Direct Mail has traditionally been one of the most effective ways to direct market. Obviously some industries perform better than others but in general it is actually a very cost effective way to reach your target audience with an effective message
Targeting your Audience for Loan Modification
80% of the effectiveness of your Direct Mail campaign will be WHO you are mailing to. You might have the most creative and best looking mail piece in the world but if you aren't mailing it to the right people that message will be lost on deaf ears. For loan modification direct mail you want to target one, if not both, of the following audiences:
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1. Mortgage Lates or Delinquent Homeowners: One of the main criteria for helping put people in a Loan Modification is that they are having trouble making their current mortgage payment. Make sure you find and use a database of homeowners who are late on their mortgage.
2. Exotic Loans - ARM and Option ARMS: Unfortunately, many homeowners were put into loans with very low teaser rates, or just didn't fully understand the loan they were getting into. Many banks are now modifying these loans before the rates reset making them a great target for Loan Modification companies.
The Right Message
Of course, targeting the right and qualified homeowner cant be stressed enough. But now you have got to grab their attention and give them a reason to act. So the second step in this process is coming up with the right vehicle (be it postcard, letter, snap pack) and the right message.
Loan Modification Direct Mail Creative
Because of the nature of this type of mailing, the postcard is not an effective method of reaching trouble homeowners. These people have typically fallen behind on the mortgage which can be rather embarrassing and stressful. So the best type of mail piece to use for Loan Modification Direct Mail is something the homeowner will have to open. The best and most recommended option is a letter in an envelope. It is more personal and private. Homeowners will appreciate the fact you haven't sent them a postcard talking about Loan Modification so everyone including their mailman knows they are having trouble paying their mortgage.
Loan Modification Direct Mail Message
Direct Mail is an effective if you have the right message and can deliver it quickly. There is a difference between "junk mail' and sending an important letter offering help to a distressed homeowner. It is important to deliver your message quickly and effectively in the first couple sentences.
1. Personalize your letters - using what is called Variable Printing. You can now send the same letter to thousands of people while still personalizing the letter. Variable printing will allow you to just change the salutation and/or name on each letter. So the letter doesn't just read "Dear Homeowner" but instead "Dear Mr. Johnson"
2. Convey your message early and often. Make sure you empathize with the situation they are in and quickly tell them how you can help.
3. Give them a reason to call. A "call to action". Call today for a free consultation. It might sound over used but these people are in need of your help and if you can offer them a free consultation as to what to do, people will jump into action. Your main goal is to just get them to move off the couch and call you!
4. Make it easy for them to contact you. Toll free numbers are crucial here. One number big and bold.
Loan Modification Direct Mail on a cost per call basis can be one of the most effective ways of putting you in touch with troubled homeowners. Remember the two aspects of direct mail, who you are mailing to and what you are mailing them. Get this right and you will have yourself a very effective campaign.
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