I recently attended a number of meetings in San Diego at the Mortgage Bankers Annual Convention. What struck me were lenders’ understanding, or should I say, misunderstanding of marketing automation. When asked if they used marketing automation to drive new business to the point of sale most responded by saying “yes, we already have a CRM solution, or we do some email marketing and social media.” Isn’t that what marketing automation is? The answer is a resounding NO.
So what is marketing automation?
Marketing automation refers to software platforms and technologies designed for marketing departments and organizations to more effectively market on multiple channels online (such as email, social media, websites, etc.) and automate repetitive tasks.
“At its best, marketing automation is software and tactics that allow companies to buy and sell like Amazon – that is, to nurture prospects with highly personalized, useful content that helps convert prospects to customers and turn customers into delighted customers. This type of marketing automation typically generates significant new revenue for companies, and provides an excellent return on the investment required.” Hupspot.
Why is Marketing Automation important to lenders?
In order to survive and thrive in this mortgage environment of constantly changing rules and regulations, heightened competition for borrowers and extreme pressure to produce results, you must realize the need to identify high quality business opportunities. It is critical to identify leads quickly and efficiently and then drive them to the point-of-sale with compliant communications for converting them into borrowers. It’s equally important to retain these borrowers and to maximize their on-going value through repeat business and referrals.
Engaging these prospective borrowers in real time across a multitude of channels such as the Internet, email, social media, print, video, and mobile devices highlights the importance of working with a proven mortgage specific marketing automation solution that can bring out the best in your marketing while easing your compliance burden.
This requires a proven enterprise-wide marketing automation solution that supports you and your specific initiatives to address these market conditions. Each person in your organization that is involved with driving growth is empowered to focus on what they do best. For example, Loan Officers are free to close more loans, instead of trying to create marketing materials. C-level executives are presented with sophisticated, yet easy-to-use tools for more effective oversight and management, while marketing managers can demonstrate their marketing genius and compliantly maintain brand consistency across the organization.
Just having a CRM solution (electronic rolodex) or emailing some general marketing messages, and posting on social media every once in a while is not marketing automation. More importantly, it will not consistently and compliantly drive new business to the point of sale. So if you are serious about growing your lending business, it is critical to understand what mortgage specific marketing automation can do for you.
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