Your Database is a GOLDMINE, but mining means that you are always looking for gold, have a consistent plan to find it and share the wealth. The model of buying leads to give to real estate agents needs to change, and the best way to capitalize on that is finding leads in your own data.
Here’s how to make sure your database marketing will yield results:
- Sign into your CRM daily. After eight years in the mortgage CRM space, I know that this is not a habit for the majority of loan officers, but signing in means you understand the importance of each contact, and your goal should be nurturing those relationships.
- Segment your audiences. Your list should be broken down into real estate agents, referral partners (financial advisors, CPAs, other LOs), closed borrowers, interested borrowers, first-time borrowers (renters) and so forth.
- Understand personalized marketing. Mortgage marketing is often tone deaf to its audience. If you are sending out a marketing piece for refinances to people who don’t own a home or your marketing is geared toward agents but it’s going to your buyers, you aren’t segmenting correctly or marketing effectively. Think about your audience before creating your marketing strategy each month.
- Fill out contact records. Most CRMs have places for notes and many may offer social media linking so you can quickly review what your contact has been up to before making a call. Leaving friendly notes about their favorite things or members of their family also helps make cold calls warmer.
- Know your tech. A good martech CRM will have many campaigns to choose from as well as avenues of communication. Know when emails and texts go out so you won’t double up on work or messaging.
- Attend a training. There are not many hours in the mortgage workday but attending trainings will make you more proficient and allow you to spend time with the trainers to ask questions.
- Understand the marketing plan. A CRM is just a glorified Excel spreadsheet if there isn’t fantastic marketing to send out. If you don’t have a marketing point person, hire one. Your brand is too important to leave to chance.
- Automate & celebrate. You should have an automatic birthday greeting, loan anniversary email and monthly newsletter that are sent to each person in your database.
- Keep it clean. Have one day each week where you add, subtract, update and review your data. Remember, this is your life’s work, and the bigger your database and the better you treat it, the more you will receive in return.
- Use it. Be creative. Send messages that will produce a good open rate. Sign in every single day and be dedicated to growing your database.
Because time is the most precious resource, new technology can undoubtedly feel like it is creating more work than it is saving, but the benefits of understanding the ecosystem that your company is using and personalizing your marketing efforts will not only save time but provide the best experience for your homebuyers and referral partners. Dedicate 30 minutes each day to mastering the tools in your arsenal, and you will be well ahead of the competition as the industry moves into an increasingly digital world.
To learn more about creating a database that yields results, click here.