NMP - April 2017 - 48

48

Exploring
the World of
Audience
Modeling

APRIL 2017 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

By Leah Roling

here will you
get your next
customer?
The idea of
using data to
create
audience profiles to become more
customer-centric in marketing
campaigns should be at the
forefront of answering this very
question. We need to change the
way we think about targeting our
customers from a farming
mentality to a hunting mentality.
This paradigm shift is real, not just
suggested anymore. Foot traffic is
minimal, refis are slowing down
and mortgage purchases are
increasing so there is a demand for
better intelligence.

W

How well do you know your
current customers?
For mortgage lenders to better
understand their customers, they
should consider the use of data and
predictive analysis to identify needs,
and lifestyle trends that will help
them promote not only the right
product but at the right time. The
use of data in this industry is behind
the times, and in order to keep up
we need to reconsider marketing
campaigns of past and look to new
ways to better micro target our
customer. Avande announced the
results of a survey of more than 500
business executives and IT leaders,
which revealed that "the
investments companies are making
to manage big data are paying off.

Eighty-four percent of respondents
believe big data helps them make
better business decisions. Seventythree percent of companies have
already used data to increase
revenue by growing existing
revenue streams (57 percent) or
creating entirely new sources of
revenue (43 percent). Evidence
shows that big data has become
pervasive-more employees in
businesses have greater access to
increased technology options for
managing and analyzing data."
Using data has less
obvious benefits
In a highly competitive market
where retaining and recruiting great
loan officers has become more

challenging, what are you doing to
differentiate yourself from other
financial institutions? Using data and
providing audience profiling to your
loan officers allows higher
conversions, better income potential
and higher retention.
When looking to expand
branches, or position yourself in
different geographic markets ... how
are you determining what city, area,
and/or state makes the most financial
sense? What if you used
demographic, residential and financial
data to determine similar customers
to that of your successful branches?
If you could identify the number of
eligible refinances in a given zip code
area, would this change the way you
market to that area?



Table of Contents for the Digital Edition of NMP - April 2017

Contents
NMP - April 2017 - Cover1
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NMP - April 2017 - 1
NMP - April 2017 - Contents
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