You have names of clients -- and people who could become clients -- sitting there in your system. What are you doing with your database?
By David Lykken
Special to MPA
Ever since the late 1800s, when advertising began to emerge as an industry, the quality of an ad campaign has been judged on one predominant factor: reach. How many people were actually able to see the advertisement? Depending on how well advertisers answered this questions, companies have paid exorbitant amounts throughout history for spots in magazines, on radio, and on TV. More eyeballs more often equals more money.
That fundamental concept hasn't changed. But, as technology has advanced so rapidly in the past few dates, the opportunities for companies to do their own marketing have exploded.
Companies placed ads in magazines, because those magazines had subscribers. Companies placed commercials on TV, because those stations had viewers. In other words, companies paid these media outlets for their "lists." Now, more than ever, it is possible for companies to have their own lists.
When I ask marketing leaders in the mortgage business the simple question, "how big is your list?" I am often surprised to hear the confused response, "Our what?" Whether you realize it or not, you have a gold mine of opportunity in your database.
You have clients and people who could have become clients just sitting there in your system. Most of them have email addresses. If you can't close any loans with these people, they can still become referrals. Are you doing anything with your database?
David Lykken is 40-year industry veteran who consults on virtually all aspects of mortgage banking. David hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals.
