Marketing professionals just might be onto something. If you’re a mortgage professional in 2024, you’ll probably want to know at least a little bit about content marketing.
7 Ways to Leverage Text Messages for Business Growth
Did you know that 46% of Americans would be willing to give up a day off work each week before they would be willing to give up their smartphone? This might seem like a mind-boggling statistic, but not when you consider that the average open rate for text messages is at a whopping 99%, with 97% of messages being read within 15 minutes of delivery.
Statistics like these prove that text message – also known as short message service (SMS) – marketing can be an invaluable strategy for catching customers’ attention, especially for a millennial audience. As an always-on-the-go mortgage professional, you’re probably already conducting plenty of business directly from your mobile device, so it makes sense to reach customers on their own devices.
If you’re not already using text messages to connect with your network, you might be left in the competition’s dust. At wemloSM, we’re all about leading the charge, not being left behind. That’s why we rounded up text message marketing best practices for you to consider incorporating into your current marketing strategy.
SMS Marketing Best Practices
Prioritize Compliance – First and foremost, remaining compliant with state and federal laws and your company’s policies is the top priority. The Telephone Consumer Protection Act (TCPA) of 1991 regulates telemarketing by requiring businesses and/or organizations to receive express written consent from individuals before sending any autodialed SMS messages to them. Remember, merely obtaining someone’s contact info may not count as express written consent depending on what is communicated to the consumer at the time you obtain their contact information. It is a best practice to consult directly with your legal counsel as this does not constitute as legal advice.
Use a Software – Obviously, text messages are an impactful way to reach consenting customers where they are at, but no MLO wants to spend all day on their phone. Assuming you have obtained express written consent to send autodialed text messages, finding a customer relationship management ( CRM) software with text messaging integrations is an excellent way to send timely, automated messages to a consenting consumers with relatively little effort on the MLOs end.
Build a Database – Creating a contact database, or even fine-tuning an existing one, might seem like an overwhelming task. With that being said, it is a foundational step for an effective text messaging strategy. A database that houses all your customers’ info helps you easily segment and prioritize your marketing efforts to save you time, money, and stress. The good news? A CRM can help with database maintenance too.
Leverage Automation – Let automation do the heavy lifting to give your thumbs a break. When vetting CRM platforms, pay attention to their text messaging integration features. Most CRM platforms offer turnkey marketing solutions, including personalized text messaging, that can let the user set up an entire marketing campaign in just a few clicks.
Mind Your Manners – Just because your customers have given their consent to receive automated text messaging communications from you doesn’t mean they want to hear from you all day, every day. Simply put, don’t inundate customers and clutter up their text inbox so much that they ignore the most important messages. In fact, recent data indicates customers only want to receive 1-2 text messages per week. Always make sure your text communications are relevant, concise, and meaningful. Additionally, if a customer requests that you stop sending them text messages, it would be a good idea to honor those requests in a timely manner.
Make it a Conversation – Consumers need meaningful, personalized conversation to stay engaged with the product or service being offered. Asking questions, responding in real-time, offering individualized support, providing true value, and avoiding complex mortgage jargon may be surefire ways to keep your SMS subscribers opt-out rate low.
Track Results – It goes without saying that tracking results is essential for vetting your text messaging marketing efforts and making sure you’re getting a positive return on investment (ROI). Luckily, SMS marketing is a measurable medium that lets you monitor growth, see what really resonates with your audience, and ultimately optimize your marketing strategy.
We know you’re constantly on the go, just like the customers you’re trying to connect with through SMS marketing.
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