When it comes to marketing spend, you have options. In fact, as the choices for marketing channels and tools continually grow, a lot of companies find themselves overwhelmed. You want to get the biggest ROI possible on every dollar you spend, but how do you optimize your marketing investment to deliver?
That, of course, comes down to finding what works for your company. For some marketing tactics, that means a complex data tracking and analytics process. For others, it’s a little easier. If you work with a mortgage lead company, for example, it’s as simple as asking: did the lead convert?
You want to work with a mortgage lead provider that enables you to always answer “yes.” And that means finding the right fit for your specific lending company. With that in mind, let’s look at a few key factors you should consider when you’re on the hunt for a mortgage lead company.
#1: Budget alignment
This is a huge piece of the puzzle here. To some extent, the more you can pay for the lead, the more likely it is to be a warm, quality lead that you can easily convert.
Let’s look at an example. Leads through Bankrate usually cost around $150–$230, with some fluctuation based on time-to-close, location, and other factors specific to your lending institution. Our network reports that these leads perform extremely well and, with the right sales team and processes to manage them, very frequently convert.
Compare that against LendingTree leads, which usually cost somewhere between $30–$100. The main difference? These leads generally aren’t exclusive. That means your team needs to act fast to contact the lead and drive them toward conversion in order to edge out the competition. You’re paying less per lead, but the conversion rate is lower, too.
That doesn’t mean you shouldn’t consider LendingTree or other more affordable mortgage lead companies. It’s all about thinking through your company’s marketing budget and its allocation. Is a lower barrier to entry a better fit, or would you rather invest more to lighten the load for your sales team? Zoom out and look at your sales and marketing budgets to see what might work for your specific company.
#2: Lead generation tactics
You should also consider not just the lead itself, but how it comes to your company.
With Bankrate, for example, the lead might come from a rate table on Bankrate’s website. If the lead clicks your company from the rate table and takes next steps (e.g., entering contact info), Bankrate can turn that lead over to you. At that point, the lead has some familiarity with your lending institution. They know your name, at least, from clicking it in the rate table. But they also likely see you as one of their many options.
If you want more control over that lead and their perception of your company, you might not want to leave it to third-party players like Bankrate, LendingTree, Credit Karma, NerdWallet, and the other lead generation platforms out there today. Fortunately, you can explore mortgage lead generation companies that keep the reins in your hands.
With options like BankingBridge, you can generate mortgage leads from your own website. This kind of mortgage lead company equips you with tools like lead conversion workflows, real-time rate cards, and branded calculators.
This way, leads come to you when they’re already warm — that is, they’ve already been exploring your company website. And you don’t have to worry that the lead won’t be exclusive since you’re generating it from your own website. Instead of spending your mortgage lead generation dollars outside your organization, you get a way to invest them into improving your own digital presence.
#3: The right mix
In the modern era, companies generally don’t succeed if they only pursue one marketing channel. Most brands don’t rely solely on email marketing, for example, without maintaining their company websites. You might use physical flyers and business cards, but you probably have a contact page on your website, too. In 2023, you’ve got to find the right marketing mix for your company.
That applies to working with mortgage lead companies, too. A lot of lending institutions find success when tapping multiple resources. You might spend some money on NerdWallet to get featured on their rate tables, for example, and then spend some with BankingBridge to build a strong landing page for those NerdWallet leads to visit.
Marketing is definitely not the place to have all of your eggs in one basket. It’s also not a place to get stagnant. As digital tactics change — and that’s happening quickly and all the time — you need to keep up. Don’t be afraid to test options out and see what works for your specific company.
What delivered results for your competitor or even a partner company might not be a good fit for you. Your sales team, your branding, the rates you can offer, and more all create unique marketing needs and opportunities. So stay flexible and keep tracking your marketing spend. Try something for a few months and see if it yields results. If it does, great. If not, pivot.
More good news: you don’t necessarily have to figure out where to put your marketing spend yourself. Our team at BankingBridge can create a customized recommendations deck for you, leveraging our mortgage lead marketing expertise to pinpoint opportunities for your company. And we can help you track analytics anywhere you decide to invest, enabling you to fine-tune the right marketing mix for your lending institution.
To check out what we can do for you, book a demo today.