An excellent example of niche marketing can be found in the automobile insurance industry by  companies with a program designed specifically for drivers over the age of fifty. 

This program targets a specific demographic, one that the insurance brokerage has decided offers high returns, and markets specifically to that group through media used by that group. 

In the mortgage brokerage industry the marketing tends to be undifferentiated. Advertisements tend to include several messages, such as offering mortgages to individuals with poor credit, no income, who are self-employed, or who are looking for the best rates. While this casts the widest net, it does not speak to any specific target market. Therefore, no one encountering this marketing will feel like it is speaking directly to him or her, which is a key element of any marketing.

Mortgage brokering in Ontario is regulated by the Financial Services Commission of Ontario (FSCO) and requires a license.  To obtain a license you must first pass an accredited course.  The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is accredited by FSCO to provide the course.  For more information please visit us at www.remic.ca/getlicensed or call us at 877-447-3642


Potential areas of niche marketing for the mortgage agent include:

  • The medical profession

      Often these professionals are self-employed high-income earners with significant debt that could benefit from non-bank products

  • Construction workers

      Often seasonally employed working long hours, they might benefit from specific products from non-bank lenders as well as more convenient methods of applying for mortgage financing.

The above examples provide an insight into what niche marketing might be for the mortgage agent. In all cases niche marketing requires the marketer to identify a potential niche market, research what the characteristics and needs of that market are and either develop or identify products or services to meet those needs.

Whatever the message ends up being, it must eventually be delivered to the public. This can be done in several ways, of which the following is a partial list:

  • Flyers
  • Classified Advertisements
  • Yellow Pages advertisements
  • Promotional items such as pens, fridge magnets, etc.
  • Sponsoring an event
  • Sponsoring an award
  • Hosting or being a presenter at a seminar
  • Delivering coupons
  • Bench advertising
  • Billboards
  • Newspaper inserts
  • Newspaper interviews
  • Magazine articles
  • Newsletters
  • Emails (CASL compliant)
  • Direct mail
  • Your website
  • Social Media
  • Or any means that can deliver a message to a wide audience.

Whatever the message is and however it is delivered, the key to successfully marketing a product or service is developing the strategy and then implementing it.  As P.T. Barnum once said, “without promotion something terrible happens – nothing!”


You may also be interested in our article about managing your client database: Close More Deals By Leveraging Your Client Database
Here’s how to win at your next client meeting: How to Win a Face-2-Face Client Meeting
Looking to get more referrals? Read our article: 8 Dynamite Ways to Get More Mortgage Referral Sources


 
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Sana Zaidi

Customer Relations and Marketing Coordinator at REMIC
Sana Zaidi brings 5 years of visual design and marketing experience to the REMIC Team. She has worked with clients in various industries such as educational and financial services, non-profit, and health. Sana has a Bachelor of Commerce with a focus on Marketing and IT, and a passion for web optimization and enhancing UX. Her role at REMIC involves managing customer relations and daily operations, developing social media strategies, web and print content design and copy-writing.When she's not busy growing REMIC's online social presence, Sana enjoys painting, Snapchatting, critiquing movies, and indulging in a nice cup of caffeine.
Sana Zaidi
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