How many marketing “touches” do you think are required before a cold prospect becomes a solid lead? Three … five … 10 or more?
According to the Online Marketing Institute, the answer is up to 13 or more touches. And this is just to get prospects to the point where they have provided enough information to confirm that they are truly sales-ready leads worthy of your focused sales attention.
Why More Sophisticated Marketing is Required Today
If this is true, then why do so many financial services marketers think they can just send out a direct mail piece and wait for the leads to come pouring in? Generating solid sales leads today requires a much more sophisticated marketing approach than this.
More specifically, it requires an integrated approach to marketing that incorporates multiple sales and marketing channels so they all work together seamlessly and cohesively. This integrated marketing approach has been used successfully in some industries for years, but it’s still relatively new in mortgage lending
It’s high time for this to change.
Think about it: You’ve probably spent a lot of money to acquire qualified leads for your mortgage loan products. These prospects meet your underwriting criteria — for example, they have a high credit score, have been in their home for the right number of years, and their current interest rate is higher than what you can offer.
So why would you send them a single piece of direct mail and then just sit back and hope for the best? Or even worse, why purchase internet leads where your marketing dollar only helps their brand? Doing these is not just ineffective, but it’s irresponsible.
What Does This Approach Look Like?
Typically, the best practice of an integrated marketing approach starts with a direct mail piece containing a URL for a landing page personalized for each recipient. Once there, recipients can click on links to request a contact or fill out a loan application.
Next, a follow-up email is sent to the recipient reinforcing the direct mail piece. The email includes a live link to the personalized landing page where visitors can take appropriate action. The campaign can then be taken a step further with Google Remarketing that displays online ads to visitors who didn’t take action.
Proper social media integration is another key component of integrated marketing. A Huffington post article recently pointed out how online lenders, specifically industry disrupters such as LendingClub, Kabbage and OnDeck have grown exponentially by using social media as one of their main marketing channels. LendingClub, a major peer-to-peer Fintech player, integrates its direct mail, landing pages and social media well. The downside is they don’t take full advantage of personalization by only offering a single generic landing page for all prospects.
Even traditional financial services firms are integrating social into their marketing mix, notes the article. American Express, for example, is linking customers’ AmEx cards with their Facebook and FourSquare profiles to offer targeted deals based on their “likes” and “check-ins.”
Reassessing Your Marketing Thinking
If your institution isn’t utilizing an integrated marketing approach like this, then it’s time to reassess your thinking about mortgage loan marketing. Otherwise, you’ll fall further and further behind your competitors who do.
- It takes up to 13 or more touches before a cold prospect becomes a solid lead.
- Generating solid sales leads today requires an integrated approach to marketing that incorporates multiple sales and marketing channels.
- Proper social media integration is a key component of financial services integrated marketing.