We like it when our partners make money. We like it even better when they experience success. Capitalizing on your leads is the key to that success, but what happens when those leads aren't qualified? Is it just another wasted opportunity, or is there a way to eventually convert them? Sales Boomerang gives your CRM the tools to revisit potential clients once their situation improves. Just ask Katherine Campbell of Assurance Financial.
Recently the team at Sales Boomerang got a chance to sit down with Campbell and find out how Sales Boomerang has affected Assurance's loan volume, loan officer journey, and overall customer experience.
What Is Sales Boomerang?
For the uninitiated, Sales Boomerang works seamlessly with your customer relationship management (CRM) solution to help keep track of all your potential clients that just weren't ready to do business with your company yet.
Sales Boomerang tracks potential clients with subpar credit scores and alerts you when their credit improves. That way, you can proactively contact them, renewing your relationship in the process. The boomerang effect can also alert you if your lead starts shopping around for a rate from your competitors. Sales Boomerang keeps former leads locked in your sights, but it also keeps you firmly in theirs.
A Real-Life Success Story
When we sat down with Ms. Campbell, it was to do a 6-month check up and see how much impact Sales Boomerang has had on Assurance's loan volume. Half a year in, Ms. Campbell and her team were still incredibly excited to be using Sales Boomerang. Their return on investment over that 6-month period was several hundred percent, and Ms. Campbell was proud to report that after only 4 months Assurance had taken over $180 million in loan applications. The company only has 100 loan officers, so output like that is staggering. For them, it represented a significant increase in business.
She reported that a large component was the powerful tool set at her company's disposal. More than just a simple alert service, Sales Boomerang is an all-in-one system that integrated seamlessly into Assurance's CRM, providing a tool that did all the heavy lifting of follow up for them. It was a complete change to their business strategy and a watershed moment for their loan officers.
Campbell quoted one of her officers as saying, "I'll contribute 25% of my year-to-date utilizing business to Sales Boomerang. The ease of access to pertinent borrower information was certainly a factor and my year-to-date business has tripled this year. Something about Sales Boomerang just speaks to me."
The Boomerang Effect
Using Sales Boomerang, Assurance supercharged their ROI. Our CRM tool affected core aspects of their company's operations to a huge extent. Ms. Campbell was more than happy to reflect on the ways that we helped them realign their entire marketing philosophy.
Starting the Conversation
Sales Boomerang's mission is to help each member of your team find more time to spend with borrowers rather than speeding through the process. If you are taking the effort to listen to your borrowers and contacting them for their "best reasons" it's much easier to get repeat deals from that relationship.
Armed with the knowledge that a potential client's credit score has improved, you can intervene at the perfect time by contacting them with good news. Good news is powerful. Turns out it's powerful for both the client and the loan officer.
Cold calling old leads isn't fun. Many loan officers find the process awkward and intimidating. The number one benefit we provide our loan officers is giving them a reason to have that conversation in the first place. "Relevancy behind the timing of a conversation makes it a "hot" conversation," said Ms. Campbell.
She then offered a sample set up that some of her loan officers use. "I saw you in my database and wanted to check in. Rates are good right now. While I have you, would you like me to run a free quote for you?" It's a simple example, but its positivity is resounding. Fashioning a script like this helps to alleviate the anxiety and self-consciousness that arise from addressing where the lead actually came from, i.e. a credit check with another lender.
Generating Referrals and Customer Satisfaction
It's not just the loan officers that stand to benefit. Customers love being presented with good news, but beyond that, Sales Boomerang's proactive approach creates a new avenue for loan officers to drive business directly to realtors. "Anything we can do to bring business to a realtor is the trend in which we're heading," said Campbell.
Shoppers today are more savvy. They have tools like Zillow available to them. They can tour the house virtually, then drive by the property. Plus, they know that in today's market, pre-qualification is a necessity. They are more likely to hold off contacting a real estate agent until the last minute. Sales Boomerang helps your loan officers overcome those obstacles to keep the pipeline flowing.
"I Got a Guy!"
There's nothing more valuable to a sales-based job than having a relationship already established. What you want is to foster the "I got a guy," attitude with your clients. Looking for a mortgage? I got a guy! Looking to refinance? I got a guy!
The "I got a guy" attitude is about being a one-stop solution for your customers. It is contingent on relationships. For business to work smoothly, there's no need to start a new relationship every time you talk to your leads. "I got a guy" accelerates the sales process.
Assurance has successfully leveraged that position as their customers' source for all things financial by using Sales Boomerang's proactive tools. They are "the guy" because they reach out to customers first, when those customers need them the most.
The best part about being an all-inclusive solution is that it translates to web reviews. Assurance had a 4.92 ranking across all of Google with 5000 reviews, driving business through their doors.
Putting Your Database to Work for You
Did you know that top sales producers attribute 65% of their business to their existing customer base? There's no reason to start every year at zero. The goal is to work your database, developing previous relationships instead of forming new ones each time. Your repeat business is your best business because of trust. Ms. Campbell put it best, "Sales Boomerang is not mining your database, it's your database gold mine."
An Eye Toward the Future
Central to Assurance's success was the fact that Sales Boomerang offloaded major responsibilities from its loan officers at an especially critical time. Almost the entire company transitioned to a work from home business model over the last quarter. Things may be slowly returning to normal now, but Assurance was able to vet the best tech and make it work for them. Even though they've had phenomenal results using our products, they are by no means the exception to the rule. Sales Boomerang's powerful tools can and will produce similar results for any lender bold enough to change their operational culture. We'd love to show you how. For a free demo, please contact us today!