I am not sure if you have noticed the trend of TV commercials that supposedly trick the consumers into believing they are eating food from a fine dinning restaurant, but are in fact eating fast food. These commercials have been driving me nuts. Let me tell you why.
First, if you haven’t seen the commercials here is a good example:
According to MarketingSherpa’s Business Marketing Survey, lead nurturing is an area that is a point of pain for many businesses. They asked 980 marketers in a variety of industries if they have a process for lead nurturing. Surprisingly, only 56% have a solid plan in place.
56% have some defined lead nurturing process in place, but only 36% of them are satisfied with that process. I believe that most lead nurturing programs out there are not really as successful as they could be in optimizing communications during the sales cycle.
Another company that was covered here and interviewed here few months ago, SmartHippo made an announcement today. The community based mortgage shopping network announced that it has created an advisory board that included a number of industry experts.
Founding advisory board members include Lori Collins, former Senior Vice President and General Manager for LendingTree Exchange; Bill Rice, CEO of Kaleidico; and John Philip Green, Founder and CTO at LearnHub.
George Favvas, CEO of SmartHippo.com, said: “We’re excited to have some of the smartest and most accomplished business and technology leaders join our advisory board. Their expertise in lending, customer acquisition, social media, and consumer Internet will be invaluable assets as we grow our business.”
So, who has the most loyal customers in financial services? Here they are according to the Brand Keys 2007 Customer Loyalty Engagement Index.
Bank
1 Wachovia/
Washington Mutual (tie)
2 Bank of
America
3 JP Morgan Chase
4 PNC/Bank of NY (tie)
5 Wells
Fargo
6 CitiCar Insurance1 Geico
2 State Farm
3 Allstate
4 Nationwide
5 ProgressiveCredit Card1 Discover
2 Capital One
3 Visa
4 American Express
5 First
USA/MasterCard (tie) Insurance1 NY Life
2 ING/The
Hartford (tie)
3 MetLife
4 Prudential/Travelers (tie)
5 AXA
6
AetnaMutual Fund1 T. Rowe Price
2 Fidelity
3 American Funds/Janus (tie)
4 Putnam/Vanguard (tie) On-Line Brokerage1 Scottrade
2 Schwab.com
3 Fidelity.com
4 TDAmeritrade.com
5 ETrade.com
6 MerrillLynch.comSource: Brand Keys 2007 Customer Loyalty Engagement Index
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I am not sure when the last time you have been to you local shopping mall, but if you’ve been to one in the last 6-9 months I am sure you have noticed a specific store full of buzz. People are slammed together inside the large store chatting with store attendees, testing out the products and quite literally pushing other shoppers out of the way.
If you haven’t been to the mall in a while I will try to fill you in on the huge buzz that is the Apple store. It is simply crazy! There are grandparents, parents and children all enjoying the store and its products. Aside from Apple offering amazing products they have changed the way people shop. They added convenience to process! Not only is Apple an innovator of technology, but they are also innovators of the consumer experience.
This is one of the biggest mistakes I see lead buyers making with their leads. An Internet leads, if generated with any level of integrity, is not a cold call. It is an initiated, hand waver!
Think about what a quality Internet consumer lead implies:
They are asking to be called so don’t treat them like strangers–complete the experience. Read the full story
I am back after a little hiatus and many of you have been wonder where the only out spoken consumer advocate on the Internet has been. Well, I can only tell you that lead providers should beware! I have been on the prowl scouring the Internet for offensive behaviors. If you are out there foregoing the rights of the consumer please change your ways or I will find you and call you on it.
In the in the spirit of the NFL playoffs I am going to throw my first penalty flag at a specific lead generator for unnecessary roughness on the consumer. It is my opinion that there is a fine line of how many offers you can present to a consumer in one form and how many different types of leads you can generate from one consumer. A person fills out a mortgage form to receive quotes for a mortgage and that is it. Although a form may be able to present a few options for the consumer and possibly offer them credit repair solutions if applicable and of course only with their consent.
In the past we have discussed going the consumer more control over the loan shopping process. George Favvas took a positive step forward with the creation of SmartHippo which is gives borrowers the chance to post the rates they received, rate the lender and also shop for the lowest mortgage rates. Now another website looks to give more control to the consumer by allowing them to compare apples to apples. Nameyourloan.com is an auction based platform that allows consumers to view multiple offers before they ever have to speak to a lender.
“Through advanced technology, we are starting to make haggling and deceptive lending tactics a thing of the past,” explains Salahi. “At the same time, we are transforming a generally stressful and complicated process into a very pleasant and easy experience for borrowers. Our multiple bid auction format, coupled with constant consumer feedback, will make it easy for us to weed out dishonest lenders–and hopefully put them out of business!”
The process is fairly simple, a consumer fills out their information similar to a typical mortgage inquiry. Once the form is complete the auction begins. The auction last 24 hours from that point. After the form is completed a notification is sent to 3-4 lenders who’s filters are aligned with the borrowers information. These lenders then price out an offer according to the borrowers info and an email is sent to the borrower notifying them that offers are waiting for them.
The offers are fairly thorough and gives the consumer all the corresponding rate information and fees. Once the consumer views the rates they have the choice to accept the rates, restart the auction with different parameters or cancel the auction altogether.
Overall I liked the the UI on the website and the ability to view the rates before ever speaking to a lender. I am not sure that viewing the rates first is going to reduce the likelihood of fraud, but it is a painless process and very convenient. We’ll have to wait an see if consumers find it useful, but none the less it is another evolution of the lead industry and another step closer to giving the consumer full control of the loan process.
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There is a huge disparity between buyers who call leads to many times and buyers that don’t call leads enough and in this post I want to address this topic and give my two cents.
I have heard it too many times that buyers have not been able to succeed with the leads and to only find out that they called the leads on average 3 times. The fact is that succeeding with leads involves being respectfully persistent. Bettercloser has a post about call back periods and there is another one on the bettercloser blog that I couldn’t find that you should check out as well. (Bill maybe you can post the link in the comments if you can figure out what post I am talking about) The post talks about making broad strokes until you find the sweet spot where the consumer is usually available. This happens in the first 3 days or until you have contacted the consumer. You will want to make a phone call in the morning, noon and then once at night until you have reached the lead. I recommend leaving one message per day. There are guys out there that will tell their LO’s not to leave messages at all and I find this to be ridiculous. You clearly do not want to leave a message every time you call, that would be annoying.
Over the weekend it came across the wire that the website/Blog/Forum Broker WatchDog would be implementing Icosales into their interface.
Prior to implementation of icoSales, Broker Watchdog users posted leads for exchange on the website’s forum. For example, if a broker had a customer who needed an FHA loan and the broker did not specialize in FHA loans, he could post the lead to the forum where another broker could access it and work with the customer. Broker Watchdog members are now able to manage leads posted on the forum and determine completion of the sales process, an option that was not available prior to icoSales.
We often banter, in marketing and sales, about delivering customer satisfaction or the WOW factor. What does that mean? Does it translate into real long-term success? My morning blog reading came across a post about the difference between the WOW and YUM.
It is a great way to frame the problem.
Read the full story
The best solution is to have support in the email for both HTML and plain text. The specific technique I am referring to is called multipart text/HTML format and it allows you to utilize HTML’s design possibilities while also sending out the message in plain text form.
Plain text email lacks any formatting or graphics and looks very plain. Using plain text email marketing is like sending out a direct mail piece without any design…. there are no hooks in place to grab them by the collar.
HTML emails have more visual appeal and support color, images, and formatting. There is good reason to develop email in both HTML and also support plain text. You can take advantage of the strong design HTML brings to the table and still, at the very least, have the ability for it to be viewed in plain text.
