SoftVu Reconnects Previous Borrowers with Lenders

Customer for Life Helps Lenders Improve Customer Retention, Reduce Cost per Funded Loan
By: Kory Dillman
 
Feb. 8, 2011 - PRLog -- OVERLAND PARK, KANSAS — SoftVu today announced the availability of Customer for Life (CFL), a retention marketing program designed to transform one-time mortgage buyers into lifelong customers. CFL by SoftVu is a complete suite of monthly touch points to increase customer loyalty and brand value combined with advanced analytics to send previously funded borrowers the right message at the right time.

“In a crowded marketplace that is dominated by rate shoppers it is absolutely critical that lenders continue building relationships with customers after loan funding,” said Tim Donnelly, SoftVu’s CEO. “By sending relevant messages on a routine basis, CFL helps lenders generate business from their existing client database. Our goal is to help lenders reduce the cost of a funded loan.”

CFL addresses many retention challenges facing the mortgage industry:
- It’s easier for most mortgage companies to buy new leads versus determining which previous borrowers are ready for the next loan product.
- Mortgage shopping has a low-frequency buying cycle, making it difficult for lenders to know when a borrower is ready to shop.
- Borrowers shop primarily on interest rate, reducing the opportunity for brand loyalty.
- Most loans originated by a mortgage banker are sold to servicing providers, leading the borrower to believe that the main point of contact for future mortgage needs is now the servicer.
- Most lenders do not have the means to pull lead management data, loan origination data and marketing data through one interface and figure out how to send the right message, to the right person, at the right time

With CFL, mortgage lenders of all sizes now have a comprehensive program to expand the potential of the first loan developing into a long-term customer relationship. Each engagement is fully automated within SoftVu’s marketing automation platform to send messages at key points in the retention cycle.

CFL by SoftVu consists of the following program deliverables:
- Automated marketing program that targets existing customers with highly relevant content. The SoftVu Marketing Automation Platform delivers personalized messages from a loan officer or sales manager.
- Mortgage newsletter packed full of relevant and engaging information. Each newsletter is professionally crafted using a branded template and includes 2 feature articles along with 3 shorter stories and the lender’s brand messaging.
- Themed eGreeting cards that strengthen the customer relationship. eCards are sent for holidays as well as important events that need immediate attention, such as rate changes.
- Customized landing pages nurture trust and build brand equity with content that is designed to drive conversion.
- Credit file monitoring on a daily basis so lenders know when an existing customer is shopping for a mortgage product. Credit file monitoring requires CFL Plus.
- Advanced analytics provide insight into customer activity; more importantly, SoftVu’s proprietary “Vu Notification” alerts the loan officer anytime the customer engages with content.

“In a cost-constrained economy, effective retention marketing is essential,” added Donnelly. “The level of interaction included with CFL significantly increases the probability that a customer will return for additional loan products, which can boost customer value 5 to 6 times when compared to the costs associated with brining on a new customer.”

# # #

SoftVu provides marketing automation solutions that streamline the marketing communication processes. Our software and services deliver increases in revenue and customer loyalty while maximizing results through automated workflows and campaign management.
End
Source:Kory Dillman
Email:***@softvu.com Email Verified
Zip:66213
Tags:Mortgage Marketing, Customer Retention, Customer Loyalty, Mortgage Newsletter, Credit File Monitoring
Industry:Mortgage, Marketing, Banking
Location:Overland Park - Kansas - United States
Account Email Address Verified     Disclaimer     Report Abuse
SoftVu PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share