3 ways mortgage businesses can drive growth online

Abstract

With consumers having access to more information and options than ever at their fingertips, how can banks, nonbank lenders and other mortgage businesses stand out while focusing and maximizing marketing resources? They need to invest in digital marketing in a smart, efficient and data-driven way to ensure they stay competitive to allow growth while not losing dollars by blindly following money-backed companies that spread budgets more freely. With an understanding of the early funnel activities that drive sales, such as consumer habits, patterns and trigger points, mortgage lenders can intervene at the right stage with information consumers need to have - to shorten the time from intent to actions and maximize the ROI of marketing dollars. Following is a real-world example of these recommendations in action:With analytics technology that can address early-funnel activities tied to purchase and complete data sources, a mortgage business can determine correlations. From there, a mortgage lender can focus its marketing dollars and personalized messaging on those websites to drive traffic to their business, rather than a competitor's. These are obviously very specific examples, but as the path to purchase becomes more convoluted and consumer shopping behaviors become harder to track, mortgage providers need a way to understand the complexities of consumer journeys so they can influence buying decisions in their favor. Using the approaches above, mortgage businesses can determine how to segment consumers based on their online behaviors, fully understand the consumer journey, and tie the specific behaviors to purchases of other products to allow them to nurture the leads and target consumers in the right places - maximizing the ROI of marketing dollars rather than investing unnecessary resources and making speculations that aren't tied to actual conversions. Mortgage providers can then act accordingly based on the data gathered from solutions like these to maximize marketing dollars.