Sales and Consumer Engagement
6 Steps to Improve Email ROI
Email is a powerful sales and marketing tool that, when used correctly, can deliver excellent ROI for your marketing dollars. Unfortunately, email marketing is often underutilized by lenders. But fear not! Here are 6-steps to help you boost your email game.
#1 – Know the Rules
Did you know that lenders can be fined up to $16,000 for a single email in violation of the CAN-SPAM Act? It takes just one non-compliant email being forwarded to the Consumer Financial Protection Bureau (CFPB) or the Federal Trade Commission (FTC) for an organization to potentially end up in hot water. To succeed in email marketing, lenders must actively monitor their sales teams and have policies in place to safeguard against loan officers “going rogue” on email. In the event of an audit, having such policies in place and evidence that they were followed can help to avoid penalties and fines.
#2 – Ensure Email Deliverability
Simply writing an email and hitting “send” doesn’t guarantee that your email will reach its destination. You can have enticing email copy, wonderfully branded templates, and catchy subject lines, but none of it will matter if you cannot ensure deliverability. Learn the nuances of each email client (Gmail, Apple Mail, Outlook, etc.) when using HTML, avoid all CAPS, exclamation points, and common mortgage industry trigger words, including mortgage rates, free quote, $$$, money back, etc. These terms and symbols can immediately re-direct your email into a spam filter.
#3 – Make it Personal
Research has shown that personalized emails garner 27% higher unique click rates and 11% higher open rates than generic emails. However, email personalization goes beyond simply using someone’s first name in the opening salutation. Many prospective borrowers have likely made a connection to someone in your organization, and depend upon their expertise. The person closest to the borrower should always drive the conversation, even if you have to craft email messaging for them.
#4 – Stay Connected
Depending upon whether a prospective borrower is looking to purchase or re-finance, the transactional lifecycle can vary greatly. Fortunately, email is a great tool for continuous engagement with borrowers. For instance, an email “drip campaign” can include communication on the Friday before and Monday after a weekend house-hunting session. Additionally, use monthly email updates to deliver timely insights on market conditions, rate forecasts and more…all of which can be followed-up with a call.
#5 – Nurture Realtor Relationships
77% of Realtors refer clients to only one lender or mortgage broker. And, with more lenders targeting the purchase market, it is increasingly important for loan officers to nurture their Realtor relationships. One effective method is to produce co-branded emails promoting both your message and the Realtor’s, which can be sent to mutual clients. This shared-branding effort builds trust with your Realtor partners and can increase future referral opportunities.
#6 – Be Consistent
Studies show that consistent follow-up with borrowers is instrumental in turning leads into loans. More “touches” usually equate to higher conversion rates, but speed, consistency, and relevancy are essential. If you cannot keep your borrowers actively engaged, they will find another lender who will.
Partner with Ellie Mae to drive more effective borrower engagement
In today's market, the competition for borrowers has never been fiercer. And, as a lender, you have to take advantage of every opportunity. Ellie Mae’s Consumer Engagement solution allows you to target your audience with one-to-one marketing, prioritize leads that drive more business, engage homebuyers the way they want to be engaged, close more deals, and get your borrowers into homes faster.