Summary
This article highlights five significant statistics that mortgage professionals should be aware of to enhance their marketing and business strategies. By understanding these stats, mortgage professionals can make more informed decisions, adjust their tactics, and capitalize on current industry trends. By the end, you’ll gain key insights into the shifting dynamics of the mortgage industry and how to stay ahead.
Statistics are a key to the world of 2017 marketing. They help you understand how your marketing is performing, which channels are working and which are not – in other words, they rather clearly indicate where you should put your money. Today we’d like to tell you about five stats we think are the most interesting and important for the mortgage industry.
1. 54% of subscribers say they’ve felt tricked by a subject line. (Litmus/ Fluent)
It’s okay to come up with a clever, eye-catching subject that reflects what is inside the email, but you should never (NEVER) mislead your clients into believing your email contains something it does not. Sure, you can get them to open your email with that fancy subject, but you also lose a potential client or partner along with that open.
Recipients should always receive what you promised them in the title. The title should indeed be smart, but also on point, transparent and engaging.
2. 98% of website visitors leave before they complete the action you desire as a marketer: registering, purchasing, converting, donating, etc. (Kissmetrics)
As a mortgage professional, you should drive a lot of traffic to your website. The logic is sound, the more traffic comes in, the more ends up as your leads. But just think about it, 98% of your potential business does not even fill out the form on your website.
You need to think more about how to engage with your website audience. What topics are they currently looking for? How can you help them? Start with these questions, direct them in the world of mortgage in a right way, and you will see the drastic change in your conversion rate.
3. Only 32% of marketers focus their content on the needs of their audience versus the needs of their brand. (Content Marketing Institute)
We’ve talked about this a bit in the previous section. When you create any piece of content, you should start your process with a simple thought: Will it help my clients achieve their goals? If so, how can I help them?
When you are able to answer these questions, you will find a topic for your content that puts your clients in the forefront, not your brand.
Never start with questions like, how can I improve my SEO? What trends are currently going on? These are good questions, but they must be asked after you find out the core problem that bothers your clients.
4. Only 5% of people remember stats after they’re shared; 65% remember stories they’re told. (Matthew Luhn talking about Chip Heath’s Stanford University study.)
What does this means for Mortgage Brokers out there? In order to make sure you receive referrals long after the deal is closed, you need to create a compelling, impactful, and memorable story around yourself or your company.
You also need to take them on a ride that is a mortgage process and transform it from a dull, stressful process into a fun and exciting trip that they will remember forever. Remember, it is the stories that win over clients for life, not stats.
5. In 2016, about 22% of businesses were satisfied with their conversion rates. However, for every $92 spent on acquiring leads, only $1 was spent on converting them. (Econsultancy)
This is the real problem that is not exactly on the surface. You pay Google, Facebook, and Lead Providers to get your leads. But instead, maybe you should think about who you should pay to to increase that conversion rate of yours.
For example, you can use content marketing agencies to make a better, thought-out content or use a CRO (conversion rate optimization) business that changes your website in a way that it will convert much better. The possibilities are endless.
Conversion rate is really a point of where you can find huge growth. With a great converting website and content, you may very likely find yourself in a situation where you have only one lead source, Google, for example, and you are overwhelmed with business. This happens because on every stage of leads’ funnel you brought value to the table, not just words.
—-
We hope these five stats helped you learn a little bit more about how modern marketing works and give you some ideas on how you can improve your business. Please share any other statistics that you found useful in the comment section below!
Thank you and let’s bntouch!
Key Takeaways
- Consumer Preferences Are Shifting
The statistics reveal changing consumer behavior, with borrowers increasingly seeking personalized experiences and quicker services. Mortgage professionals should adapt to these expectations.
- Importance of Digital Presence
With more borrowers turning to online channels, the stats emphasize the importance of a strong digital presence. Mortgage professionals need to leverage technology for better engagement and efficiency.
Referrals continue to be a powerful tool in acquiring new business. The article points out the importance of nurturing client relationships and building referral networks.
Commonly Asked Questions
- What is one key shift in consumer behavior in the mortgage industry?
Consumers are increasingly seeking personalized experiences and quicker responses from mortgage professionals.
- How important is a digital presence for mortgage professionals?
Having a robust digital presence is critical as more borrowers are using online channels to research and engage with mortgage services.
- What role do referrals play in business growth for mortgage professionals?
Referrals remain a powerful tool, and mortgage professionals should focus on cultivating relationships that encourage past clients to refer new business.
- Why should mortgage professionals pay attention to current industry statistics?
Understanding the latest statistics helps mortgage professionals adjust their strategies, stay competitive, and meet the evolving needs of consumers.
