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Archive for the ‘Mortgage’ Category

Study: Weekend leads convert 20% better than weekday leads

Friday, February 10th, 2012

February 10, 2021 — Are weekend leads worth the money?  More importantly, is it worth staffing weekends to take advantage of these leads?

A recent study suggests the answer to these questions is YES and YES. Leads generated over the weekend convert 20% better than weekday leads, even if you do nothing more than buy them and work them during the typical workweek. What’s more, if weekend leads are worked with the same intensity as their weekday counterparts they have an even higher chance of converting. This is according to a new study conducted jointly by Leads360 and QuinStreet that looked at the performance of nearly a quarter million leads over a one-year period.

Weekend Leads by the Numbers

Contrary to what some may think, the findings from our research suggest more serious consumers are using discretionary time on the weekend to get work done and expect a timely response from lenders.  Therefore, those lenders that staff up and more aggressively work weekend leads could gain an edge on competitors.

If a company works weekend leads with the same intensity as weekday leads, the weekend generated leads perform even better. If a weekend lead is contacted it converts 32% better, if it is quoted 51% better and if it is contacted in the first 5 minutes, it converts 100% better than weekday leads.

Despite the solid performance, fewer than 29% of lead purchasers in the study purchased more than 10 weekend leads per month and less than 4% had a significant weekend lead buying strategy purchasing more than 100 weekend leads per month.  What’s more, weekend leads aren’t getting worked as hard. Response times to weekend leads were an average of 71% slower than weekday leads.

To learn more, download the study here.

2012 Forecasts for Insurance, Mortgage, Higher Ed

Thursday, January 19th, 2012

January 19, 2021 — Ah, the New Year.  January always offers a chance to move forward with a clean slate and an eye for the future.  In that spirit, here are some blog posts that offer a look forward to 2012 and some predictions and previews for what the year has to offer in private-sector higher education, mortgage and insurance.

#1 - Five reasons why for-profit schools are here to stay via @washingtonpost – In this column, Jay Mathew’s begins his look at the future of for-profit education with a clear and definite bias against the institutions, and initial reluctance to review the book titled “Change.edu: Rebooting for the New Talent Economy” written by Kaplan’s Chairman, Andrew S. Rosen. While the book didn’t shake Mathew’s feeling completely, he noted “Rosen convinced me that for-profit educational ventures are here to stay.” He went on to detail five reasons why. http://wapo.st/sSAwCQ

#2 - The Mortgage Battlefield of 2012 via @NatlMortgagePro – John Walsh offers up his predictions for the embattled mortgage industry from the frontlines of the struggle, including continued low rates and the reemergence of innovative products. http://dlvr.it/12P29W

#3 - Experts 2012 Rate Outlook via @MortgageNewsMND – Rob Chrisman gives an overview of mortgage rates and industry predictions based on outlooks from industry experts Freddie, Fannie and others. Predictions anticipate a similar year to 2011, with HARP 2.0 and expected low interest rates throughout the year likely to have a positive impact. http://tinyurl.com/cwl8zfe

#4 - Three Ways Insurers Will Compete on Data in 2012 via @insurancetech –  highlights how analytics is likely to change insurers approach to underwriting, claims, and risk management in 2012 http://ow.ly/87ZXG

#5 – Health care reform you can expect in 2012 via @Bankrate – The piece looks at what patients, doctors, and insurers should expect from the pieces of the affordable care act going into law in 2012. http://bit.ly/zuUE7U

#6 – Insurance Veterans’ Forecasts for 2012 via @ijournal – The piece discusses the future of the industry in the coming year with nine different industry leaders to get a better grasp on what to expect. http://bit.ly/yjGcS0

#7 – 3 Key Challenges Facing Agents in 2012 via @ijournal - In this podcast with Bob Rusbuldt, CEO of Independent Insurance Agents & Brokers of America, Bob articulates what he believes are the three biggest challenges facing independent agents and brokers in 2012. http://bit.ly/z6gNSb

HARP 2.0 Provides Opportunity for Lenders to Demonstrate Value

Thursday, December 8th, 2011

December 8, 2020 — Building trust as a go-to lender for all a customer’s finance needs is of utmost importance in the mortgage and banking industry. What is more, buyers today proactively educate themselves on what is available to them, so if a seller is not visible to them during these critical decision making moments they risk losing existing and new customers. One of the most effective ways our more successful clients build trust is by providing timely news and information on laws passed, current interest rates, or any bit of information to demonstrate they have their customer’s best interest in mind.

The expanded Home Affordable Refinance Program (HARP 2.0) is a powerful opportunity for lenders to demonstrate their value and build or earn customer trust. With a well managed marketing, nurture campaign, lenders can attract and retain customers.

Fool-Proof Your HARP 2.0 Sales Effort
Qualify and focus on the right opportunities: Start with the first critical phase of sales, quickly identify, qualify and focus on the right opportunities. This might include mining your Loan Origination Software for existing customers that may qualify for refinance under HARP 2.0, you’ll also want to mine your Leads360 database for aged leads that may not have qualified before but are eligible under HARP 2.0.

Stay top of mind: With a potential three plus months between December 1st and when lenders will begin processing HARP 2.0 applications, it is important to stay top-of-mind. Lenders will need to capture, track and nurture a large number of direct mail leads, web leads and sourced leads, with fool proof automation. With Leads360, administrators can include drip emails and even text messaging to go out based on the status of the lead so the lead is never left untouched for too long.

Prioritize and close loans: In addition to nurturing, sales-process workflow is critical to ensure priority leads are called first and new leads don’t go un-touched for too long. Leads360 enterprise edition has built in sales process workflow that can be customized to meet specific needs.

Today Leads360 published a toolkit based on best practices of some of our largest customers in the mortgage industry. You can download the toolkit here.

Working Weekend Leads Could Give you a Leg Up

Tuesday, December 6th, 2011

Find out how to maximize your weekend lead buys

Dec. 6, 2011 — In today’s competitive mortgage environment, working nontraditional work hours may give you a leg up on your competitors. A new study from Leads360 and QuinStreet found weekend leads perform better than weekday leads in certain key metrics.

As the mortgage industry evolves, lenders will need to adapt to meet the needs of busy consumers. Many consumers have more time on the weekend to catch up on their to-do lists and are less likely to be distracted by day-to-day responsibilities. So while it may seem like a hassle to work weekends, the opportunity may be worth it.

Are you maximizing your weekend lead buys? Attend our FREE webinar sponsored by Leads360 and QuinStreet to see how you stack up vs. your competitors on weekend leads purchased and how to properly contact and manage weekend leads based on research findings. Click here to register for this FREE webinar on Wednesday, December 14, 2020 from 10:00 AM - 11:00 AM PST!

Text Messaging for Sales Success

Tuesday, November 29th, 2011

Are your sales tactics dated? A barrage of repeated call attempts and e-mails may feel like the way to go in sales, but if they annoy or overwhelm the consumer they’re ultimately counterproductive. To maximize ROI, it is important to mold sales efforts to today’s savvy on-the-go consumers.

And if you need convincing on consumer behavior, take a look at these statistics:
The United States has more than 300 million wireless subscribers and a recent study by Pew Internet showed that at least half of Americans ages 18 to 29 send at least 40 text messages a day and half of those ages 30 to 49 send at least 10 per day. That exceeds the number of calls they’re making by factors of eight and two respectively.

This doesn’t mean throw out all the tried and true best practices. What it does mean, is looking for a good mix of old and new sales tactics that will ensure a positive initial brand experience, and give you a leg up on the competition.

By adding automated text messaging into the sales funnel, a savvy sales manager can open up a range of options for reaching the consumer. Here are a few tips for using text messaging for sales success:

  • Let prospective customers guide your practices: give your customers the option to receive text messages with appointment and deadline reminders.
  • Send friendly reminders: text messaging can be a nice alternative to phone or e-mail to provide a quick reminder of an application deadline, appointment, etc. Triocci University of Beauty Culture found that using texts in their recruitment was an effective way to remind prospective students of important deadlines and appointments.
  • Stay in touch with a busy customer that wants to respond on their time: a mortgage broker, for example, could use text messaging to communicate with a client who is often in meetings but wants updates and red flag notifications to keep the process moving forward and ensure he can lock in the quoted interest rate.
  • Appeal to the younger consumer: texting could allow younger potential consumers to absorb and respond to marketing information in a fashion they’re most comfortable with. You might consider running a promotion or contest via text messaging.
  • The new automated text messaging service offered by Leads360 are tailored to send texts with a timing and frequency balanced towards giving potential customers important, actionable information in a convenient, immediate package that ensures regulatory compliance. More importantly, the prospect’s replies go directly to the email box sales rep, eliminating the need to hand out cell phones to the sales force.

    We’d like to hear from you. How do you plan to use text messaging to improve the consumer experience?

    Favorite “Thankful” blog posts

    Wednesday, November 23rd, 2011

    On the eve of Thanksgiving there are several blogs popping up urging us to put our worries asside and consider for a moment what we have to be thankful for. In this vein, a few of our favorites from @MarketingProfs, @HSHassociates, @B2Community and @college4adults.

    #1 from @MarketingProfs – a heart-warming blog post that includes comments from 45 of Ann Handley’s friends; the post reminds us in the marketing and sales profession that our jobs are about so much more than strategy, planning, blogging, social media, but also about building relationships! Thank you Ann and friends for this reminder! http://bit.ly/w1z9rl

    #2 from @HSHassociates –highlights five things to be thankful for despite another tough year for the housing market and the economy, including low mortgage rates and HARP 2.0. Lots for our customers in the mortgage industry to be thankful for. http://bit.ly/v9LYhc

    #3 from @B2Community – highlights five reasons to be thankful for your online community, including competitive advantage, lead nurturing opportunities, and more. It is a good reminder of the power of social in the sales 2.0 world we live in. http://bit.ly/uAKOr3

    #4 from @college4adults – “Are you a thankful learner?” reminds us to take a moment and reflect on who has helped each of us get to where we are today. http://bit.ly/sFDUZS

    Finally, we want to say thank you to our community — customers, partners, and shareholders — for a great year of innovation and success; you push us every day to make our software better and more competitive — for that we are greatful!

    Bank transfer season far from over, is your sales team ready?

    Tuesday, November 15th, 2011

    The consumer driven ‘move your money movement’ that culminated to ‘Bank Transfer Day’ on Saturday, Nov. 5th, has credit unions and small banks driving incentives all over the country to encourage prospective customers to sign up for an account. Case in point, FirstBank Holding Co. in Denver is driving an aggressive free checking campaign, encouraging costumers to text their bank’s name to learn what the rival bank is charging for checking accounts, reported American Banker Magazine. The Credit Union National Association reports 650,000 new members and $4.5 billion in savings account assets since the end of September. And on Nov. 5, credit unions across the country signed record numbers of new members, Boeing Employees’ Credit Union in Seattle signed up a one-day record 659 new members, reported the Wall Street Journal.

    But the first step of opening an account is just that – a first step. Despite big bank backlash to increasing account fees, stickiness is still a factor in the core banking relationship given the hassle for consumers to move their direct deposit and all of their automatic bill payments from one bank to another.

    In the midst of this David vs. Goliath shakeout, lead management is of the utmost importance for small and big banks alike. While some movement may be good for big banks, they can’t afford to lose too many customers, and for the credit unions and small banks, their work has just begun. Customers who signed up for an account should really be viewed as viable leads that need to be converted to customers.

    In this highly competitive environment – where every customer interaction counts, where lead prioritization makes all the difference – a good lead management program can separate the winners from the losers. Leads360 customers are heading into this battle prepared with the very best tools. Are you prepared?

    New Research: Mortgage Lenders Hurt Themselves With Unresponsive Customer Service

    Wednesday, August 10th, 2011

    Today is one of those days that we really take pride in at Leads360 because we were able to release new research into the wild.  Putting our latest study together took a lot of effort from many team members and required developing new proprietary processes just to collect highly accurate data.   After that comes all of the analysis, writing, design, and other associated hard work.  Today it’s available for you to read, use and enjoy. Download our new mortgage industry research.

    Mortgage Lenders Fail to Respond to Customer Inquiries

    New Leads360 Research Study Highlights Surprising Gaps in Responsiveness; 74% of Lenders Fail to Respond to Prospective Customers Promptly

    LOS ANGELES, CA-(Marketwire - Aug 10, 2021) - Leads360, the industry leader in sales lead management software which serves over 2500 banks, brokers, and lending institutions, today announced the findings of new research into sales effectiveness in the competitive residential loan origination market. This new study, entitled “Leading Mortgage Lenders Keep Prospects Waiting,” outlines how major mortgage lenders are failing to promptly and persistently respond to valuable new loan inquiries.

    Leads360 studied the inquiry response patterns of large lenders and compared their ability to promptly respond to new prospects by phone and email as well as the companies’ ability to thoroughly follow-up with leads over time. “Mortgage leads are valuable and extremely time-sensitive with hundreds of companies potentially competing to offer a very similar loan,” said Nick Hedges, President and CEO of Leads360. “We were shocked to find most lenders so cavalier about responding to loan inquiries. This research shows that there is a very clear opportunity for lenders to improve their customer responsiveness, originate more loans and better serve their customers, their communities and their shareholders.”

    According to the study, 74% of lenders, including leading mortgage originators JPMorgan Chase, CitiMortgage, and GMAC Mortgage, failed to call prospective customers within 24 hours of their initial inquiry. In general, lenders averaged more than 6 days to call a new loan inquiry and more than 50% of lenders failed to make more than a single attempt to call the leads they received. “Lenders should measure response times in minutes or seconds, not hours or even days,” said Mr. Hedges. “Lenders that continue to ignore the basic tenets of sales and customer service in the internet era will be destined to underperform compared to peers and competitors that have implemented the appropriate technologies and processes to compete at the speed that consumers expect.”

    The new study, “Leading Mortgage Lenders Keep Prospects Waiting,” is available for download at Leads360.com. See how each of the following companies performed across four key metrics and benchmarks:

    • Ameriprise Financial, Inc.
    • Branch Banking and Trust Company, a subsidiary of BB&T Corporation
    • JPMorgan Chase Bank, N.A. a subsidiary of JP Morgan Chase & Co.
    • CitiMortgage, a subsidiary of CitiGroup, Inc.
    • Flagstar Bank, a subsidiary of Flagstar Bancorp, Inc.
    • GMAC Mortgage, a subsidiary of Ally Financial Inc.
    • HSBC Mortgage Services, a subsidiary of HSBC Holdings plc (ADR)
    • Huntington National Bank, a subsidiary of Huntington Bancshares Inc.
    • Key Bank, a subsidiary of KeyCorp
    • MetLife Bank, N.A. a subsidiary of MetLife, Inc.
    • OneWest Bank, FSB
    • PNC Mortgage, a subsidiary of The PNC Financial Services Group, Inc.
    • Provident Funding Associates, L.P.
    • Quicken Loans Inc.
    • Regions Mortgage, a subsidiary of Regions Financial Corp
    • SunTrust Mortgage, Inc. a subsidiary of SunTrust Banks, Inc.
    • U.S. Bank, a subsidiary of U.S. Bancorp
    • Wells Fargo Home Mortgage, a subsidiary of Wells Fargo & Company

    About Leads360
    Founded in 2004 and headquartered in Los Angeles, Calif., Leads360 develops software-as-a-service (SaaS) solutions for managing sales leads. Distinguished by its focus on solutions that address the unique needs of businesses who sell to consumers, Leads360 is recognized as a market and technology leader, managing more than 40 million leads for over 5,000 clients. With a suite of solutions scaled for enterprise sales organizations as well as small businesses, the company offers the industry’s most comprehensive and configurable lead management platform.

    Leads360 enables companies to distribute, track, analyze and convert sales leads using a customizable lead management workflow. Professional services, including training and sales process consulting, are also offered to deliver a highly effective solution for converting sales leads. Businesses look to Leads360 for solutions that allow them to maximize their investment in leads generated both online and from traditional sources, and ultimately increase sales closure rates for greater revenue. To learn more about Leads360, please visit www.leads360.com.

    Follow Leads360 on Twitter: www.twitter.com/Leads360.


    Tuesday, December 1st, 2009

    Please join us on December 9th at 11AM Pacific / 2PM Eastern for a brand new webinar about how to understand and leverage the unique characteristics of your sales process.  You can register here, for free, in about 5 seconds.


    What Planet Are You On? Leverage the Differences between B2C and B2B Sales and Marketing

    Applying the 7 universal ground rules of sales and marketing and the 3 keys to lead conversion

    Knowing what factors are critical to success in your business is not as obvious as you may think. The most successful sales and marketing organizations understand which planet they are on, and they know which sales and marketing approaches align with their needs.

    Understanding the characteristics of your sales and marketing efforts are essential to achieving higher lead conversion and sales success.

    Sign up for this free webinar to learn how the 7 universal ground rules of sales and marketing apply differently to B2C and B2B sales. Find out what the unique characteristics of your sales efforts are, and see how to leverage the 3 keys to lead conversion using powerful lead management software from Leads360.

    From this webinar, you will learn:
    •    Questions for better understanding the rules of your target marketplace and sales process
    •    The 7 universal ground rules of sales and marketing
    •    The 3 key drivers of sales lead conversion
    •    How lead management software can boost your sales and increase ROI
    •    Why implementing the wrong technology solution can cripple your business

    We’ll see you there.