Boost your loan portfolios with these data-driven mortgage marketing ideas and tips that engage and convert.
Across the nation, we’re seeing rising interest rates, increasing home values and low home inventories. That may have consumers wondering if they should stay put and refinance, use a HELOC to update their home — or buy a new home now, before prices climb even higher. Despite the fluctuation, the one constant in the current mortgage climate is that consumers will still need to borrow money. For financial institutions, this creates fresh opportunities to fine-tune mortgage marketing strategies to increase customer retention and acquisition.
The data-driven mortgage marketing strategies below can keep customers and prospects engaged with home equity products, refis and purchase mortgages in a fluctuating housing market.
The Most Effective Mortgage Marketing Starts with Education and Awareness
As a financial services marketer, you have your pulse on current interest rates, as well as different loan products, and their unique features and benefits. By passing this information along to your customers and prospects in an educational format, you can create awareness of suitable borrowing options— and initiate a conversation that can ultimately help them find the best loan product for their needs.
For even greater impact and ROI, take this educational approach a step further by joining it with your treasure trove of customer data. This will allow you to identify customers and prospects who have borrowing power, and to pinpoint which product types are likely to be of most interest to each person. With those details, you can deliver personalized, highly relevant messaging that helps each person move more easily through the sales funnel.
Leverage Data to Drive More Customer-centric Mortgage Marketing Tactics
Exactly how can that customer data be used to inform your mortgage marketing tactics? In a nutshell, by helping you separate customers and prospects into different groups based on their wants and needs. For instance, you know that a home refinance marketing campaign shouldn’t look identical to a homebuyer campaign. By digging into your data, you can identify which customers or prospects should receive which campaign.
The financial marketing tactics below can help you leverage data to guide your mortgage marketing campaigns toward higher acquisition, retention and conversion rates.
Identify sellers and buyers.
Most mortgage lenders rely on credit bureaus to identify consumers who have recently applied for home loans, and then target them with a mortgage campaign. At CCG, we use premover data to identify potential home sellers and buyers sooner. This lets you reach out to them before the competition, so you can start to build relationships and grow leads.
Segment refinance prospects versus homebuyers.
This allows you to send personalized offers that are relevant to each group’s particular interests and needs. That makes for a much more cost-effective and efficient way to target your intended audience, versus sending a broad, generic message to your entire database. While both of these audiences seek new mortgages, they have different needs.
For example, refinance shoppers are likely to be rate sensitive and willing to shop multiple lenders. By segmenting out this audience, you can send communications focused on rates and what differentiates your products from the competition. You may even be able to show them how much they could save on their monthly payment by refinancing with you.
On the other hand, homebuyers (especially first-timers) are likely looking for more information and guidance. You could offer this group an educational email series about mortgages and the home buying process.
Increase your prospect list with alternative credit risk scoring.
CCG has created a Credit Risk Score (CRS) that uses public data to provide a risk assessment without using the credit bureaus — all while complying with fair lending practices. Using a CRS lets you increase your mailing pool by identifying lower risk prospects for your mortgage loan marketing messages.
Content Marketing as a Mortgage Marketing Strategy
Content marketing can help your financial institution attract and retain loan prospects by increasing brand awareness and positioning your company as a trusted source of valuable information. Whether you distribute value-added content through blogs, videos, infographics or your website, there’s a nearly endless supply of financial topics that can provide a wealth of useful information to current and potential customers. Letting data drive your choice of topics, and even your delivery channels for different audiences, can increase the impact of your content marketing efforts.
Educate prospective homebuyers.
Providing trustworthy information can be especially important when communicating with prospective mortgage borrowers. This group may have lots of questions, need more education and require extra handholding as they go through the stages of the homebuying process.
For example, when targeting this group, you could develop a checklist of tasks to complete before applying for a mortgage or an article on how to check your credit report. Then deliver it through multiple channels, such as an email, a blog, on your website or via social media.
Expand your home equity and mortgage refinance marketing campaigns.
Unlike homebuyers, prospects for home equity and refinance loans likely need less handholding since they’ve already been through the homebuying process. Content geared to these groups should demonstrate your financial institution’s value by focusing on educational and informative content that helps borrowers recognize a potential need. Then continue to use content to help move them through the sales funnel.
For example, you could develop an infographic that provides “signs it’s time to replace your roof,” an article that shares “the benefits (and many uses) of a home equity loan” or a list of the “top tips to ease the refinance process.”
Incorporate Digital Mortgage Marketing Best Practices
With the majority of loan searches beginning online, it’s crucial to provide an optimal user experience by keeping mortgage marketing messaging consistent across your channels and platforms. In addition, be sure to check your website and mobile app to make sure they offer a seamless customer experience. Leverage your email lists, which can be a low-cost and efficient way to engage with prospects and deliver value-added content. Finally, be sure to deliver messages with relevant offers on your customers’ preferred channels.
Consider CRM and Traditional Retargeting Campaigns
Retargeting is a cost-efficient way to turn borrowing prospects into customers. CRM retargeting takes it a step further by using your offline data (such as a physical mailing address) to identify prospects. These prospects are then delivered personalized online ads, regardless of whether they’ve been to your website or visited your local branch. To increase engagement and grow leads, for example, a mortgage marketing idea might be to use CRM retargeting to deliver Invitation to Apply campaigns to a select audience.
Stay Ahead of the Competition with Data-Driven Mortgage Marketing Strategies
The housing and mortgage loan industries will likely continue to fluctuate. The financial institutions positioned to thrive will be those who have marketing strategies in place that can effectively leverage data. This will position you to communicate with customers and prospects early and often, educate them about their individual borrowing needs — and build the kind of trust that puts you on track to increase engagement and loan conversions.
Does your team need help using data to increase mortgage loan conversions? CCG’s financial marketing experts have helped financial institutions deliver the right message to the right customer at the right time. Our financial marketing solutions and services include customer data, analytics and research, as well as value-added financial content and creative strategy.