Borrower expectations have changed drastically in this mobile era with the borrowers becoming more curious, impatient and demanding. So it is important for Mortgage lenders to keep track off the right marketing metrics to accurately measure the ROI of mortgage marketing campaigns.
Need for tracking the right metrics
Mortgage lenders need to track the right metrics of their marketing campaigns to:
Accurately define the campaign goals or objectives which should be specific, measurable and realistic.
Increase the quality of incoming leads.
Increase the conversion rates.
Target the right audience and measure the reach of the campaign accurately.
Measure the success and effectiveness of the campaigns.
Adopt and implement changes to marketing strategies based on the insights from performance of the key metrics.
Marketing metrics for Mortgage Campaigns
Social Media Insights: These are metrics specific to mortgage marketing via social media and includes metrics like number of likes on Facebook, number of followers on Twitter and social media platforms, number of shares, retweets, comments etc. Mortgage banks can dive deeper into social media insights using the inbuilt analytic features within these platforms to find out the posts which got the most traction and the sources of organic traction for those posts.
Completed Applications or leads: Mortgage lenders can find the actual conversion rates by looking into the number of application forms filled through different touch points, inbound calls and the actual number of loans closed through these application forms.
Website visitors: The website analytics should be monitored to find out the number of visitors to the website, search keywords which resulted in website visits, number of contact forms filled from the website and the time duration for which the visitors engaged with the website content.
Borrower Satisfaction metrics: These metrics are tough to measure and need concrete efforts to track through efforts like surveys, feedback forms, testimonials, reviews, loyalty measurement efforts like number of returning borrowers seeking another loan or refinance or referrals by existing borrowers etc.
Net Promoter Score (NPS): NPS measures borrower experience and predicts business growth and is a quantitative metric which is calculated from survey data by assessing the answers to specific survey questions.
Brand Perception metrics: These metrics which helps to measure the brand awareness among borrowers and referral partners and is usually measured by assessing direct web searches (PPC not included), direct clicks on landing pages, mentions, hash tags, keywords on social media channels.
Conversion rates: Besides the actual conversion rates of closing the loans, mortgage banks also need to keep track of conversion rates on different channels like email marketing, inbound and outbound calls, click through rate on social media, goals completed on different landing pages etc.
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