There are two main objectives of marketing in the mortgage industry. The first is to nurture prospective borrower or new account relationships and lead them down the path to closing. The second is to keep existing customers happy while mining for cross-selling opportunities. Historically, these objectives have been accomplished manually. But in this digital age, many marketing activities have become automated thanks to technology’s constant march forward.
By: John Seroka
What is marketing automation?
Marketing automation is the practice of using software to automate, streamline and measure repetitive marketing tasks and workflows. Its purpose is to help marketing and sales teams improve their efficiency and increase output while, at the same time, delivering a more personalized prospect and customer experience.
Today’s computers can process tremendous amounts of data within seconds. This enables marketing and sales automation systems in the mortgage industry to analyze data and precisely target prospects and customers with communications automatically.
Why you need marketing and sales automation
With an automation platform in place, marketers are equipped with a tool that offers great insights into the sales journey. Not only can leads be qualified more effectively, but the ROI of campaigns can be demonstrated. This is especially important because when you can show how a campaign impacts the bottom line, the marketing department suddenly is considered a revenue generator instead of a cost center ─ and that usually results in a greater budget allocation for marketing programs. And, with a bigger slice of the budget pie, marketers are better positioned to explore new creative approaches, test, and roll-out with new campaigns that will generate cost-effective leads.
Today, about 75% of marketers say they currently use at least one type of marketing automation tool according to Social Media Today “State of Marketing Automation Survey Report” (2019). However, you must be one of them in order to realize the benefits marketing automation affords.
Why marketing and sales automation is worth the investment
There are several main reasons mortgage companies and industry service and technology providers should invest in sales and marketing automation technology:
- More time savings – The advances in automation technology over the last two decades have made it possible for marketers to spend less time on menial, repetitive tasks, and more time for marketing strategy, creative execution and campaign analysis.
- More effective budget allocations – The measurement tools built into these platforms provide concrete campaign performance data that enable more effective marketing budgeting which, in turn, will improve your ROI and take your business to the next level.
- Stronger sales and marketing partnership ─ These two teams work more cohesively when supported by marketing automation. The more prospects that marketing reaches, the more pipeline is created, which generates more opportunities to close.
If you haven’t yet embraced this technology, now is the time to do so. And, if you have a marketing and sales automation platform that you are under-utilizing because you are lacking the resources to create marketing content, we can help. Contact Seroka today.