There's a stark difference between those on top in the mortgage industry and those struggling to compete: the way they target their audiences and generate leads, as well as the way they interact with their prospects and clients. Those who are thriving in a tight market are often looking to target better quality leads with a higher attention to ideal and responsive audiences, rather than wasting marketing dollars on blanket campaigns that aren't very effective.
Not only that, but those who are successfully navigating the current mortgage lending market, are making sure they have more information about their clients and prospects than ever before, allowing them to effectively personalize campaigns, originate more loans, retain more clients, and grow their business through deep attention to data management. With a better picture of their clients and prospects, these lenders are consistently changing and evolving to meet needs, unlike traditional mortgage lenders who aren't yet customizing, consistently analyzing and evaluating campaigns and marketing strategies in view of trends and needs shaped by better data. So how can you make sure that your lending strategies are implementing data effectively and strategically to dramatically increase your marketing ROI?
1. Implement predictive targeting
One of the most effective ways to generate the most responsive leads is to use custom predictive data modelling. There are a few ways to do this.
- Use your own data and client list to create a model. By modelling the characteristics of the people who have actually responded to you in the past, and taking into account your best-performing clients, you'll begin getting leads who look the most like your best customers (often referred to as a "lookalike audience") -- with higher response rates, better payment histories, and more. Using combined mortgage, consumer, and credit characteristics to model your own client list is highly effective and lucrative.
- If custom modelling is too big of a step for you yet, there are shelf models available that will give you a less personalized, but nonetheless effective list for boosting leads. These can be great for prime refinance, FHA refinance, reverse mortgage refinance, and home equity prospects. The data in these shelf models are proven to boost lead performance as they take into account all the characteristics of those who may be more likely to take advantage of your great offer. This is a great way to start combining big data analytics with lead generation if you haven't begun implementing model data into your marketing plan yet.
2. Quickly react to buying signals
There are many ways to gain insight into where prospects currently are in the home-buying or refinancing stage. Taking advantage of research websites, keyword searches, and targeted SEM means that you'll be appearing over and over again while prospects are actively looking for a lender.
While utilizing search engine optimization and keyword targeting is important, an effective way of monitoring a prospect's buying stage is through custom data monitoring. There are many ways to do this, but one of the fastest and most strategic is through custom trigger programs. These programs will enable you to uncover prospects within your credit criteria who are actively searching for a product or service you offer. You'll receive daily alerts of those who have new mortgage inquiries, allowing you to be the first to reach them during the critical early phase of the decision-making cycle. This allows you to convert the most-likely leads, right away.
Trigger programs aren't useful only for customer acquisition; they're also incredibly important for customer retention. By monitoring your own client list, you'll receive daily alerts of your current clients who may be at risk of being in flight, enabling you to reach out to them and retain a customer who may otherwise go elsewhere for a service you can provide them. This kind of on the spot intervention is crucial to maintaining your client list and building rapport and trust among your clients.
3. Take advantage of precision targeting tools
Before you even begin making calls or sending emails, all marketers know to make sure that their ideal audience is clearly defined. Add precise data and you've got a marketing match made in heaven. You know where your market is, what qualifications are going to meet your credit standards, and what products are most effective for certain audiences.
Blanket marketing is rarely effective, and you don't want to waste valuable time, resources, and money on leads who aren't going to meet your standards. Using tools that allow you to market based on age, income, home value, LTV, veteran status, loan amounts, interest rates, purchase dates, etc. mean that you'll have the best information available, and the better your information and data, the better your marketing results.
Using general multi-sourced mortgage and consumer data is useful for building quick, easy, and effective lists, but if you're ready to start making firm offer of credits and invitations to apply, consider using tri-bureau credit data in order to significantly boost your lead quality. Whether it be trigger programs or pre-screen solutions, utilizing all three major credit bureaus means that you'll get more fresh leads every day based on the precise targeting attributes you're looking for.