Over the last 90 days lead cost across several rate table and lead aggregation platforms have increased. One major announcement was the increase in minimum monthly spend on Bankrate. Rising lead cost have lenders considering other lead acquisition strategies.
BankingBridge works with a number of mortgage lenders who spend money across several different ad platforms to acquire leads. Most of our customers leverage their existing technology stack to drive down lead conversion cost.
These four lead conversion best practices are what set our lenders apart from the competition.
1. Email campaigns with CTAs to live rates
- Your rates are your inventory. A significant price change in your inventory would be a reason to contact your customers.
- Create email campaigns that keep your prospects and past clients up to date with real time market rates. Not static images but an actual page where they can price out personalized rate scenarios.
2. Correct CRM campaign routing
- It sounds simple but not all lenders do this one critical step.
- A purchase lead is different from a refinance lead. Spend time in your CRM to make sure you are routing lead types to unique campaigns based on the lead profile. The more personalized the higher conversion.
- Create your own unique email sequences which separates your value proposition from the competition.
3. Mobile experience review
- When is the last time you reviewed each of your website pages in mobile?
- Spend a few hours auditing your website in mobile on the Chrome and Safari browsers to ensure all the buttons and displays are functioning correctly.
- The mobile experience will be more important tomorrow than it is today.
4. Targeted text campaigns
- Many modern CRMs have built in text automation for outreach.
- Consumers are more likely to receive or at least see your text outreach vs email or even phone call.
- Deliver rate-updates through your text campaigns with links to your website rate display tools.
The Bankingbridge mission is to help small to mid-sized mortgage lenders level the playing fields against the industry giants. We work with top mortgage lenders who advertise on Bankrate, Lending Tree, and Nerd Wallet to deliver a modern website experience, lower cost per lead, and improve ROI.