LEADCRITICHolidays - Have your contact and funding rates gone down?
Filed Under: featured, Email Marketing, Consumer Habits, LEAD Management
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December is traditionally a slow month in the mortgage industry where contact rates and funding rates tend to drop by at least 15%. Loan officers start scheduling significant time off and prospects get very busy. I remember even during the mortgage heyday our loan officers dreaded this month. Is anyone experiencing the December drag? Have your contact rates dropped in the last few weeks?
I know many of my client calls reflect a drop in contact conversion and they want to know how to minimize the impact. Should they reduce the number of leads they buy? I don’t think our lead provider friends enjoy it when the client base asks to have days reduced. I remember calling my account reps at Adteractive or LowerMyBills and they would freak out when I asked to shut off 7 days worth of leads. Seriously I remember Yung Trang and his wise words of wisdom telling me “LG - It’s just not that easy to turn things off around here” I still love that.
Anyways, I digress. I believe the December leads can still pay off. Yes you reduce your lead volume a bit, and/or the supplier does it anyhow based on expectations. But what about the leads you did buy and didn’t make contact with? Assuming you are not the person buying the leads should you just blow them off and move onto the next batch in January? I personally believe you should setup a special holiday email campaign. Start the emails going out a day or two before the holidays and then follow-up with some calls in early January. Assuming the 21 day 2nd life cycle of leads this is a natural thing to do but many shops and loan officers get caught up in the January rush. When the phones start picking up will you really have the time to setup the email campaign and schedule the calls? Probably not, so do it now while you are in the holiday spirit. If you are using one a Lead Management System have your emails go out automatically while you are sipping grandma’s special eggnog. Do not let all those good leads go to waste!
December leads do not always convert immediately but they will. Those buyers are still out there, and your competitors are suffering the same scarcity of sales resources that may be affecting your business. December can mean less competition per lead.Is anyone out there doing email campaigns or phone calls to December -
Holiday leads? If so, let me know and I’ll put you on my Christmas card list for next year.Best of luck everyone.
Merry Christmas – Happy Holidays from Lead Guru!
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Bill Rice | Dec 20, 2007 | Reply
Noel,
You raise some important points in this post, particularly:
* Marketing is hard to shut-off when you have other priorities
* Consumers submit when they are ready, not when you are
* Lead management is not simply dialing for dollars
Marketing is a flow of buyer intent and often that volume is counter to our personal “work” schedules, which makes a lot of sense. After all, these consumers work too and getting a mortgage is not their primary occupation–that is why they want you to call.
Developing great content and context-based marketing and loyalty campaigns is an edge that most won’t take. However, those who do will see consumers more responsive, prepared to talk, and in a positive frame of mind for your discussions.
Beware, these campaigns can be counterproductive. If you do not have a campaign engine that is context-based save your emails. Mind-numbing, generic, impersonal, time-based triggered emails will land your emails and you in the spam bucket. How embarrassing to contact a consumer, or worst have them call you, and have an email moments later say “I know you are busy during the holidays, but give me a call to make sure your 2008 financial plan is on track.”
Also, as Noel supposes, Lead Marketwatch has shown this noticeable drop in application rates across the market. This is reflective of both lower loan officer activity and lower borrower response or contact rates.
Great Holiday post Noel!
Lead Guru | Dec 20, 2007 | Reply
Thanks Bill, I realize that many of us know to always email leads and call our leads appropriately. But I’m a big fan of the holidays for about 20 days, (Like now) and I think a holiday themed email is nice and timely. Now in about 6 days from now I’ll be in the “Grinch” post holiday bah-humbug stage. LOL - then I’d say keep it normal and real but keep it going.