If you’re not nurturing current, past, and prospective clients through database marketing, you could be missing out! Your book of business should include the people most likely to give referrals or do repeat business with you because you’ve already established the know, like, and trust factor. It’s important to nurture those relationships on a consistent, long-term basis.
Here's why database marketing will be a game-changer for your mortgage business.
Reason 1: If You Aren’t Database Marketing, Somebody Else Is
Marketing has inundated our entire world. People get marketing in their mailboxes, inboxes, and social media feeds 24/7. If you aren’t nurturing the people on your list, we can guarantee that other loan officers and companies are.
This 24/7 approach to marketing can make people feel defensive and skeptical of companies. But you have an advantage because you’ve already established rapport with these individuals. By approaching database marketing in a personal, helpful, and customized way, you will stand out from the competition. Provide your clients with useful, timely information without always asking for something in return so they want to engage with your content.
A lot of times, getting a loan simply comes down to whose name you remember when it’s time to take action. Whether it’s the customer or a friend needing a recommendation, make sure the name they remember is yours. Don’t allow that business to go to someone else simply because you didn’t take the time to stay in front of the people in your sphere.
Reason 2. You Already Worked Hard to Earn That Business, Keep It
You already did the hard work to earn the business of the people in your book of business. At some point, you nurtured them, established rapport, and led them through the process of getting a loan. That’s the hard part of the relationship, and that’s been done! Database marketing allows you to reap the rewards of all of that hard work you’ve already put into building relationships with your clients.
It can be tempting to chase after the huge pool of cold leads. And while those leads can be worth working, they’re also time-consuming. Your relationship with cold leads starts from scratch. You have to show them value and get them to pay attention to what you have to say. It’s the art behind establishing new relationships, and yet it takes a great deal of time.
However, it takes significantly less time and expense to earn repeat business than it does to earn a new customer. Having a fully functional database marketing system should be your highest priority.
Reason 3. Create Loyalty by Customizing Your Marketing
Database marketing has come a long way in the past ten years. It now gives you the opportunity to personalize videos, emails, and social media content. It also allows you to remember important events and milestones in clients’ lives.
Even better, you can divide your database into segments and send highly personalized, meaningful information that meets people’s interests and needs. This sophisticated treatment helps people appreciate the value you provide. They have a personal, one-on-one conversation with you that builds trust with every single interaction.
It’s a customer-centric approach to marketing that creates a solid affinity for you that’s hard to shake. Loyalty creates a barrier to your competition that makes it much harder for people to be lured away.
Reason 4. Referrals for You are a No-Brainer
Even if someone in your book of business never transacts with you again, they’re STILL worth staying in constant contact with. You know why? Referrals! As you likely know, referrals are like gold. These leads are warm and already have some trust in you. Millennial consumers rank a referral/recommendation as their #1 influencer for decisions related to financial products.
If millennials and today’s consumers generally take a referral from a friend or family, why not have those referrals come from your sphere? It’s crucial to remember that anyone in your database can bring you a customer at any time, but they can’t refer you if they don’t know how to get in touch with you or even remember you.
Also, feel free to occasionally ask for referrals. Let people know that you’re there to take top-notch care of the people who are referred to you. Sometimes that gentle reminder is all that’s needed to send over someone who is looking to buy a home or refinance. A referral benefits both sides because it always feels good to be the person to connect someone with somebody who can help them.
Reason 5. Create Customers for Life
One of the cool things about marketing to your book of business is that it sets you up to have customers for life because you have a way to build those relationships long-term. You’ll be the go-to lender whenever someone in your database needs something, has a question, or has a referral.
Good database marketing creates customer retention and greater profits. Your clients stay with you longer and never leave (costing less). Ask your customers what they want and then give it to them. Provide excellent value, and they’ll keep coming back.
With a little bit of effort, you can have a good database marketing system in no time, giving you the time to focus on other things while knowing that you’re taking really good care of one of the greatest assets you have.