Mortgage and Their Digital Storefronts
In light of recent events, businesses were scrambling to adjust their emphasis on digital storefronts. We all knew digital was important, but now more than ever digital storefronts are not just important, they are vital.
As the economy has been deeply impacted by COVID-19, interest rates dropped and leads came pouring in for refinancing of their mortgage loans. Along with that, a growing number of people took interest in home buying due to the low interest rates.
Mortgage received a significant influx of leads throughout March and April specifically and the scramble of contacting leads quickly and after hours became increasingly unattainable. It’s important to look through the lens of the consumers by imagining how people would behave in, say, a retail storefront: they want to “shop” or look around before speaking with a representative that can meet their needs and answer their questions.
For mortgage, those two elements for their digital storefront revolve around:
- The website — consumers can research and “shop” before filling out an inquiry
- Contacting the lead — consumers can be catered to and cared for in the buying process, even outside of normal business hours
“A website should be designed as such that a visitor (can) go to the cart with confidence and not to your contact page with confusion.”
Content and Conciseness is Key
More than 50% of all loan applications in the past two years included some online or digital component. A website is one of the most important elements to any company’s brand and product. It’s where consumers can go to figure out more about who you are and what you can do for them. For mortgage, your website is where they will do their research and hopefully, fill out an inquiry or application.
This part of a mortgage lender’s brand is vital. Why should a consumer apply for a loan through you versus the competition?
In order for your website to gain organic traffic and high quality leads, you need:
- A mobile-friendly platform – While 67% of those with home loans say they would have felt comfortable completing a home loan application online, 51% of searchers are more probable to purchase from a mobile optimized website. Everything should load quickly, read easily, and should generally be easy enough for all demographics to use.
- A blog – 92% of recent mortgage borrowers did online research before even speaking to a lender. Although a blog does require consistency and relevancy, it’s a huge way to get ahead of the competition. Consistent content is an indirect way to establish credibility and trust with the consumer, even if it is just a weekly post.
- Video – After watching a brand’s video, 80% of consumers purchased a product. A video gives the consumer insight on your company and mission with more visual representation and opportunity for connection. There should be at least one video on your homepage or somewhere obvious on your website. Be sure to include a call-to-action button under the video.
of mortgage borrowers did online research before speaking to a lender
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Contacting Leads After Hours
Leads are incredibly important and costly. According to Econsultancy, for every $92 spent on acquiring leads digitally, only $1 was spent on converting them. For investing that amount of money in acquiring leads, the conversion investment is extremely low and is likely a contributing factor to the loss of potential business.
As leads are filling out forms on your website, mortgage lenders are doing their best to contact them quickly. Since the likelihood of purchase decreases as a lead goes uncontacted, the need for a digital storefront is apparent. Especially since 40% of leads come in after hours, on weekends and during holidays.
Leads may not necessarily notice the lack of contact right away, however, time that goes on without contacting the lead is time another business can be putting effort toward gaining your lead’s attention. Not to mention, 75% of consumers say it is difficult to get a hold of sales teams, putting even more pressure on lenders to step away from their life outside of work.
Ultimately, a lead conversion platform such as Verse should be able to relieve lenders from this pressure. Not only do they serve as a representative from your company 24/7, but they nurture and qualify your leads so you can take advantage of your time and invest it in the leads who will most likely purchase. This kind of digital storefront is advantageous for a lender’s reputation and will separate your customer service from other lenders.
The value in hosting a digital storefront stems from the value you provide for a consumer. If a consumer has to do less work and is ultimately satisfied in their engagement with the lender, lenders will see a notable difference in the generation and conversion of their leads. This can ultimately lead to better prioritization of the two things businesses wish they had more of– time and money. To learn more about how you can benefit from a lead conversion platform, check out The Lead Conversion Gap.