'Stickiness' is the art of keeping your customer engaged at each stage of the sales cycle. But how do you accomplish it?
By Adam Stein
Special to MPA
Editor's note: Over the next few weeks, we'll be running expert online origination advice from Adam Stein, CEO of LoanTek.
‘Stickiness’ can be defined as the art of keeping your customer engaged at each stage of the sales cycle. When accomplished, ‘stickiness’ increases sales conversion ratios and differentiates your offering from those of your competitors. The object herein is to keep the customer ‘stuck’ to you via your messaging. To do so your messaging needs to reflect the customer’s stage in the transaction cycle and contain messaging that induces them to move to the next stage of the cycle. As an example, proper messaging could induce a customer to move from ‘qualified‘ to ‘in processing’.
Failure to engage leads and referrals in this fashion, however, causes pipeline ‘fall out’ and a lender’s closing ratios will suffer as a result.
To ensure that your consumers are moving optimally through each stage of the sales cycle (Pre-Contact, Contact, Pre-Qualified, In Processing, and Closed) you will want to employ the use of a CRM. To differentiate yourself from your competitors you’ll want to use a CRM solution that offers validation as noted in the prior section and measures your consumers engagement(Online Mortgage Origination Part II: - Today’s Online Value Proposition).
Adam Stein is the CEO of LoanTek.
Special to MPA
Editor's note: Over the next few weeks, we'll be running expert online origination advice from Adam Stein, CEO of LoanTek.
‘Stickiness’ can be defined as the art of keeping your customer engaged at each stage of the sales cycle. When accomplished, ‘stickiness’ increases sales conversion ratios and differentiates your offering from those of your competitors. The object herein is to keep the customer ‘stuck’ to you via your messaging. To do so your messaging needs to reflect the customer’s stage in the transaction cycle and contain messaging that induces them to move to the next stage of the cycle. As an example, proper messaging could induce a customer to move from ‘qualified‘ to ‘in processing’.
Failure to engage leads and referrals in this fashion, however, causes pipeline ‘fall out’ and a lender’s closing ratios will suffer as a result.
To ensure that your consumers are moving optimally through each stage of the sales cycle (Pre-Contact, Contact, Pre-Qualified, In Processing, and Closed) you will want to employ the use of a CRM. To differentiate yourself from your competitors you’ll want to use a CRM solution that offers validation as noted in the prior section and measures your consumers engagement(Online Mortgage Origination Part II: - Today’s Online Value Proposition).
Four considerations to effect a 'sticky' CRM
- Timeliness
- Relativity
- Validation
- Call to Action
Adam Stein is the CEO of LoanTek.
