While sales are the bloodline for any organization, failure to control expenses, and the bottom line hemorrhaging blood faster than it comes in, results in losses. The end result… many online only mortgage companies went out of business using the new economy way of marketing.
Here are a few old economy lessons to help you with your existing web site.
Eliminate Minimal Revenue Creation Events
Banner ads continue to achieve lower and lower click-through rates, resulting in higher customer acquisition costs. Search engines continue to be the most cost effective lead generation alternative for most online loan companies.
Lead, Communicate, Take Action, Commit, Understand
We find the most successful loan web sites are those where the CEO or owner is web savvy. They 'get' the net, they understand the net and they use it as a tool. If you want your web site to become successful, take the time to become Internet proficient yourself: there are no short cuts here.
Stick to your expertise and focus on what you offer - loans. In the old economy you did one thing, and did it well. In the new economy many companies try and squeeze every penny from a web site by linking to non-related sites. Do not have links to
Amazon.com, your web designer's home page, Microsoft or other links that in effect divert your customers' attention away from your site, and towards something else. That $20 Amazon affiliate commission check you receive is just not worth it to lose a $2,000 commission from a loan customer.
If You Must Make Mistakes, Then Learn
If your site is not working, then fix it. If you have traffic and you are not receive applications for loans, then something is wrong with your site, not with your visitors. Perform a review on your site appearance, the written content and the rates. As usually the problem for poor sales is one (or more) of these three items.
Feed On Feedback
Read the emails from your customers. Are they complaining about how hard it is to find information, that you require too much information on your forms or that your rates are just too high? Are you even getting email?
Talk To Your Customers Like, Umm, Customers.
The Net tends be more depersonalized than the real world. Many of our clients have us perform competitive intelligence on other sites. We are constantly amazed at how insensitive, uncaring, inept, non-question answering and incomplete the email responses are to our inquiries.
Don't use heavy corporate dictate type emails. Email are a one-to-one experience, and while you should be professional, also be friendly, and, umm, a bit more human in your responses. If you provide old economy service to your new economy customers, they will be more likely to use your service.
New Rules + Old Ways = Cash
You will probably never totally control your labor and capital evils, but by using the new economy Internet and applying 'old economy' controls and customer service you can create a handsome offspring…profits.