Due to the ongoing Coronavirus pandemic, a lot of people’s short term financial plans have changed, with some also factoring COVID-19 into their longer term thoughts. Equity release is of course no different, and brokers need to react to this, as do their marketing teams.
A recent survey by Over50schoices.co.uk found that in a sample of over 2,000 people, almost half of those who were going to take out equity on their home still planned to do so. Meanwhile, a third are waiting for things to get back to normal and only a sixth have completely shelved their plans for equity release.1 So there are still ample existing opportunities out there, with others likely on the horizon too.
What does this mean for marketers for equity release brands?
The world still turns
We’ve taken a quick look at people who were already considering equity release, but what about those who weren’t?
People will still be looking at their financial options, and many who weren’t thinking about options such as equity release before may have started to ask new questions. Perhaps it’s the unusually low interest rate, maybe it’s a reassessment of priorities.
With economic situations evolving, it is your responsibility to ensure that they have someone informed and reliable to consult with. This is why your marketing team needs to be actively reaching out to this curious audience, so that it’s you they seek help from rather than a competitor who was savvier with their activity.
No face-to-face? Find the alternatives
Just because you can’t meet people face-to-face, doesn’t mean their concerns and desires have gone away. Many will wish to call you up for initial enquiries and consultations, but after these initial conversations some may also wish to put a face to a name.
For scheduled meetings that would previously be done in person, there are an abundance of video call options for times when remotely conducting business is feasible. However, with Zoom, Microsoft Teams, WhatsApp, and Google Hangouts being new for a lot of people, you will need to make sure you’re accommodating people of all technical abilities.
Having simple, easy-to-follow guidance on setting up video conferencing will help to ensure that none of your clients are left in the dark when it comes to seeking out your services. The advisers whose marketing teams take the time to provide this guidance will be far more likely to deliver a satisfactory result than one who frustrates potential clients.
Is your messaging still going to connect?
Of course, the reasons some people may have wanted to take out equity on their home six months ago compared to now may be different. Your research back then may have shown that funding a luxury round-the-world cruise was the primary motivation for your clients, is that the case now?
Maybe they want to ensure that their loved ones have a bigger financial safety net, or that spending more time in the house has highlighted a desire for refurbishments or a home makeover. Understanding where there are fluctuations in audience motivation will help inform your communications to better match what potential clients wish to learn about.
If you are considering using paid social as part of these communications, it’s worth perusing some of the advice in our blog on marketing to the over 50s for some ideas about how to effectively target them using paid channels.
If conversations matter, so does attributing them
The first conversation you have with someone considering releasing equity on a property is a crucial opportunity to gain an understanding of how best you can serve their needs, and build a solid relationship going forward.
But if you don’t know what marketing activity is driving those calls, you risk making uninformed decisions that could waste your budget and reduce the number of people finding you when they need you.
If you’d like to avoid this problem - and improve the ROI of your marketing - then call tracking will help eliminate the blind spots that cause such errors. You’ll see the source of calls across multiple website visits right down to the keyword level, as well as any display ads they might have seen on their journey before making a call.
Start a conversation with Infinity to find out more about how you can efficiently receive more of the calls that matter to you.
Resources:
1) One in six ditch equity release plans due to Coronavirus, WhatMortgage (23rd March, 2020)
