I speak and write frequently about the need for the mortgage industry to adapt modern marketing methods. As we come to the end of 2015, electronic communications in marketing is certainly no longer new. But still, in the mortgage industry, we seem loathe to take advantage of the digital resources available to us.
To me, the most beneficial marketing tool of the digital era is email. If you have a customer's email, you can stay in constant contact with them with minimal effort. It takes time and effort to make a phone call or to print out and mail a letter. Sending an email can be automated. You can stay in touch with your customers without even knowing you're doing it!
Of course, there's always the risk that customers will become annoyed by marketing. Flooding someone's inbox with unwanted marketing materials is a good way to get them to unsubscribe. So, there does have to be some balance. You don't want customers to block your communications. But you also never want a customer to say they didn't take advantage of a service because they didn't hear about it.
In today's day and age, there’s no excuse for failing to stay in contact with customers in the mortgage industry. We have the capabilities; we just need the will. We should never have a customer who doesn't know what's going on in our businesses. Staying in contact with past customers is the best way to ensure the influx of future customers.
David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is [email protected].