I have done over 1 billion direct mail pieces over the past 25 years in the mortgage and automotive space and I’m always amazed at how similar their businesses are when it comes to marketing. It’s fun bringing automotive marketing ideas to the mortgage industry and vice versa.
I recently attended a national automotive marketing conference at the famous Bonaventure hotel (http://www.thebonaventure.com/) in downtown L.A. where the CMO’s of Honda, Nissan and Hyundai all spoke about where automotive marketing was heading. One thing they all had in common is they were trying to connect emotionally to car buyers with a cause and make it less about the car. Their research is showing Millennials want more than a good looking car with quality, they want to know the brand stands for something bigger. This intrigued me to do some more research as we’re doing marketing for 5 of the top 25 mortgage companies in the U.S. and we’re always looking for new strategies and tactics to improve response rates.
I believe mortgage companies can also leverage mission based marketing to not only connect with a homeowner emotionally and be successful with their marketing but also become significant to their communities in the process.
Instead of just saying “Refinance to this low payment…” include a brochure for Paws for Vets and donate $250 to a worthy cause when they fund their loan with you. My projection is this could bump up a direct mail response from .2% (20bps) to 1% (100bps) because of it’s unique value proposition when compared to others who are selling rates and fees.
We are testing the use of this brochure and other mission centric marketing ideas to increase response and conversion because we believe it can make a huge impact to results and the overall bottom line of a company. Not only can it improve response rates but it can also rally an organization and its customers around a cause that’s bigger than profits to stimulate productivity with staff and long term client relationships.
Do you agree or disagree? I’m interested in your feedback.
Is your direct mail marketing company bringing you new data sets, new offers and new creative to test and increase your response rates? Our team will, let’s connect! Call 866-944-4624.