Here’s your MonitorBase Insider Trend update for the week! This week we would like to tell you about open rates on email offers from alerts, as well as physical mail. When you get an alert that a client is back in the market or in need of your service, we automatically send them an offer over email and direct mail.
Over the last couple of weeks, we’ve seen a big increase in marketing engagement, and right now, we are seeing about a 50% email open rate on average. We typically see some spikes when there is a lot of news about interest rates and changes in the mortgage industry, but nothing quite this big. Another factor that could be contributing to this spike is that people are stuck at home, and so they are checking emails and opening their mail more frequently. Either way, this is a great time to take advantage of the engagement rates we are seeing.
Normally, around times of holidays or times when people typically go on vacation like spring break or Memorial Day, engagement and response rates are lower. They put things like mail and email off, planning to come back to it, but oftentimes they end up forgetting and moving on.
Now is the time to make sure your contact’s and prospect’s email addresses are up to date in your MonitorBase account. If you have a lot of prospects that you are monitoring, but you don’t have all of their email addresses put in, this is the perfect time to update that and capitalize on those potential clients. You can do this simply by uploading your contacts again, but with the updated email addresses included, and the system will automatically match them up and update your records.
With email, there is so much more engagement than with physical mail. There is no way to track someone opening their physical mail other than when they pick up the phone and call you. Direct mail is also delayed. You receive your alert on a prospect, and they won’t receive your letter in the mail for a week or so. And while physical mail is still a great tool that we do see a lot of results from, email is more instantaneous. You’ll get your alert, and an email will automatically be sent to that client. By the time you make a call to them, they may have already read your email. This greatly increases your efforts in reaching out by preparing them more for your call.
With our current email open rates of around 50%, think about how many new loans and refinances that could mean for you.
If you are already doing FaceBook or Google Ads, you can add your tracking pixels to the offer lander for the email offers. Then, when someone opens your email and clicks to view your offer, they will automatically be put into your retargeting audience for your ads, giving you prescreened, qualified prospects in your ad audience.
MonitorBase also includes a feature that allows you to receive a text or email when someone has opened one of your offer emails. This alerts you of the perfect time to pick up your phone and engage with that client. Getting to this client within a few minutes of them opening your offer allows you to engage with them at a moment you know they have time, they are aware of why you're calling, and that they are interested in your offer.
If you have any questions, feel free to email us at email@example.com. Stay tuned for more weekly tips from MonitorBase!