Marketers in the mortgage space may find it harder than ever to reach their sales goals. To combat increasing costs (paper and postage) and lower consumer interest in refinancing at today’s higher rates, consider the following techniques to make your direct mail and companion marketing efforts work harder for you:
By utilizing predictive analytics you can use the vast amount of available data like past purchases, credit scores/history, localized housing market trends, home values, demographics, and other consumer behavior data to improve the effectiveness of your mortgage marketing. Data analytics that could include customer segmentation, look-alike models, propensity modeling, data mining, and Business Intelligence (BI) indicators can predict future outcomes and streamline your targeting to those who will not only respond but convert.
Once ready to develop your creative, the more you can make your message relevant, with personalization that is highly crafted for each individual, the more it will resonate with your audience and increase your response, conversions, and ROI. Not only can the message and imagery be highly targeted at the individual level, but so can the actual components of the mail package itself. Smart selective inserters and inline personalization will allow you to take your segmented and rank-ordered list and customize which envelopes, letters, and inserts each consumer receives―all in one postal stream. No need for multiple mailstreams that would increase your production and postage costs.
Not able to beat your control? Try multivariate (MVT) testing. MVT offers an efficient and effective way to look at the interaction of product, offer, and audience segmentation. You’ll find the exact mix of elements in your control that are truly driving the response, and you can do it without affecting your high density postage rates.
And remember, continuous testing will give you an edge over your competition by staying ahead of the “package fatigue” caused by response degradation due to the lack of rotation of control champions. It will help you out-think, out-run, and out-perform your competitors.
To take advantage of IWCO’s decades of experience Making Better Happen℠ for mortgage marketers, contact our experts today.