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Scotsman Guide Residential Edition | ScotsmanGuide.com | March 2018 40
Michelle B. Peel is marketing and corporate communications manager at IWCO
Direct, a leader in data-driven direct
marketing solutions. IWCO Direct works
with many of the leading brands in the
mortgage industry. Peel has more than 20 years of direct
marketing industry experience. Visit iwco.com for more
information. Reach Peel firstname.lastname@example.org.
Data-driven strategies can allow mortgage originators to identify the right prospects and also to personalize and time their offers based on the known
habits of individual prospects using state-of-the-art
digital personalization. For an effective data-driven
marketing approach, however, originators need a
way to identify the right prospects.
To begin this process, mortgage companies or
originators can use their current data and focus
on recent home mortgage closures. Using factors
such as gender, age, credit score, etc., they can determine who responded to offers, who applied for
mortgages and who became new homeowners.
This data creates a profile for the ideal mortgage
applicant. For the next step, mortgage originators
can go back to the database and identify potential
mortgage applicants whose profiles match the criteria for that ideal mortgage applicant. They should
include relevant data points such as qualifying
annual percentage rate (APR), anticipated mortgage
amount, and whether applicants currently rent or
own a home. By using look-alike data, it is possible
to create a mortgage-acquisition direct mail file.
Once the mortgage-acquisition direct mail file is
created, companies and originators can make use of
state-of-the-art digital personalization technology
to target individual applicants and create highly
personalized, one-to-one, relevant mortgage offers
that drive results.
A personalized tag line that can be seen through
a window on the outer envelope can be added, for
example. Use messages like: “John, Tired of Renting? Your Home Mortgage Information is Enclosed!”
to get John’s attention.
When John then opens the letter, a personalized
promotional card affixed to the letter could include
his full name and application number, as well as
the originator’s website, mobile app, and toll-free
phone number for John to respond to the mortgage offer. A comparison chart in the middle of the
letter illustrating the benefits of the specific mortgage offer with John’s unique qualifying APR and
the anticipated mortgage amount compared to options from other lenders can help illustrate benefits
to make John’s decision easy.
Customer journey data
When potential mortgage applicants become
ideal mortgage customers, their customer journey is
just beginning, which is good news for originators.
According to consumer research from the Gartner
Group, existing customers spend 33 percent more
on average than new customers, and 80 percent of
profits come from just 20 percent of customers.
It is important, therefore, to proactively communicate with existing and previous clients when
new products or services become available, such as
credit-monitoring services to protect customer data.
Mortgage originators can consider offering qualified
mortgage customers home equity loans or home
equity lines of credit to renovate or remodel their
existing homes, for example. More mature clients
may qualify for a reverse mortgage or an additional
mortgage for a vacation home.
Direct mail plays an important role in driving
the success of integrated marketing campaigns to
both potential and existing clients. To enhance this
role further, originators can integrate direct mail
and digital-marketing channels with the latest data
technologies. By overlaying third-party data to the
mortgage-acquisition direct mail file, it is possible
to add digital identifiers to each file, such as an
e-mail address, mobile phone number, IP address,
network cookie IDs, social IDs, or app user IDs to
easily track the customer’s journey.
Website visits can then trigger direct mail campaigns, and social and display advertising can
be coordinated with direct mail timing by using
data from the U.S. Postal Service Intelligent Mail
barcode system. Integrating direct mail and digital marketing channels will enable originators
to reach the same mortgage applicant multiple
times through various channels, generating improved response and increasing return on marketing investment.
n n n
By incorporating data-driven direct mail marketing,
mortgage originators can identify and target potential viable mortgage applicants, increase their
number of leads and loan closures, and communicate better with clients throughout their entire
mortgage journey. n