We work with lenders across the country to help them leverage marketing automation so that they can attract potential new borrowers, keep current borrowers informed and past borrowers connected for future business or referrals while increasing customer satisfaction.
Invariably, lenders what to know what kind of marketing programs we have, how effective are campaigns are, what type of templates we have and how customizable the system is and best practices or examples from other successful lenders. Lenders want to know when they can start emailing prospective borrowers, how soon they will be getting leads and why it is not happening faster.
These are all good questions, but what amazes me is that they always want to jump to the marketing materials before we even discuss the most important first step. So what is the important first step that many lenders look past?
The first step is discussing the condition of their marketing database. You would be shocked at how many lenders say that they want to start marketing immediately but when asked about the condition of their marketing database we hear things like this—“I think we have a list from the last couple of trade shows”, or “don’t worry about that we will send it over to you later”, or “I think we have a spreadsheet with that information somewhere.”
Unfortunately, these and many other similar responses indicate that the marketing database is not in the condition needed to fully maximize new and evolving marketing strategies. Would it surprise you that many trade show lists only include a physical address and not an email address? Or that lists that you buy online don’t always include the person’s full name, title or the physical address? O the information is outdated and has not been updated in years? At this point the lenders database is definitely a liability.
If the keys to successful marketing to todays millennial home buyers include a dynamic mix of print and digital marketing materials delivered in a highly personalized manner specific to that individual when they are searching for a home, isn’t it absolutely critical to have a clean marketing database with as much information about the potential borrower as possible?
The companies that are most successful at attracting new borrowers understand that one of their greatest assets is their marketing database. It is the lifeblood of their organization and as such, treat it that way.
They understand that to have a clean marketing database takes a commitment on a daily basis to constantly be updating, modifying and cleaning up this information. Information is power, and the companies that have a clean database are in the best position to maximize that information to drive new business.
If you want to successfully leverage marketing automation to attract new borrowers, it all starts with your marketing database, one of your businesses greatest assets.