In the past, banks and mortgage institutions have faced difficulty in quantifying the results of their mortgage marketing efforts because traditional media advertising is hard to track and prove a true ROI. Technology and the internet have transformed the way financial institutions reach new customers and marketing mortgage products are no different. As with any marketing expenditure, it's important to be able to prove the ROI on your marketing campaigns and the data to do this is there if you know where to look.
Define the Campaign
Before you set up any sort of campaign, it's important first to define your goals. What is it that you are trying to accomplish with your campaigns? Are you looking for increased lead generation? Perhaps you would rather track closed mortgages or sales figures. Define your objectives up front so that you'll know what to track and measure.
Set up the Campaign
Once you've established your goals, you'll need to set up your campaign, and there are many choices.
- Adwords - Google's Pay-Per-Click (PPC) advertising can be very effective for any size business as you can both target and budget your ads to ensure that only the people that are searching for your services see them.
- Social Media - Social Media Marketing can be very powerful when done properly. There are options for both free and paid advertising on many platforms.
- Email - Email marketing is effective provided you have a relevant list to market to and compelling content to send to that list that will engage readers.
- SEO - Search Engine Optimization is a must for any business that has an online presence. A properly designed website will help you to rank naturally in the search engines for relevant terms and to convert visitors into customers.
- Banner Ads - Buying banner ad placement, either through Google or private networks, is another way to get your brand and message in front of potential customers.
Analytics to monitor progress are a critical component of any of these mortgage marketing campaigns. Depending on the platform, some have analytics built in and others you will need to do something extra to set this up. For example, Google, Facebook, Twitter, and Email services all have analytics components to them. You can measure engagement, click-through rate, and much more. Both website and banner ad analytics can be added through Google and you can also opt to use a different service.
Measure ROI of the Marketing Campaign
To prove the ROI of your mortgage marketing campaign, you will need two figures. Let's assume that you wish to measure your sales growth in a quarter. To do this, you will need to know your marketing cost for that quarter and your sales growth figure. A simple ROI would be: (Sales Growth - Marketing Cost) / Marketing Cost = ROI.
As you spend your marketing dollars to promote your mortgage services, be sure that you have clearly defined goals and know how to measure your results. The ROI of any mortgage marketing campaign is the one that matters the most and should come in the form of increased sales. For more ways to prove the ROI on your mortgage marketing campaigns, download our FREE eBook now!