Three Steps To Increase Mortgage Sales
By Doug Wilber
NOTbank mortgage lenders are carving out a growing share of the mortgage space, accounting for 58.9% of all mortgages in the United States in 2019 and 68.1% in 2020. While As customers are embracing other digital solutions more, it’s no surprise they’re looking for the ease and speed of online mortgage services as well. Digital lenders prioritize creating seamless customer experiences, and customers appreciate the fast and efficient process.
Speed ââand convenience are the main competitive advantages of non-bank lenders, but banks still have something digital lenders don’t: people connections. Banks should focus on maintaining existing customer relationships to increase mortgage sales. Lenders today retain less than 20 percent of old clients, which represents many missed opportunities when old clients turn to other lenders.
Banks with good relationships will have a better chance of being the first place customers turn for new credit needs. Since 77% of borrowers choose the first lender they go to when looking for a loan, this is a great way to boost your mortgage business. So how can you do it?
Increase Mortgage Sales Through Social Media Marketing
A strong social media marketing strategy is a great way for lenders to maintain strong customer relationships over time. Consider these steps to develop an effective strategy:
Build stronger relationships through social selling. Social selling is essentially social media marketing for your mortgage loan officers. Loan officers share branded material and actively engage with current and potential clients through their own social media channels. Individual bank employee accounts have 10 times the reach of brand pages on their own, and they can create more meaningful conversations. It’s about marketing your people, not just your products, as a way to connect people. Customers can connect directly with real people for mortgage advice, which builds loyalty and trust in your brand from the start.
Stay ahead with targeted paid social media advertising. Social selling can help loan officers start and maintain relationships with customers, but existing customers deserve an extra level of attention and it will pay off. It’s five to 25 times more expensive to acquire than to retain customers, and increasing customer retention rates of just 5% can increase profits by 25-95%.
Integrate paid social media advertising into your social media marketing strategy to focus on customer retention. Paid ads provide the precision to target existing customers with messages that speak directly to their specific needs, such as refinancing their current mortgage or researching second home loan options. Paid social media can put your loan officers in front of customers when they need loan options the most. It’s also one of the most affordable ways to create targeted ads, so you can make the most of a limited budget while keeping your brand in mind.
Improve customer engagement with loyalty tools. Your loan officers can stay in touch with current customers on social media, but they can’t see into the future. Enable more predictive social media marketing for mortgage loan officers by investing in data analytics solutions. Technology can compile customer information from sources such as credit history, accumulated home equity, consumer debt, and major life events to show you when customers might be ready for retirement. new loan deals, maybe even before clients even know themselves. Loan officers can then perform proactive social media outreach to be the first option in front of a customer before they start shopping.
Social selling and paid social media advertising, when executed strategically in tandem with retention tools, can bring measurable results to your bank. As you focus on social media marketing for your mortgage loan officers, track conversion metrics to see how your efforts are contributing to the bank’s bottom line.
Doug Wilber is the CEO of Denim Social, a social media management software company that provides tools to enable marketers in regulated industries to manage organic social media content and paid social media advertising in one. platform.