5 Key Components for Successful Mortgage Marketing Campaigns

Mar 3

1) Quality Data

When it comes to mortgage marketing, ensuring you have a good data source is integral to the success of your campaign. There are three main types of data any mortgage marketer should know about. These distinct categories affect the rest of your marketing process significantly.

Trigger Data

Interested in new mortgage
Includes credit criteria
Firm Offer Required
As high as 1-2% response

More about Trigger data

Non-Trigger Prescreened Data

Has not expressed interest
Includes credit criteria
Firm Offer Required
As high as 0.5-1% response

More about Non-Trigger Prescreened Data

Non-Trigger, Non-Prescreened Data

Has not expressed interest
Does not include credit criteria
Firm Offer not Required
As high as 0.25-0.75% response

More about Non-Trigger Non-Prescreened Data

It’s important to remember that not all data is created equal. Check out this checklist to ensure you’re getting the best data.

2) Strong Offer

There are a number of components that make a strong offer, particularly in mortgage. Customizing your offer to feature what your company does best is important to the success of your campaign. It’s important to note that something which is highly successful for one company may not perform for another.

If using credit data, craft a firm offer
Make sure there is a clear benefit
Make sure that the data you target meets the criteria to receive offered benefit
Update the rates offered regularly
Test different delivery options to see what works (see our optimization model for more)
Plan a timeframe for when the lead should receive the offer
Work with marketing partners to ensure the offer is delivered in time

3) Multiple Touchpoints

Getting in front of your lead in a way that they find compelling is the primary goal of your marketing campaign. By utilizing multiple touchpoints, you are increasing your chance of response. All of our clients use a minimum of two touchpoints for marketing to prospects.

Direct Mail allows you to get an interested prospect on the phone
Having agents to transfer leads to your LO’s is a great use of outbounding
Emails are a great additional touchpoint if you already get emails with your data
Social media gets your name in front of prospects but requires management
SMS may be difficult for marketing but works great for follow-ups for current customers

4) Kinetic Strategy

The old saying is “if it’s not broke, don’t fix it.” In marketing, this is the worst strategy you could have. Just because something is working well doesn’t mean it couldn’t be working better. Having a kinetic strategy keeps your marketing from stagnation and helps you to stay ahead of competitors.

Create a plan and timeline before starting any testing
Have input from multiple people
Run a control group at the same time and make sure to track each separately
Run a large enough test for accurate results
Split your test out amongst several weeks to avoid negatively altering performance
Thoroughly test the flow of response to ensure all respondents will be captured

See more on running tests for your marketing

5) Experienced Partners

Marketing for mortgage is a very specific task. It is very helpful to have partnerships with companies who have experience in marketing for the mortgage industry.

A mortgage-based CRM is extremely helpful, with built-in understanding and integrations necessary for mortgage-specific tasks
A Software / Call Center vendor familiar with mortgage can save time and money and lead to more/better transfers
A Data Vendor familiar with mortgage can offer inside knowledge to help you target criteria for your campaign
A Marketing Partner who is familiar with the mortgage industry can help take on some of the involvement in the process to simplify things on your end