Despite recent dips, the mortgage industry is still a huge business. However, it’s a competitive and crowded marketplace for a mortgage broker to operate in, particularly at a time when there is less business to be had overall.

Google Ads can help a mortgage adviser get more clients, but there are many details specific to the mortgage industry that need to be understood. Expert advice is often essential, but we will talk you through some of these complexities in this newsletter.

Understanding Google Ads

Google Ads is a paid marketing platform that allows you to prominently promote your services on search engine results pages, appearing above organic listings. Your advertisements are displayed when users search for your designated keyphrases. You don’t pay to have your ad displayed; you pay a fee each time a user clicks on your content. How much each click costs depends on how competitive the search phrase you are targeting is.

This method of marketing is often seen as a fast-track option as you can theoretically set up a campaign and start generating leads right away, whereas other forms of marketing can take several months to show results. However, when you stop using Google Ads, those leads stop.

Google Ads for the mortgage industry

For many industries, Google Ads have an excellent ROI. However, since the cost per click is based on how popular a search phrase is, this means they can also be expensive. Unfortunately for those looking to gain mortgage leads, the mortgage industry is one of the most competitive when it comes to Google Ads.

As mentioned, the mortgage industry is a highly competitive space, which intensifies the Google Ads system, pushing the cost per click up. There are also a lot of prominent industry leaders, with what often seems like unlimited budgets, vying for the most popular keyphrases.

It’s not all doom and gloom for smaller mortgage firms looking to gain new leads though. It’s true that you do need to have a decent budget to compete, however it’s more important to have someone running your campaign that knows exactly how Google Ads works in relation to the mortgage industry.

It’s imperative to have a mortgage-specific Google Ads expert on your side when it comes to the verification process which everyone must go through. It can be tricky to get right and many firms find themselves banned for minor mistakes, which can be costly and takes time to set right.

Different types of keyphrases

A keyphrase is simply the word or phrase you are targeting with your Google Ad, determined by the language users type into Google when searching for your services. Keyphrases are split into two categories: short and long-tail.

Short-tail keyphrases are broad in meaning and intent, and often have high search volume, making them competitive and therefore more expensive. They usually consist of one or two words, such as “mortgage” or “mortgage broker”.

In contrast, long-tail keyphrases are more specific and allow you to target specific, niche searches. They tend to consist of three to five words, however they can be longer.  Examples of long-tail keyphrases include “mortgages for first-time buyers”. Whilst a lot of long-tail keyphrases are still very competitive, there are lots of opportunities to target less competitive, but still highly relevant combinations with lower search volumes.

With the above only being part of the process, you can start to see why having a mortgage-specific Google Ads expert is necessary!

Local vs national targeted Google Ads

When creating a Google Ads campaign, you can choose to display your ads nationally and target a wide audience or operate within a certain radius e.g. locally. For businesses that only service a certain area, local targeting is the way to go for obvious reasons. However, businesses that work with clients nationally, have a decision to make.

Operating a Google Ads campaign nationally likely means competing with the bigger businesses and higher budgets. Your ads will still be shown, however your budget will be used quicker and then your ads won’t be displayed again until your budget refreshes. The reason this is problematic is that consumers don’t usually see an ad once and make the decision to progress – they go through a process where they are likely to do multiple searches. If your budget is such that your ad is only seen once, you are unlikely to gain that lead and your investment has likely been wasted.

As such, locally targeted Google Ads campaigns are often most suited to those with smaller budgets. Local ads allow for budgets to be used more conservatively, showing ads multiple times to increase exposure to those at different stages of their search journey, which is more likely to result in a lead. However, it’s important to note that the cost per click can vary greatly between locations, with larger cities having a higher cost per click but more search volume compared to smaller towns with a lower cost per click but lower search volume.

The specialist team at WEBPRO Mortgage is here to help you with all of your marketing needs, including setting up and managing your Google Ads campaign and personalised landing pages.

The importance of landing pages

A landing page is the page a user is taken to when they click on your Google Ad. It’s a vital step in the conversion of an enquiry into a client and it must be done right.

Each of your ads must have its own landing page. This is because a landing page has to focus on converting to a lead for that specific service – having unclear messaging will confuse and frustrate the user, causing them to ‘bounce’ or leave your website. The copy should be sales-driven and to the point and the design should be eye-catching. Everything on the page should be about gaining the lead.

The most important area of a landing page is where the enquiry comes in. There are many ways to do this within the mortgage industry:

• Having a form on display as soon as the users comes to the page
• Having a button that displays a form when clicked
• Having several buttons for users to choose their route e.g. which type of client they are
• Having a box for users to enter their postcode

There are many options available, and it is often not clear which one is best without testing. That is why you need to work with a Google Ads specialist that knows the mortgage industry and can determine the best enquiry routes to test, adjusting the method based on results.

Google Ads expertise with WEBPRO Mortgage

As we’ve shown, the Google Ads system is complex for mortgage brokers. It’s a competitive industry with lots of big players with even bigger budgets. But smaller organisations can still take advantage of this profitable marketing channel – you just need someone who knows what they are doing to ensure you make the most of the budget you have available.

Recap: Google Ads is where you display an ad at the top of search results and pay a fee each time your ad is clicked on. It’s especially competitive within the mortgage industry but there are ways to take advantage of smaller budgets by focussing on long-tail keyphrases and more localised targeting. Whichever way you choose to go with your campaign, a good landing page is essential to conversion.

WEBPRO Knows

Research shows that 75% of internet users feel that Google Ads make searches easier. That’s what makes Google Ads such a good marketing strategy.