The most common issue that plagues most lenders is missed opportunities.
You may not know marketers see an average increase of 20% in sales when using personalized web experiences. It’s undeniable that technology has changed the direct mail industry by allowing marketers to now increase their visibility to consumers through integrated marketing campaigns. For many companies, you miss out on this critical discovery because your direct mail and email efforts are splintered. There's no connection between these two channels, so you end up with campaigns operating in a vacuum.
Want to stop people from deleting your emails and ignoring your mailers? You need to pull these channels together. The perfect borrower only happens at a certain point in time, so you have to make sure that you reach them at the opportune moment. If you send out mailers and emails at random, uncoordinated times, you miss out on their decision-making moment.
If you're doing direct mail and email 100 percent effectively together, then check out our other posts. Let's be honest, though - pretty much every lender will benefit from a boost to your conversion rates. By gaining a better understanding of the challenges and benefits that come from integrating these two media channels, you modernize your finance marketing approach and get more out from your prospects.
Remove Contact Barriers
A typical mailer in the mortgage industry focuses on getting the prospect to call for more information or type in a website URL to go to a landing page. The person may be busy with other responsibilities and have no time to act when they first receive your flyer. In far too many cases, the mailer ends up in the trash and your chances at capturing that lead end.
When direct mail and email work together, you reduce the sources of friction preventing the prospect from contacting you. They might not do anything at the first contact, but when they receive a follow-up email, they can easily click through to a landing page.
Introduce Multiple Chances for Action
You increase your customer touch points by using email to stay in contact after they receive your mailers. Each time they see a message from you in their inbox, they are reminded about the flyer and potentially move one step closer to filling out a mortgage loan application. Plus, you expand your reach to the customers who want nothing to do with mailers or calling a company directly.
Personalized, Consistent Messaging
Disconnected marketing channels may lack consistency between the messaging and the offers made, especially if separate teams work on the creatives. Your direct mail team and email marketing team could be working off different data sets, which also increases the risk of inconsistency.
Combining email and direct mail lets you coordinate team efforts and create a unified message. Each prospect gets a customized set of mailers and emails designed to present the most relevant offers for their needs, based on the combined available data.
Countless companies in other industries use some form of multi-channel marketing to fuel their outreach efforts. This environment results in 72 percent of consumers expecting an integrated approach. When you meet these expectations, you tell potential borrowers that you're willing to adapt to new ways of doing things. The mortgage lending industry isn't known for being on the cutting edge of technology, so this helps you stand out.
Gain Competitive Advantage
Integrated marketing is highly effective, but only 25 percent of companies in B2C and B2B companies use it. You see a lot of focus in the marketing world on multi-channel, but many fail to take the extra step of allowing each channel to work together. The mortgage industry moves slowly on the technology front, so you can position yourself as a leader in the industry by combining direct mail and email.
Takeaways to Consider:
Direct mail has ruled the roost in the mortgage industry for a long time it's no wonder the DMA reports an average 3.7 percent response rate across industries.
You simply need to add email into your overall strategy to improve the cost-effectiveness of your mailers and bring in more leads.
Your company might take some time to adjust to an integrated marketing strategy, but it's well worth it in the long run.