When using data collected to target mortgage leads, it is important to understand the type of data with which you are dealing. This will ensure that your mortgage marketing is being communicated correctly. Following are the three major types of data, which involve varying sources and interactions:
First-party data – In its broadest terms, first-party data is data that has been collected by a person or company itself, usually through a direct interaction. This information can include points such as name, address, email and phone number. First-party data is generally considered to be the most accurate and reliable data type, and it is often free due to the collection method.
Second-party data – This is essentially first-party data that has been shared from one entity to another. Usually gathered from consumer interactions by the entity that later does the sharing, this type of data can make understanding audiences much easier.
Third-party data – Acquired by purchase without a direct consumer relationship, third-party data is often gathered using surveillance of web browsing and cookies and may not be verified by the consumer. Third-party data can be effective for targeting or expanding reach.
In some situations, a discrepancy will exist between first-party and third-party data. In a case where leads are generated using an opt-in and the consumer knowingly agrees to receive information from a company, that data is sometimes said to be first-party. However, due to the way this information is collected, it is technically still third-party data.
When using data to market, it is important to think about the source. The way you reach out with first-party data is going to differ from how you reach out with third-party data. When you communicate with first-party data, you have had a real interaction with a person and can speak with them as if you’ve actually met. Because third-party data is bought, you have to speak to these people with the understanding that while they may be interested in a home loan, they have not met you and do not know about your business.
All types of data have a place in mortgage marketing. The key to using them correctly is identifying your goal and understanding how the data you are acquiring is going to support your mortgage marketing strategies.
Lead nurturing, the process of tracking and developing prospective leads into sales-ready customers, is a crucial component of any successful mortgage marketing plan. When mortgage leads are captured from various sources, they cannot be expected to simply convert to a sale at the first point of contact. The mortgage leads must be nurtured before they are willing to entrust a mortgage planner with the task of helping them purchase or refinance a home. Through a process of contact points and email nurture campaigns, Intent Home buying Marketing Intelligence allows loan officers to effortlessly nurture their leads. And, as a result, loan officers have more time to invest in other aspects of building their mortgage business.
According to marketing research institute MarketingSherpa, 79% of marketing leads never convert to sales — and a lack of lead nurturing is the most common cause. As a mortgage marketing platform, Intent uses multiple systems to ensure leads are nurtured to their full potential. From the moment a lead is entered into the system, Intent guides the loan officer in helping the buyer through every piece of the home buying process. Once the buyer has closed on their home, Intent provides the loan officer with techniques to stay in touch with the new homeowner to ensure they remain a customer for life.
Intent offers a wide array of email nurture campaigns intended to educate homebuyers, build relationships and regain leads who may have slipped away. These campaigns are perfectly timed and provide calls to action targeted directly at the lead. The content in these emails is relevant, conversational and intended to not only convert the lead, but also create a customer for life. We hope that by providing your customer with useful information and a great lending experience, they will remember you when they decide to purchase a new home or refinance.
Intent Home buying Marketing Intelligence provides excellent mortgage marketing communication and follow-up to keep your buyers engaged before, during and after the home loan process. By combining mortgage marketing with a logical yet simple process, we will help guide your leads through their best home loan experience. Here is how Intent makes it easy to turn a prospective costumer into a lifelong client:
- Leads – Intent integrates with numerous online lead generation systems and ensures that your leads are nurtured to their full potential. Within the system, you can score leads and infer customer needs to ensure borrowers are placed on the homebuyer mortgage marketing campaign that is right for them.
- Marketing Plan – Based on the customer interests and behaviors you gather, Intent will create a marketing strategy to best nurture that lead.
- Intuitive Marketing – Using multiple forms of communication, Intent helps you keep in contact with your customers to educate and inform them in a way that is catered to their specific home buying scenario.
- Application Process – Intent helps send your leads to the appropriate application portal and allows you to guide them through the application process, ensuring they are starting their home loan process with all the correct and necessary information.
- Educational Campaigns – Intent offers a wide variety of email nurture campaigns intended to build relationships and educate homebuyers based on their unique situations. These campaigns will provide buyers with relevant information and help cultivate a personal relationship between them and you.
- Customer Experience – During the loan process, the customer will be notified of milestones reached and progress achieved on their loan. This shows you are staying in touch with your customer and understand the importance of keeping them informed about the process.
- Client For Life – Users can add closed borrowers to the Consumer Monthly Newsletter, which offers fun and educational information (unrelated to home loans) that your clients will always find useful.
- Database – Intent allows you to stay in touch with your customers after they have moved into their new home. The Intent platform also helps keep an eye on leads in your database who may be designated as a “not yet.”
Intent is a tool that is carefully built and designed to grow your mortgage business. With excellent communication and follow-up, you will be able to not only gain business from your closed borrowers in the future, but also acquire business from their referrals.
When people think of successful mobile apps, Uber is perhaps one of the first that comes to mind. Through this shining example of technological advancement, some real estate and mortgage companies have attempted to create an Uber-like app to strengthen their relevance and reach. Where Uber pairs passengers with drivers, these apps connect clients and borrowers with loan officers and real estate agents. Here are a couple of mortgage and real estate apps worth checking out:
Using the non-traditional model of Uber’s independent drivers, Real seeks to allow Realtors to function more like their own boss and contractor. After signing up for this service, licensed Realtors are provided free “leads” as potential homebuyers are paired with a Realtor based on chosen criteria. With no referral-fee charges, Realtors retain more from each sale. In addition, the app enables Realtors to keep up with homebuying trends. Particularly for agents who have frequent home showings and travel to different offices to meet clients, this mobile app is a perfect way to work on the go.
With a growing database of interested borrowers, Mortgage Lead allows both the client and the lender to enter information that will be used to create a perfect match. After submitting their product offerings and licensed locations, lenders can target specific borrowers based on additional search criteria. This advanced filtering technology delivers successful leads at an efficient rate.
Uber itself has also joined with Realtors to assist in house showings. Paired with certain real estate agencies, Uber allows Realtors to become “drivers” in specific instances to resolve issues such as a client’s lack of transportation. Although relatively new, this concept has been well-received and could be a sign of what’s to come in replacing specified home viewing appointments to meet homebuyers’ schedules.