What Is Integrated Marketing?
The marketing landscape for finance companies has changed drastically over the past decade. Previously, most of your marketing efforts focused solely on Direct Mail. You had the occasional television commercial, some newspaper ads and a basic website, but your bread and butter came from the mailers. Today, you have dozens of channels to consider, a complex marketing technology ecosystem and the changing expectations from your borrower demographic.
You face many roadblocks when meeting your customer acquisition goals in the modern marketing era. Prospects use multiple channels when they're researching mortgage loans. They come to you with high expectations and don't make contact until much later in their borrowing decision process. Every interaction counts when prospects have a dozen lenders available a few clicks away.
The sheer number of marketing channels makes it easy to spread your resources too thin. When you split your attention between too many options at one time, your efforts across the board suffer. If you aren't getting the most out of each channel, your cost per acquisition climbs at a steady rate. You need a different way of doing things.
Introducing Integrated Marketing
Integrated marketing is a unified strategy for your customer acquisition efforts. You link your marketing channels together to leverage their strengths and compensate for their weaknesses. Each channel builds upon the other throughout the campaign, delivering a consistent marketing message that's reinforced with every prospect interaction.
The difference between integrated marketing and multi-channel marketing
integrated marketing sometimes gets confused with multi-channel marketing. After all, both employ multiple channels in a finance marketing campaign, but the way they use these channels differs in a few significant ways. Multi-channel marketing strategies often use different teams for each aspect of the campaign. Email, direct mail, social media and your website are developed separately. They have guidelines to keep messaging, branding and other essential elements consistent, but each channel operates independently.
In integrated marketing, you look at how each channel interacts with the other. You want them to work in harmony so you continually move a prospect closer to filling out a loan application. All parts get developed together, which creates strong media integration with every component. Direct mail, email, landing pages and Google remarket cooperate to improve your response rates.
Why Integrated Marketing Boosts Response Rates
Think about the way you handle your current finance marketing efforts. Your mailers go out, but you only follow up through the same medium. Email newsletters, display ads and landing pages don't work together in a concentrated effort. They all have a common goal, but they start at the beginning every time.
Integrated marketing allows you to shape your messaging so you move the prospect forward. You build more brand awareness and trust with every interaction and use multiple channels to get your message noticed. Your leads may overlook a mailer but pay attention when a reminder email hits their inboxes. Personal landing pages and remarketing give you more ways to improve the effectiveness of your efforts.
Takeaways to Consider:
You encounter enough challenges in the mortgage industry. A rising cost per lead shouldn't be at the top of the list.
Integrated marketing gives you a way to navigate the competitive mortgage industry and get the most out of your leads.
In our next post, we'll discuss exactly what an integrated marketing campaign for a mortgage lender looks like.