When interest rates rise, mortgage lenders’ marketing targets increase, yet their budgets stay the same. What’s a marketer to do?
When organic consumer inquiries decline, lenders need to reach out more actively to potential borrowers, but, as we all know, marketing budgets don’t grow on trees. Marketers in the mortgage industry are now faced with a high-stakes juggling act. How can you leverage finite resources to effectively reach your targets?
Every Dollar Counts
Now that interest rates are trending steadily upward in the mortgage industry, lenders are rightfully concerned that borrowers will exit the market. Initial reports have cautiously pointed out that borrowers have been slower to depart the market than expected.
As organic consumer inquiries start to drop off, marketers have to up their game to keep the business afloat. They must work harder than ever to ensure their marketing spend yields ROI. Yet, it’s much easier said than done. Fewer active consumers in the market also means tighter marketing budgets and doing more with less. Faced with this financial dilemma, smart marketers are now relying on innovative lead-generation software from ReviMedia to help make wise allocations.
The Right Tools for the Job
Now, more than ever, marketers in the mortgage industry need to control their budgets while seamlessly ensuring the highest possible conversion rates to funded loans. Among other things, that means understanding which products are likely to attract more consumer interest in this economy. For example, now is a great time to promote refinancing options, as new home loans become less attractive to consumers.
It also means, using the right tools. It’s essential to apply efficiency in engaging with potential borrowers, and use smart tools to analyze and optimize marketing performance based on consumer characteristics like credit score, place of residence, loan amount and product.
That’s where ReviMedia has proven its value as a trusted performance marketing partner in the data-driven mortgage industry. With unique algorithms and state-of-the-art machine learning, ReviMedia’s powerful interactive platform, PX, provides our clients with full control and optimal transparency in their lead-generation activities. Managing marketing budgets has never been smarter or easier, since the PX platform now offers full drill-down ROI analysis and tracking.
ReviMedia also enables lenders to apply layered targeting requirements to optimize and hone in on best-performing audiences and fine-tune the acquisition process from start to finish. When your budget is under pressure, you can’t afford to waste time and effort using the wrong tools. ReviMedia’s smart, data-driven approach to lead generation gives you the tools you need and the leads you’ll want, to drive your business forward.
Contact our team of mortgage performance marketing experts.