Put simply, the term “analytics” refers to quantifiable statistics or data that can help you evaluate the performance of your loan officers. If you don't use it, you are preventing your company from realizing its optimal potential.
Analytics can have a positive impact on every facet of your business. You can speed up loan processing, generate more leads, and create more targeted ad campaigns when you explore analytics effectively.
Below we discuss three ways analytics can show you your strengths.
1. Identify social trends
In the past decade, social media platforms have risen to the fore in digital marketing. Companies that interact with prospects through social media tend to do better than companies that neglect this important commodity.
By reviewing the analytics, you can optimize the effectiveness of your social media marketing strategies. You can find out what works and what doesn't, which will help you better allocate resources.
With analytics, you can see which platforms are responsible for generating the most leads and which forms of social media are relatively ineffective. For example, if analysis shows that the majority of your leads are from Facebook and Instagram, then you should focus the majority of your resources on advertising.
Modern CRMs like the one from BNTouch not only offer you detailed analysis data on social trends, but also enable automated brand advertising. This means your loan officers will have access to a larger number of high-quality leads without spending a lot of time designing campaigns.
2. Improve overall efficiency
By using analytics, you can see where your team is strong and where they may be lagging behind. Analyzes are usually broken down into individual KPIs (Key Performance Indicators) that give you important feedback on the results of your team.
If a given loan officer is consistently underperforming a given KPI, a powerful CRM can help you address the problem. You can help the employee improve performance by providing them with the right tools, which will result in more efficient mortgage processing.
You can also see which loan officers are working with the most efficiency and assign additional leads accordingly. BNtouch's software even allows you to automate the lead distribution process based on performance to ensure that your brokerage is working as efficiently as possible.
3. Implement focused advertising strategies
Analytics not only plays a role in optimizing your social media presence, it can also help you overhaul your advertising strategies as a whole. This approach reduces wasted resources and improves your ability to generate new leads.
For example, if you are handling a high volume of a particular type of loan (e.g. VA loans), you may want to target some of your advertising towards veterans. You can also partner with real estate agents who work primarily with this demographic.
You can even use analytics to back up your advertising messages with hard data. If you claim to be quick to process credit, showing your average cycle time in ads can improve your credibility. The ad could read something like: "Our loan officers process mortgages 20% faster than our competitors."
When you're ready to use analytics to highlight your team's strengths, it's time to contact BNTouch. Our innovative CRM software gives you the tools you need to improve performance and optimize the customer experience.
Contact us today to schedule a free demo and see our software first hand.