Stand out from the competition. Get noticed with disruption. If you want to reach a millennial borrower, you got to shake things up. When it comes to tactics for driving mortgage website traffic and having a lead pipeline that’s constantly filled, doing something that get you immediately noticed seems to be the way to do it.
And there’s some truth to it. That’s why companies spend millions of dollars on 15-30 second Super Bowl commercials. But simply doing something “outside the box” is hardly a growth strategy – and indeed not a wise financial investment in an uncertain mortgage market.
However, implementing innovative marketing, business, and technology tactics have proven to be critical for success, for businesses large and small. The key to doing this right is to discover a consumer need or target market that is currently ignored.
We call this “White Space.”
White Space is where consumers’ unspoken, unmet needs are discovered. White Space is used to spark innovation, and uncover new revenue opportunities by reaching a new consumer or making improvements to the current process.
Whitespace exists in all industries. It’s contained in the unoccupied territory where rules are unclear, authority is fuzzy, and strategy is vague. And it’s here where enterprising originators find the most success for driving innovation, finding new lead sources, and discovering untapped revenue outside of market fluctuations.
Moving From Black Space into White Space
Black space encompasses all the business and marketing tactics you have already tried or incorporated into the business. Therefore, the White Space would be all the opportunities outside that scope. Remember, White Space encompasses the unmet need of consumers, and discovering those needs won’t occur by happenstance.
When Tesla emerged as a frontrunner in car manufacturing, it wasn’t luck. There was an opportunity Elon Musk saw in the White Space by developing electric sports cars.
When Carl’s Jr launched their $6 burger (more than double the price of most fast food burgers at the time), it was a strategic move discovered in the White Space where they found an untapped market in-between “fast food burger” and “restaurant burger.”
Your local fusion restaurant is another example of opportunity born in the White Space. The wine and paint night business is yet another –providing a space to drink and socialize that’s not a bar. Revolutionary!
How can you move into the White Space to reveal new opportunities for your mortgage business? Read below for strategies to get started:
Discovering The “White Space” in Your Mortgage Business
Innovate Upon What You Already Have
The perfect place to uncover areas where your prospects’ and borrowers’ needs are unmet is to examine your current offering. For example, are you still using the same Wix site from when you started your business? Then it’s time to ditch it and launch a professional mortgage website.
Are you still using your personal social media profiles to market your business? Then it’s time to not only create new consumer-facing profiles, but it’s also time you create a strategy and budget for digital marketing for mortgage leads.
Target A Separate Consumer Segment
If you’ve been struggling to reach enough prospective borrowers for your main loan product, it would be worth exploring a segment of that consumer market. For example, if your main product is FHA loans for first-time buyers, consider whether there is a separate pool of loan prospects within that target market (this is similar to the Carl’s Jr example mentioned above).
By moving into the White Space, you may discover that there is a growing Hispanic population in Denver and surrounding areas. Or the White Space may reveal that there is an influx of tech professionals relocating to your state. These subgroups would benefit from an FHA loan. However, reaching them requires a refined tactic.
Analyze What Makes Your Mortgage Services Different
Many mortgage companies make the mistake of trying to be everything to everybody. While there’s value and truth that you can do every type of loan, consumers tend to trust professionals that are specialists. The specialization could come from a particular loan product, expertise in financial challenges, locale, or even association with a distinctive group such as law enforcement or being bilingual.
Your specialization could also come from other sources, such as exemplifying your modern lending capabilities or demonstrating care by humanizing the borrower experience.
So if you haven’t already pinned down what makes your mortgage business different from your local competition, move into the White Space to reveal it. If you already know your winning difference, use the White Space to lean into it harder. Doing so can help you find ways to strengthen your branding and uncover new tactics in lead generation.
White Space is a much-respected and innovative practice that can help mortgage companies build their niche in a crowded market. Remember, it’s not just about standing out or thinking “outside the box” —White Space is a place to discover ways to reposition your business and maximize opportunities from the unmet needs of consumers.
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Looking for more ways to move your mortgage business into the White Space? Talk to an account executive today to learn more about our brandable and stackable digital mortgage tools that help you to customize the lending experience to any target market.