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Direct mail has been an important marketing medium for several decades now and even though many corporations and firms have turned to social media, e-mail and Internet marketing, a targeted and well-produced mail campaign continues to be highly effective for mortgage lenders.
Your Direct Mail Campaign should aim to do three things:
1. Generate new leads
2. Nurture existing leads and
3. Cross-selling new customers
Direct mail campaigns can be used to generate leads, promote special offers, support other campaigns, communicate with customers and raise your visibility in the mortgage lender market.
Unlike e-mail or other digital marketing tactics, personalized direct mail puts a tangible offer in the prospect’s hand. Where it is quite easy to delete or forget an e-mail, a tangible piece gives the prospect the opportunity to save the letter for a later time. Think of the consumer who puts your letter on the fridge under a magnet for a later date. You cannot do that with e-mail or digital marketing!
Why does personalization work? Think of the times you have picked up a call and the salesperson on the line completely butchers your last name. How likely are you to either hang up or correct them? The reason for your reaction is that it’s evident from the start that it isn’t a personal call, as you were just another person on a long list of prospects. This is a terrible start to a sales pitch. There is a similar response and feeling when one opens a piece of mail that is addressed to “Current Resident’’ or “Fellow Neighbor.’’ Simply having a name on each letter or note makes recipients more likely to engage with the content.
The following checklist will ensure an image to set you apart from the banks and other lenders:
►Confirm that your message matches the needs of the target: Does your offer of services match the needs of the recipient? Establish that your message is going to the right person.
►Get to the point. Be clear and concise: The main goal of the letter is that it should grab the attention of the reader. Right away, the letter should be impressive and should not bore the customer. Also, make sure you explain your points to the customer with a clear note.
►Keep it personal and casual: Given today's access to current data, there is no excuse for sending out non-personalized letters. Personalize each letter you send out in your direct mail campaign.
►Use letters to generate leads, not deals: The goal of a direct mail letter is to generate a response, not a sale—whether it be a return mail card, a fax, e-mail, phone call or social post. The purpose is to open doors and the sale is the next step in the process.
Remember when getting a letter in the mail was exciting? So do we. It’s up to you on how to recreate that feeling and get customers excited about your mortgage business when they’re facing a sea of junk mail, flyers and credit card offers. Stand out from the crowd with these tips and ideas and see how many prospects get in your pipeline. Digital marketing is the shiny new toy, but direct mail campaigns can be and are beneficial!
K. Justin Restaino is vice president of Titan List & Mailing Services Inc. For more than 15 years, he has led Titan’s Mortgage Division, helping lenders of all capacities grow their businesses utilizing targeted direct mail. With a specialized focus in refinance and purchase markets, Restaino has the insight for proper data and mail application for success. He may be reached by phone at (800) 544-8060, ext. 204 or e-mail [email protected].
This article originally appeared in the May 2015 print edition of National Mortgage Professional Magazine.