Mike Eshelman, Head of Consumer Finance at Jornaya writes about Data Powers Marketing Campaigns in the Scotsman Guide. Below is an excerpt. Access the full article here.
Today’s borrower expects originators to understand how and when to communicate with them throughout their mortgage-shopping journey.
As interest rates continue to rise and technology companies level the playing field with affordable turnkey digital mortgage solutions, mortgage companies are turning to data to gain a competitive advantage. The ability to use data to reach clients at the right time with the right message, using their preferred communication channel, has fueled growth for originators even in this challenging mortgage environment.
The days of receiving an inquiry with basic consumer details and consistently calling, texting and emailing until they respond are long gone. This type of brute-force marketing, also known as lead-based marketing, creates a sour customer experience that is just as likely to decrease the chances of earning their business.
Today’s borrower expects originators to understand how and when to communicate with them throughout their mortgage-shopping journey. Marketers leveraging unique consumer data sets to execute an individualized contact strategy call this approach “people-based marketing” — and it’s working for companies in various sectors, including the mortgage industry.