Campaign Management For Your Banner Promotions
Banner Ad Campaign are willing to fill out applications online, but offering alternate response channels could significantly impact success. The vast majority of consumers surveyed (64 percent) said they were willing to complete an application online if the Banner Ad Campaign was secure. However, 36 percent of consumers surveyed said they would not fill out an application online. Perhaps this is where also having the option of talking to a customer service agent might come into play.
Having these two factors – a secure online application and the option of talking to a human being – might sway that reluctant 36 percent. Certainly companies that hope to perform the entire lending process online, but don’t offer a phone number, stand to lose more than one-third of the applicants who would have otherwise applied, according to this finding.
This finding also is consistent with interviews conducted with leading online mortgage companies. “The entire front-end sales process is being compressed on the Web. A lot of consumers are not fulfilled and need a loan officer to speak with,” says senior vice president of marketing at mortgage.com, Plantation, Florida.
Vice president of marketing for Wilmington, Massachusetts-based Access National Mortgage echoes Devine’s sentiment. “It is vital to have a human component, but it is important to minimize it to be successful on the Web,” he says. “Your Web site should answer as many questions as the consumer will have, so your sales force can focus on closing customers who [have] already had their questions answered.”
Besides the addition of an available customer service agent, other alternate response channels such as a fax number, address or local branches are important to originators that want to take full advantage of a Web presence. Of the consumers we surveyed, 34 percent indicated that they were on the Internet to obtain a mortgage, up from 23 percent from last year’s survey. Consequently, companies not offering multiple response channels could be turning away a significant number of borrowers from their Web site.
Multilender sites will dominate the internet. Both consumers and the mortgage companies surveyed felt that multilender sites would win out on the Internet. Eighty-eight percent of consumers and 61 percent of mortgage companies surveyed said that multilender sites would eventually win the majority market share of online mortgages over single-lender proprietary sites.
The two leading multilender sites indicated in our survey, according to industry professionals, were E-LOAN, based in Dublin, California, and QuickenMortgage. In fact, 49 percent of mortgage companies responding to the survey felt that online mortgage brokers like E-LOAN would dominate Internet originations, while 19 percent said that local mortgage brokers with an online presence would dominate originations.
An S-1 filing by E-LOAN and a press release from QuickenMortgage indicate that E-LOAN and QuickenMortgage closed $ 490 million and $ 400 million, respectively, in first-quarter 1999 – which may be an early indication that multilender sites are indeed beginning to dominate the Internet. However, both these companies have spent enormous amounts of money on advertising and brand-building, and it is unclear if they are building sustainable business models over the long run.