Big Data triggered rapid change in the mortgage industry, and providers need to catch up. In particular, mortgage lead generation is on the front lines of this new direction.
Earlier, we discussed general changes in lead generation and some ways to keep. Today, we’ll dig a little deeper into mortgage lead generation.
Digital and Direct Trends in Mortgage Lead Generation
First, it’s important to note that the shift to online lending doesn’t mean non-digital marketing gets left behind. Direct mail, word-of-mouth, and partnerships, for instance, still have their places. However, digital methods are certainly on the rise.
For example, CRM systems now help lenders market better. Customer relationship management (CRM) software is essential in today’s business culture. That’s because this software allows mortgage providers to track prospects and clients from lead to closing. As a result, lenders increasingly make this critical investment.
Additionally, CRM systems are more powerful when paired with customer segmentation. For instance, partners like Propelo Media can gather prospect data like credit scores, second mortgages, loan types, and interest rates. Afterwards, this data targets messaging to a receptive audience. Finally, CRM software provides analytics and insights to customer segments.
The Power of Segmentation in Mortgage Lead Generation
Today, mortgage lead generation requires productive customer segments. Segments may be based on
- Interest Rates: Reduce your marketing spend by filtering out homeowners who already have a low interest rate. Instead, focus on those with higher rates.
- Equity: If your audience has little to no equity, refinancing doesn’t make sense. So, help each marketing asset work harder by targeting refinance offers to the right prospects.
- Renter vs. Owner: Use data points to generate leads who rent, rather than own, their home. As a result, you’ll target potential first-time home buyers.
- Veteran Status: Obviously, if you offer VA-specific loans, segment based on veteran status. Identify vets in order to narrow your target audience. Recently, Propelo Media helped a mortgage provider target veterans geographically for maximum conversion.
Ultimately, a mortgage company offering specialized loans shouldn’t have generalized marketing. Segmenting based a niche makes each asset more targeted and productive.
Back to Basics for Mortgage Lead Generation
At its core, lead generation in the mortgage industry hasn’t changed. However, it appears different as technology advances enable evermore intuitive solutions. The first step of any campaign, though, is still identifying a target audience. Once that’s done, a data-driven marketing partner works to answer the question, “What data points align to the people in that audience?”
For maximum effect, leverage leads generated by identifying and tapping these data points with omni-channel marketing. A receptive audience and synchronized messaging across online and offline channels dramatically increases conversion.
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