Reducing List Size Key To Email Marketing
Patrick Loo had an unusual marketing challenge: He wanted to shrink his list. Most marketers struggle with the opposite challenge. They want to build their list. The bigger the better.
But as a loan originator for 20 years and a former manager of a large mortgage office, Patrick’s database had grown in size to 9,500 contacts. Today he’s one of the top 8 of 50 loan originators at Mortgage Capital, a Beverly Hills, CA, lender, and personal service is his number-one core business value.
Patrick knew his list was too large for his marketing to be as personal, and, therefore as effective, as he wanted it to be. So he made a commitment to an aggressive, 9-month marketing plan to find his top 2,000 prospects. “Originally I contacted ‘The Database Diva’ to automate my sales and lower my cost for marketing,” he said. But he had a lot of database work to do first.
“Lori Feldman helped me really organize my contacts. She gave me ACT! training to target specific demographics in my database, such as people with certain loan amounts and those with active emails,” Patrick said. “At least 70% of my training involved learning how to use ACT! software–and I’ve used ACT! for more than 15 years and considered myself proficient. Lori moved me from being proficient to being a pro!”
As a busy mortgage professional, Patrick didn’t have time to fine-tune his database. He needed to be on the phone talking to home buyers and real estate agents. But he dedicated himself to the process because he wanted to reach out to each contact as if in a one-to-one conversation–in every message.
Value Each Person on Your Email Marketing List
“I hate receiving email that’s impersonal. What’s the point of sending out a lot of email to my marketing list if it’s not useful, looks like everyone else’s or goes straight to the spam folder?” he said. “I want to be very personal, specific and most important, capable of responding quickly. You can never automate everything, and you must always lead with the personal touch.”
His comprehensive marketing system included a website redesign, direct mail postcards, with emails and drip marketing using ACT! e-Marketing powered by Swiftpage.
“Initially I had to increase my mailers from 700 to 2,000 in order to clean up my list. Now I’m trying to reduce the number of mailers to around 1,000,” Patrick said. “I would ultimately like to rely more on email marketing. However, I think I’ll always have a need for sending postcards to my clients.”
The most critical component of his marketing plan became his database segmentation of active clients and prospects. Once this was done, Patrick could survey his customers to confirm their loan balances and mortgage rates.
Best Customer Service with Email Marketing
With that information verified, Patrick could send individualized savings options to homeowners each time rates changed. One campaign netted him 9 extra closings in one month.
Patrick’s future e-marketing goals include developing more follow-up drip marketing campaigns and creating more surveys to capture homeowners’ borrowing intentions that can be automatically populated into ACT!
He offers these 3 insightful tips to anyone starting out with drip marketing:
- Personalize your email marketing
- Respond quickly to email responders, and
- Find a balance between keeping in contact and not overloading your list with what recipients may consider spam.