Although refinance customers don’t often come to us in steady streams, they can be instrumental in getting quick closings. That’s why it’s important to figure out the best way to generate consistent refinancing business. In this day and age, it seems like we are being told every few months that there’s a new magic marketing channel, that is sure to boost your customer base. Whether it be a social media trend like Instagram, pay-per-click ads, or any other online marketing fad, chances are, it will take time and proficiency to learn and it might even fade away within the next few months. The obvious solution, then, is to utilize a marketing tactic that is timeless and always relevant. However, a tactic like cold calling has been proven to be timeless, but is still not a marketing favorite because of its overall inefficiency. After all, who wants to spend all day making cold calls anymore, just to see minimal results? Luckily, there is a method that remains just as effective as it ever was, but, in a world dominated by social media marketing, is often overlooked: snail mail marketing.
At one time, mail advertisements and promos were one of the top channels of acquiring new customers. However, as the internet became more accessible and thus, more popular, most marketing agents, especially loan officer marketing agents, turned their focus to online marketing campaigns. This doesn’t mean that direct mail marketing isn’t effective, though. In fact, it’s a great way to get prospective refinance customers to call you, so that you don’t have to go out of your way chasing customers down. The trick is, just as it is with any other form of marketing, coming up with a quality campaign. That’s where this article will help you!
When you start your direct mail marketing campaign, it is imperative that you consider who your target demographic is. Your goal should be for your mail to reach the eyes of your prospective customers in the comfort of their own home. Having an idea of who your audience is can help you do this. That’s where data comes into play-- and there is no shortage of data companies who can sell you exactly what you need to know. But before choosing one of these companies, you should make sure that they can pull mortgage data. After all, you want to be able to use all the data you pay for.
It is a great practice to limit yourself to one mortgage type when you are running a direct mail campaign. Not only will this make it easier for you to stay organized with your various marketing campaigns, but it will also allow you to be more specific when targeting specific topics and homeowners. Furthermore, if someone finds that their letter from you addresses them and their refinancing needs specifically, they will be much more likely to seek assistance from you than if they were to receive a very generalized letter. For this reason, you should try to be as specific as possible when you are listing the various things you can help with. For example, consider adding headlines like:
Lower your term by 10 or even 15 years!
Get a lower rate!
Cash out to pay off debt!
Remove mortgage insurance!
At the end of the day, it is important to remember that a direct mail marketing campaign is not about selling yourself or even about showing professional your business is. Instead, it is about focusing on each specific homeowner and the various ways in which you can help them. It is not a commercial for your business, but rather an explanation of how refinancing options can assist each particular homeowner. Then, once they’ve decided to hire you, you can show them just how great your business and your services really are!
In order to get your mail to the right prospective customers, you need to consider what kind of style will work best with your target audience. Different styles of mail advertising will be more effective with different demographics. For instance, postcards are some of the most popular direct mailing advertisements. They are firm and glossy, which makes them stick out from regular mail. However, this has both upsides and downsides: Even though it is more noticeable in a stack of mail, that also means that it can be easily spotted, deemed spam, and discarded. Your potential clients probably already receive plenty of advertising postcards, especially from loan officers, on a daily basis, so if you go this route, it’s up to you to figure out how to set yourself apart.
If you want to tackle one geographic area at once, then consider sending bulk mail. However, this makes it extremely difficult to target one demographic, as neighborhoods and cities are generally very diverse in terms of homeowners. Personal letters, on the other hand, are very effective but also often tedious to write and send out. They are often, however, well worth the extra effort.
As mentioned above, some styles are better at getting your mail read than others. Big companies are known to send out postcards the most, but because of that, they often go unnoticed or ignored. That’s why personal letters are your best chance at competing with these bigger companies: you can show that your service comes with a personal touch. Furthermore, you can do so even without the expenses of glossy postcard and a lot of colored ink. Hand write your potential customers’ names and addresses on the envelopes. Address issues that you think they might actually need help with. This kind of personal touch will help you stand out and get noticed.
Mortgage Marketing Pros is dedicated to helping loan officers like you improve their marketing strategies and to ultimately increase their clientele. Visit us at MortgageMarketingPros.com to see how we can help you along the road to success today!
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