There has never been a more pivotal moment for mortgage CMOs than the current lending environment. As mortgage rates have risen to a 15-year record high, navigating your sales team’s needs and shrinking budgets has never been more complicated. A modern mortgage CMO must have mastery of technology, marketing, sales, compliance, and content to bring the value that mortgage companies need today. Let’s explore some of the top traits of an industry-leading mortgage CMO:
1. Strategic Thinking: A modern mortgage CMO must be capable of formulating creative and effective marketing strategies that align with the company's objectives and roadmap.
2. Data Analysis: They should possess strong analytical skills to leverage mortgage data and derive meaningful strategies for driving future sales.
3. Digital Proficiency: A thorough understanding of digital marketing trends and technology is essential. They must have command of social marketing strategies and be able to create not only a mortgage brand that resonates, but also support the loan officers with scripting, ideas, and content.
4. Customer Orientation: They need to understand homebuyer needs and preferences to develop personalized, targeted marketing strategies.
5. Leadership: The proven ability to lead and inspire a team is a central attribute. Their team should be empowered to help LOs reach their potential and understand how to support the brand nationally.
6. Innovation: A modern CMO should have the capacity to innovate and adapt to changing market trends, understand the roadmap of all technology being deployed, and know how to integrate those platforms.
7. Communication Skills: They must be exceptional communicators, capable of conveying their vision and strategies effectively.
8. Collaboration: They should be able to collaborate across departments to ensure a unified approach to marketing. In the mortgage arena, it is increasingly important for there to be collaboration among compliance, technology, and marketing -- and the CMO must know how to speak each of those languages.
9. Problem Solving: The ability to tackle challenges and creatively solve problems is paramount, as is cooperation between leadership and sales.
10. Ethical Understanding: A modern mortgage CMO should understand and adhere to ethical standards in marketing and showcase all types of loans to customers from all backgrounds.
11. Budget Management: A proficient CMO should possess the strong financial acumen to efficiently manage budgets and allocate resources wisely.
12. Brand Management: They must understand how to build a national mortgage brand and maintain a strong brand identity that resonates with homebuyers, Realtors, and business partners. The brand must be their singular focus.
13. Project Management: Well-honed project management skills are indispensable when it comes to executing marketing campaigns that are successful and on schedule.
14. Customer Relationship Management (CRM): Deep knowledge of CRM systems and strategies is vital to managing relationships with customers and potential customers. The ability to create personalized journeys for every connection is also tremendously important. A mortgage CMO should know what CRM will work best for the company’s 3, 5, and 10-year plans.
15. Adaptability: In the fast-paced world of marketing, a modern mortgage CMO should be adaptable and resilient in the face of change, willing to listen, and ready to shift strategies as needed.
It’s a tall order for the modern mortgage CMO, but 2024 will be a year that redefines the needs of loan officers. Being creative and strategic is the way that great CMOs will help their teams win. When vetting your marketing leader, be sure to ask them for examples of tactical ways to move the needle and a proven history of building a national brand for a company.
If this list seems intense, know that there are easy ways to outsource your marketing to experts in mortgage technology and marketing. We can help.
