Are Your Online Marketing Campaigns Geared for Success?
Are you still measuring your online marketing success based on clicks, mentions, likes, views and other traditional KPI’s (key performance indicators) and then using those metrics to drive your campaigns? If so, you’re not alone. In fact, this is quite common in marketing departments across the mortgage industry, both B to B companies (ex. technology providers, wholesale lenders, etc.) as well as B to C companies (ex. retail mortgage lenders).
The problem with this type of measurement is that it doesn’t take into account the new customer journey, which frequently begins on a mobile device. Therefore, you’re missing out on the heightened success you could be realizing with marketing campaigns aligned more closely to the path buyers actually take before converting to customers.
For example, a couple could be having breakfast and discussing their needs to accommodate a larger family…like a bigger house. At that very point, they might do the math quickly in their heads to determine monthly expenses and total income. Next, one of them pulls out their mobile phone and conducts a Google search for “how much house can I afford.” Then, in the results, they discover a mortgage calculator they can click through to from Bankrate.com. They fill out the information relative to their monthly expenses and income. Within less than a minute, that couple now knows how much house they can afford to buy!
Here’s another example. You’re a mortgage company executive, sitting in the airport, waiting for a delayed flight. On the top of your “to-do” list is updating your loan origination software because whatever you’re using currently is not meeting your needs. So, even though you have an idea of which software you might consider based upon recommendations, you Google “mortgage loan origination software” and up comes the SERP (search engine results page) with plenty to take a look at. You click through to an option you favor and begin your research.
Both of these examples are termed by Google as a “micro-moments.” A micro-moment is that time when you take immediate action online to fulfill an immediate desire. And it all happens on your smartphone.
These micro-moments represent a wealth of growth opportunities for your company if they are good. If not, then it’s possible you’re missing an opportunity to convey the value of what you offer and losing that opportunity to a competitor.
In this recent article in Forbes entitled Marketers, It’s Time To Rethink Measurement To Drive Growth, Brian Solis (@briansolis) discusses the importance of rethinking how you measure your campaigns in order to develop campaigns that are better geared to grow your company. To be totally clear, by “growth” I am referring to increased originations and/or sales of your product or service.
— John Seroka (@johnseroka) June 26, 2016