As published in Scotsman Guide's Residential Edition, July 2011.
Today’s mortgage consumers have vast amounts of information available to them. In many cases, social networks like Facebook, LinkedIn and Twitter represent consumers’ preferred method of accessing that information. Those same social networks let consumers maintain relationships and find referrals easily. This fundamental shift has led mortgage originators to seek new ways of marketing.
Social media, customer-relationship-management tools (CRMs), e-mail and website marketing have converged to provide greater opportunity for revenue growth, work efficiency and relationship-building.
To help originators with their marketing workloads, technology developers have come up with tools that can help win the hearts of information-rich customers.
The benefits of these tools include:
A wider audience;
Time savings; and
Better relationships with prospects and clients.
By breaking marketing tools into four categories, we can discuss how they differ from and complement each other. In turn, you can determine which tools work best for your business and how much effort to commit to each one.
Growing your contact list via social media requires time and effort. It’s largely a manual process, wherein one user invites another user to become a friend, fan or follower.
Many originators successfully encourage customers and prospects to join their social media networks, often with something as simple as a link embedded in an e-mail signature. Others use marketing techniques such as giveaways, coupons and contests to drive membership and network growth.
Establishing a following, however, is only a first step. It’s also critical to maintain social media visibility by providing news and opinions that engage potential customers. Many tools can help simplify this task.
For example, some applications let you write one message and deliver it to all your social networks with a single click. Other tools can post to social networks via sent e-mail messages. Chances are, new tools providing other options will continue to emerge for some time.
All of these options help you build your brand and increase people’s familiarity with who you are.
The ideal CRM will let you create targeted marketing campaigns by sorting borrowers by specific criteria.
A CRM will comb through your prospect and customer files and identify individuals with adjustable-rate mortgages (ARMs), above-market interest rates and expiring prequalifications. This information will let you approach prospects and clients with offers tailored to their needs.
A good CRM also can find prospects effectively and maintain connections for months with little human effort.
Previously considered heavy-duty applications reserved for large enterprises that could afford the expense, CRMs have evolved into agile and easy-to-use solutions that are affordable enough for small companies and sole proprietors.
Page: 1 2 Next