In January, a new client contact service called the voice newsletter blast was launched for our bank's vice presidents and top loan officers. They received inbound calls from their past clients during the next day, all of January and even into February. Several loans have already closed and more are in processing. What is a voice newsletter?
A voice newsletter is a digital recording in the loan officer's own voice of three hot mortgage-related topics that is then broadcasted by telephone to a list of their past clients, top referral partners and other top prospects. What makes the voice newsletter so effective?
The voice newsletter is so effective because it is highly personal. The most profitable source of new business is from existing clients. For many banks, it is a source of revenue that is not being tapped to its full potential. What key component makes a voice newsletter ideal for tapping into this source?
One of the key components is the use of the loan officer's own voice. During the entire mortgage process, from initial contact with a person, through processing, underwriting and closing, most loan officers talk to their clients several times by phone. The sound of the loan officer's voice becomes part of the client's memory, and when they hear it again in the voice newsletter, it evokes a recognition response that is more highly satisfying than a keep-in-touch call by someone else. The three components of a voice newsletter blast are client list, content and communication vehicle.
The client list is intentionally limited to people that the individual loan officer has personal contact with. On purpose, it is limited to people that the loan officer has spoken with several times over the phone, has a good rapport with already and has a desire to stay in front of. If you graded the people in your contact management system using a ranking system, these would be your top clients. The client list already exists in your loan origination software, your contact management software and your cell phone. Simply have your information technology department export it and you are ready to go. The next key element is the content of the voice newsletter.
The content of the voice newsletter should have a structure that repeats every month. This gives it the characteristics of a publication in the client's mind, and helps to distinguish it from a typical voicemail message. An example of a structure that would work well is: Administer a greeting and value statement, introduce three bullet points that are newsworthy or time-sensitive, provide a re-cap of the three points with a call to action, present administrative notes and offer an appreciation statement with contact information. Where is the recording done?
We do the recording right in our office. I print out the script for that month's issue and bring in our vice presidents and top loan officers, one at a time, to record it. It usually takes two or three takes for them to be satisfied with their newsletter. The entire issue lasts from 90 seconds to two minutes; we mention that in the broadcast so the client will be more inclined to listen to the entire issue.
We then broadcast the voice newsletter to our client list using the same computer that our outbound telemarketing department uses. That computer has 16 outbound phone lines attached to it, and each has a plan with unlimited minutes. During most of the day, the system has loan officers on it that are calling new prospects. Since the lines already have unlimited minutes, the voice newsletter does not cost anything additional.
An unexpected benefit that we have received from the newsletter broadcast is that it has helped us recruit top loan officer talent into our bank, as it provides a method of support and marketing which may be unavailable to them presently.
In summary, by using a voice newsletter, we are able provide timely information to our existing clients to let them know that we still have their best interests in mind. Our relationship with them does not end at the closing table. Through the use of technology, we are able to leverage the recognition power of the loan officer's voice by recording it once and then making hundreds of one-to-one contacts with existing clients.