Of course, I would argue that aged leads are the best sources of affordable sales marketing. However, I would encourage the smart mortgage or debt business to balance their marketing sources. Creating an effective blend and diversity will serve to smooth out volatility in any marketing channel.
Inherently there are peaks and valleys in any marketing source. Whether they are seasonal, economic, or business cycles there will be variations in your market channel performance. However, shutting channels off and on are expensive and inefficient. The smarter strategy is to nurture multiple channels of leads.
Here are a few strategies I suggest:
Regardless of your preference for real-time or aged leads you should have Internet leads in your marketing mix. There is no more efficient way to get a steady flow of high-intent, opt-in consumer inquiries for mortgage or debt. The added advantage is you can specifically screen for your target customer or product profile. In this tight credit market that means having to say, “no” less often.
If you want to really maximize the return on this channel you can add lead nurturing to the mix. By purchasing cheap aged leads you can build a long-term database of prospects. Continually marketing against this database with valuable email newsletters, market updates, and quick, personal check-ups will yield many more deals than one power-dialing session through the lot.
Pillar (Partner) Business
Establishing a close network of referral partners with the professionals in related industries: real estate, accountants, attorneys, and financial advisors is a smart sales multiplier. These channels can give you a small volume of very good clients. Creating a network of highly ethical and value focused professionals will help you lock-down the customers in your area. Building that network outward can even scale you beyond the borders of your local community.
The secret here is making everyone of those clients precious. Going beyond to create a phenomenal client experience with other clients will yield you a steady flow of this high-quality business. Doing it consistently, and reciprocating on referrals will grow your volume in this marketing channel.
Using the postal system has fallen out of favor. The performance of direct mail has consistently fallen over time. This affect is attributed to saturation and the increased use of the Internet to find mortgage and debt solutions. However, if you have noticed your own “junk mail” has probably reduced significantly during the recession. This is bringing new opportunity to this method. Used in a good way to raise the awareness of market shifts and your ability to help can yield some pretty attractive numbers.
I recommend using it in conjunction with a client-loyalty program and in a smart way against your aged lead database of prospects. Often sending direct mail in relation to an online inquiry that seems to have gone dead can reawaken the client–there is something about mail that make you feel like there is a “real” person involved versus a straight telemarketing play.