Every lender knows that data is important when it comes to marketing, but we have noticed that very few lenders are using their data to create a better customer experience.
Quality data is one of the most important parts of direct mail. It doesn’t just help lenders send direct mail to a correct and relevant audience, but it also helps customers receive a quality experience. Being able to create a better customer experience should become the goal for every lender because a happy customer means a higher chance of customer retention, which is why investing in quality data is one of the best things that you can do when sending out direct mail or email marketing. Spending a little more on data in order to provide your clients with a better experience can significantly improve your ROI, customer acquisition, and customer retention.
Data will allow you to know more about your customers thus allowing you to make a better connection and build a relationship with your clients. Doing this will also increase the possibility of customer loyalty, because when you are able to provide a customer with what they want, when they want it, they will appreciate you, and be more enticed to use your services again. Customer experience is an extremely powerful thing whether it is positive or negative and should be used in order to achieve a higher level of customer acquisition and customer retention.
Most lenders use demographic data. Now, data comes from absolutely everywhere! Having data that goes beyond basic demographic criteria is what will allow you to give your customers a better customer experience and allow you to stand out from the crowd. Going beyond socioeconomic characteristics such as age, sex, level of education, income, marital status, occupation etc. will provide you with a clearer picture of your potential client; therefore, giving you a better chance of being able to build a relationship with your prospects. The more complicated step of using quality data to improve customer experience is utilizing it to its fullest potential. This means knowing what data is important and how to use that data to make a positive impact on clients, and on your return on investment.
Knowing each client’s specific needs is vital when you are trying to send them the correct offer and provide them the best possible encounter with your company. Don’t send the wrong offer to the wrong client! Customers will remember previous offers and experiences especially if they are negative, and one negative experience can mean you have significantly reduced your chances of retaining that client! That’s why you want to make sure that your marketing is all about the customer. You want to ensure that you are providing them with an offer that will benefit them. Lenders, you need to remember its not all just about you. The results from benefitting the customer will benefit you, but let the entire mail piece be about the customer and use your data to customize the letter, and improve their experience. A single positive customer experience can lead to a spread of that information to friends and colleagues, that’s not including customer reviews on your company. A positive customer experience can lead to a massive increase in customer acquisition, and the same situation can occur from a negative customer experience. People like to talk and word of mouth is one of the most common ways that people decide to use or not use a service.
Customer experience is the new and improved marketing tactic. List quality is a number one priority for lenders and can determine the fate of your direct mail marketing campaigns. Don’t let your fate be determined by sub-par data. If you are a lender who is looking to improve the quality of their data and/or customer experience please call us at 800-769-3050, or chat with us below. We recognize and understand your industry, we know the challenges that business lenders, mortgage lenders, and consumer lenders are faced with every day. That’s why we focus on providing multi-sourced data, optimized analytics, and multi-channel marketing solutions for lenders. We know what works and what doesn’t, let us show you!
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