Segmenting Your Database For Marketing From A People Point-Of-View


A client once came to us and asked, “Do you have content for closed loans vs. unclosed loans.”

This request begs the question: Does this LO have any relationship with his clients during or after the process?

Everyone is different, unique and loan structures differ as well, but borrowers are still people and these people react to the world around them in very similar ways.

After their loan is closed, they’re still a person and remain a person. They’re not so much a borrower as they are technically a debtor, however, the content you would send them in your marketing isn’t going to be qualified by whether they are a loan closed or otherwise.

If you are monitoring changes to offer a better deal, that’s one thing, but successful sphere-of-influence marketing isn’t the same as monitoring for changes.

It is this misunderstanding of the buyer’s persona for the loan and real estate industries that cause marketing to fail and messaging to be completely wrong and ineffective. Not good!

Segmenting a closed or funded loan from unfunded loans in your overall lender marketing plan or campaign can be a big mistake. In the retail world of marketing to large numbers, this type of “segmenting” can be valuable, based on different product or service types but to the loan officer with a couple hundred people in their database, it’s going to run out of gas really quickly.

How many of your clients are One Year, 10/1, 2-Step, 5/5 or 5/1, Balloon, etc. These factors are huge but not from a marketing perspective. As these types define when you should contact them, your client should expect that as changes to their benefits come up, you should be on those changes without hesitation. Your marketing plan overall could include this but this is NOT your marketing plan. This should be part of your job, to survey your clients once a month or more if you feel you need to. When it comes to mortgage marketing, there’s an overall relationship that will transcend their type of loan and segmenting this important marketing approach is futile.

Since it’s 8-10 times more expensive to generate new business from people who don’t know you, segmenting into these two groups will devalue your list and have you thinking you need different marketing approaches for each. When you’re as big as Walmart, possibly, but until then don’t segment your list this way.

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