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You also can specify opt-in lists when you order your data. Opt-in lists contain e-mail recipients who wish to receive future e-mail correspondence. This translates into a more-receptive audience for your e-mail marketing campaign, which can improve your open rate.
Newspapers have always been a favorite advertising medium in the mortgage community. Newspaper circulation is declining in many areas, however, mostly because information is now available and easy to get online.
To make the most of newspaper ads, promote your personal integrity, the ease of doing business with your firm and your superior customer service. Try to avoid advertising rates and terms.
If you advertise rates in your newspaper ads, you likely will attract a lot of rate-shoppers. This is important to note because rate-shoppers are just that -- shoppers. They will jump ship over one-eighth of a percentage point. Is that the type of borrower you want to chase down?
Let's face it: There will be little difference between your interest rate and that of your competitors. Push customer service and work to develop strong relationships with your clients. This will help to foster referral business for you, as well.
Like other methods, direct mail has taken a hit in terms of response rates. Now more than ever, you must review your mailer's content with a fine-tooth comb. Borrowers will look for any indication that there is a catch or that things may not be as they seem in your marketing piece.
Most state laws require that you include a lengthy legal disclaimer when you publish or quote a specific interest rate. But one of the biggest turnoffs to consumers is the disclaimer section of your message.
To get past this, avoid using rates in your direct-mail pieces. If you do, your disclaimer may take up half of the page. You already know that borrowers are looking for the fine print, and your response rate is directly related to their perception of your mailer's content. As soon as readers see a long disclaimer, your direct-mail piece is heading for the garbage.
Avoid advertising interest rates at all. Like with newspaper ads, this will keep you from getting rate-shoppers.
Instead, try something different for your direct-mail piece. Oversized envelopes or postcards and snap-pack-style mailers are proving to be effective in today's market because they draw recipients' attention.
Unfortunately, there is no magic wand that will solve the problems that mortgage professionals now face. The mortgage industry probably won't ever be what it once was, which is why you should get serious about your marketing plans.
Consider spreading your marketing dollars among different methods. This will insulate your business from a downturn in performance from any one media source.
By the same token, you also must take a close look at where your marketing dollars are going and be quick to analyze your return on investment from each form of marketing.
Ron Appel is
national sales director for A+ Letter Service's retail-mortgage division. A+ Letter Service specializes in lead-generation services for mortgage professionals. It also attends many regional trade shows and all shows on the National Association of Mortgage Brokers circuit. To contact Appel, e-mail email@example.com or call him at (877) 905-6245, ext. 265. Visit A+ Letter Service's Web site at www.aplusletter.com/mortgage or write the company at A+ Letter Service, 200 Syracuse Court, Lakewood, NJ 08701.
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