TRANZACTIONS - DATA STRATEGIES FOR FINANCIAL SERVICES MARKETERS

Top Three Strategies for Maximizing Mortgage Trigger Lead Performance

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Savvy mortgage marketers have been leveraging mortgage trigger leads to fuel their custom acquisition strategies ever since they hit the market. And with good reason...mortgage triggers give marketers the ability to pinpoint qualified prospects who are actively shopping for a loan.

While conducting some of our own internal research, we discovered that there is a science to making the most of these targeted leads. By following the strategies outlined below, you can significantly improve both response and conversion rates:

1. Strategy #1: Wait a Week! You may be tempted to call trigger prospects the moment you take possession of the data. However, our analysis indicates that the largest percentage of leads is generated 8 to 14 days after a triggering inquiry. The data seems to indicate that there is a "honeymoon" period of about a week, after which time the prospect is more open to considering competitive offers. Wait a week and watch your conversion rates soar!
2. Strategy #2: Use Direct Mail! With the advent of the National Do Not Call Registry, the number of consumers who can be contacted via phone has been reduced to just 20% of all homeowners. This statistic has two implications: (1) These 20% are bombarded with a high concentration of marketing offers. As a result, they are less responsive. (2) The other 80% are targeted with significantly fewer offers as direct mail is less utilized - which translates into higher response rates. Note: Many mortgage marketers shy away from "mail only" trigger leads, as they feel the need to contact these prospects within 24 hours (not possible with direct mail). However, as I mentioned above, the sweet spot of mortgage trigger marketing is 8-14 days post-inquiry...so there is plenty of time to execute a direct mail campaign.
3. Strategy #3: Seek out a Tri-Bureau Solution! While they are the most powerful, mortgage triggers are also the least plentiful, so it is important to find a solution that can maximize the universe of available leads. Triggers are available from all three bureaus, so make sure you are partnering with someone who has a tri-bureau capability.

You can learn more about our trigger analysis by downloading our white paper, "Best Practices for Leveraging Mortgage Customer Acquisition Triggers".