Tracking data that will allow you to market your product line successfully is important for any small business owner, including commercial mortgage brokers. The data you compile in regards to your commercial mortgage leads, your website and your emails will allow you to plan a marketing strategy and to determine how well that strategy is working. Here’s some of the most important data you should be tracking:
Track the source of your leads
In terms of deciding your marketing strategy, it’s best to track how your leads are coming to you as well as where they originate. Is most of your business coming to you because of print ads in a local publication? Or are you getting most of your loan submissions through your website or email campaigns? Having this knowledge will allow you to decide where you’d like to spend your marketing budget and how to create and disseminate marketing materials that will resonate with potential borrowers and referral sources.
Take advantage of Google analytics.
While you can choose to pay for more in-depth analysis, Google offers a free service that allows you to gain insight into what web visitors are searching for and exact search terms that are leading possible borrowers to your site. With this information, you can begin to tailor your website content so that these potential borrowers and referral sources are more likely to find your commercial mortgage brokering business. You can also begin to create new content for high volume search terms to better connect with prospective clients.
Pay attention to your email blast open and click-through rates.
When you send out email blasts, it’s important to note the open rate for each type of email you send out. Are your borrowers and referral sources more likely to open a text email or do they want more visuals? Knowing this allows you to create effective emails that will reach them and allow you to engage with them. Utilizing a platform like Constant Contact or Mail Chimp will allow you to send and keep track of your marketing emails. You should also pay attention to the click-through rates on all links you provide in the emails, as this will give you insight into which pages on your website are the most popular. As long as you have Google Analytics, you can keep track of these click-through rates.
In the words of Sir Arthur Conan Doyle, “It is a capital mistake to theorize before one has data.” That is, before you can make intelligent and creative decisions regarding your commercial mortgage marketing strategy, you need to do some detective work on your marketing channels. Considering the data when working out your marketing materials will allow you to better connect with commercial property owners and referral sources, as well as help you to close more commercial mortgages.