One of the most common ways of measuring the effectiveness of your mortgage email marketing— is to monitor the click-through rate. This will show you the percentage of recipients who clicked on the links within a particular email.
While this is an important number to consider, the best mortgage email marketing platforms will not stop there. The premier mortgage CRM vendors can help you dig a little further. Consider these 3 options:
First, identify the conversation starters and deal closers that make your mortgage email marketing sing.
Chances are, through an integration with your loan origination system (LOS), another API, or simple manual entry, your mortgage CRM tracks your pipeline and your closings for you. It should also record each communication with every contact.
If your cycle from lead generation to close is typically 90 days, your CRM should be able to pull a report showing you the first email sent during that window before the application was received on a closed deal. This is your conversation starter and likely when the recipient started paying attention and thinking about a loan.
Similarly, work with your mortgage CRM provider to pull a report of the last email sent before an application was submitted. This is your deal closer.
You will find variety among clients, of course, so you’ll want to look for patterns. Was it typically a birthday or holiday greeting that caught the borrower’s attention and then a calculator that spurred action? Look for patterns based on the type of deal, too. It’s likely that refi borrowers are responding to different types of messaging than first-time buyers.
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Second, identify duration and frequency of typical successful mortgage email communication.
Consider again your contacts who closed loans. This time, rather than looking at the first communication within a deal window, look at the date of your very first communication with them.
How long are you typically communicating? Do you see patterns for different types of borrowers? For example, you would expect to have a much longer relationship with repeat borrowers who return for a second purchase or refi than for most first-time buyers. However, if you worked with that first-time buyer on a credit building campaign, the duration of the relationship before purchase will be much longer.
Study these successful relationships to determine if it’s possible (or even reasonable, in some cases) to move borrowers to take action more quickly. How can you apply your findings above, particularly your best deal closers, to move the process along?
Also take a look at how often you’re emailing the most successful, fastest-moving relationships. Do more borrowers close loans when they receive monthly communications? Weekly?
Consider this also for contacts that unsubscribed from communication—how much was too much? Or was your communication too infrequent to be memorable and valuable?
See how your mortgage email marketing performs post-click.
We didn’t mean just to dismiss the click-through rates at the beginning of this post. Our next strategy is directly related. Employ Universal Tracking Metrics with your mortgage CRM and Google Analytics to see what people do after they click on your email.
For each email blast you send, determine what action you’re expecting from someone who clicked through. Do you want them to try your calculator? Submit your lead form? Both? Google Analytics can help you see what they’re doing after they reach your landing page. If they’re clicking and leaving, then your email may not have set up proper expectations and may need revision.
The best mortgage CRMs allow you to mine information so you can evaluate and improve your mortgage email marketing. While you’re digging through the reporting, we encourage you to look past the typical, easy-to-find statistics to discover the diamonds that will make your marketing shine.