How can your mortgage business compete and win online? – NMP

Let’s explore this further.

A mortgage company can make connections using analytics technology that can integrate comprehensive data sets and purchase-related early funnel activity. For example, brands in the financial services industry, including those that provide mortgages, are forced to pay high acquisition costs when seeking to acquire new customers in the intent phase of their journey versus to other sectors such as real estate, beauty and personal care. , health and fitness, etc.

The possibility of finding correlations between consumers who take out a mortgage and buy other products online close to the time they take out a mortgage opens a window of opportunity for mortgage providers. With this information, they are able to target these consumers in different industry channels through the acquisition funnel, resulting in lower overall customer acquisition cost and increased conversions by showing up. to the consumer sooner, but while it matters most.

Here’s another example of the importance of addressing the connections between early funnel activities related to purchase. Analytics have shown that there is a unique online behavior identified for consumers taking out refinance. Lendstart.com (203,000 monthly visitors) is a significant trigger point for this segment. Consumers who interact with this domain are three times more likely to convert compared to more traditional trigger points like Investopedia.com and twice as likely to convert as those who go through Businessinsider.com, for example. With this knowledge, a mortgage lender can focus their marketing dollars and personalized messages on that website to drive traffic to their business, rather than a competitor.

As the path to purchase becomes more complicated and consumer buying habits become harder to track, mortgage providers need a way to capture the nuances of purchase journeys in order to influence purchasing decisions in their favour. With the deletion of cookies, this becomes even more difficult.

Using the methods outlined above, mortgage companies can determine how to segment buyers based on their online behaviors, fully understand their journey, and tie specific behaviors to other product purchases, allowing them to nurture leads and target buyers in the most effective way possible – maximizing the return on investment of marketing dollars rather than wasting resources and making assumptions that aren’t backed by conversions.

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