Put simply, the term “analytics” refers to quantifiable statistics or data that can help you to evaluate the performance of your loan officers. If you are not leveraging , then you are preventing your business from reaching its optimal potential.
Analytics can have a positive impact on every facet of your business. You can speed up loan processing, generate more leads, and create more targeted advertising campaigns when you explore analytics effectively.
Below, we’ll discuss three ways that analytics can show you your strengths.
1. Identify Social Trends
Over the last decade, social media platforms have risen to the forefront of digital marketing. Companies that engage with potential clients on social media tend to perform better than those that neglect this vital commodity.
By reviewing analytics, you can optimize the effectiveness of your social media marketing strategies. You can find out what works and what doesn’t, which will help you to better allocate resources.
Analytics can help you identify which platforms are responsible for generating the greatest number of leads and which forms of social media are relatively ineffective. For instance, if the analytics show that the majority of your leads originate from Facebook and Instagram, then that would be the place that you should focus the majority of your resources for advertising.
Modern CRMs like the one offered by BNTouch not only provides you with detailed analytical data on social trends, but they also facilitate automated branded advertising. This means that your loan officers will have access to a greater number of high-quality leads without spending a lot of time designing campaigns.
2. Improve Overall Efficiency
By leveraging analytics, you can identify which areas that your team is performing strongly in and where they may be lagging behind. Analytics are typically broken down into individual KPIs (key performance indicators) that give you essential feedback on your team’s output.
If a particular loan officer is consistently underperforming in a certain KPI, then you can be better equipped to address the issue with a high-powered CRM. You can assist the employee in improving performance by supporting them with the right tools, which will result in more efficient mortgage processing.
You can also identify which loan officers are performing at optimal efficiency levels and assign additional leads accordingly. Software from BNtouch even allows you to automate the lead distribution process based on performance to ensure that your brokerage is operating as efficiently as possible.
3. Implement Focused Advertising Strategies
Analytics not only play a role in optimizing your social media presence, but they can also help you to revamp your advertising strategies as a whole. This approach reduces wasted resources and improves your ability to generate new leads.
For example, if you are processing a high volume of a particular type of loan (i.e., VA loans), then you may want to gear a portion of your advertising towards veterans. You can also partner with real estate agents that work primarily with this demographic.
Analytics can even allow you to back up your advertising claims with hard data. If you are claiming to process loans fast, listing your average cycle time in ads can improve your credibility. The ad may read something like, “Our loan officers process mortgages 20% faster than our competitors.”
If you are ready to highlight the strengths of your team through analytics, then it is time to contact BNTouch. Our innovative CRM software can provide you with the tools you need to improve performance and streamline the client experience.