Regional bank

Understanding the homebuyer journey to create a highly-targeted paid search campaign

Summary

A leading regional bank chain was looking to build a new revenue stream in the form of home loans. So they asked Tallwave to help them find their audience and establish their market share.

An established regional bank wanted to gain a new position in a hot market.

In recent years, the tri-state area of New York, New Jersey and Connecticut has seen over 282,000 home purchase loan originations resulting in $100 billion in volume. A long-standing regional bank wanted to focus on this market to expand their revenue streams, reach new audiences, and give their existing customers greater reasons to grow their existing relationships.

Services
  • triangle-bullet-goldCreated with Sketch. Paid Media
  • triangle-bullet-goldCreated with Sketch. Content Strategy
  • triangle-bullet-goldCreated with Sketch. Strategic Consulting

Capturing leads would require getting the right message in front of people at the right time.

Challenge

We needed to figure out how to successfully tap into a busy market with an unfamiliar offering.

The bank set an aggressive goal for themselves in originated loan volume in one year. This meant they would need to capture a small but significant percentage of their geographic market share to reach their goal. 

 

Their current marketing strategy wasn’t delivering the lead volume they needed and lacked the visibility to identify where to accelerate their current efforts. Customers were not familiar with using this bank for their mortgage needs, which could prove challenging among the high-demand for self-serve loan origination services, like Rocket Mortgage. Additionally, when people were searching for mortgage resources, they looked beyond Google, often turning to brokers, realtors, and even family or friends. Capturing leads would require getting the right message in front of people at the right time.

mortgage-arrows-01

Approach

We took inspiration from the homebuyer journey to guide the content strategy and capture our audience.

In our research, we identified three key audiences to target – current customers, non-customers looking for a home loan (homebuyers), and real estate professionals (realtors, title companies, builders, etc.). Homebuyers would be targeted at different stages of their home buying process and real estate professionals were targeted to help with referral traffic. This strategy would aid us in establishing credibility for the bank as a respected leader in the community.

 

To uncover the opportunities for our audiences, we needed to outline the homebuyer consumer journey. By truly understanding the journey for each audience, especially online, we were able to take our learnings and develop a content strategy focused on capturing their attention at different touchpoints.

 

From this, we created a highly-targeted paid search campaign to capture buyers as they searched for a mortgage provider. By using product-focused keywords and actionable ad copy, we were able to give maximum visibility to the bank and capture bottom-of-the-funnel opportunities. We also created a social ad campaign that included Facebook native lead forms to  help us capture people further down the path – once they were ready to submit a mortgage interest form. Using a native lead form created a seamless user experience as people could submit information without having to leave the Facebook app.

0 %
Application Increase
$ 1 MM
Value Increase / Month
1 %
Pipeline Increase
results

Shortly after implementation, we had solid leads that turned into loans.

After the launch of the campaign, the bank quickly saw their new loan application rates increase by 78% and new application loan value increased $5MM per month. Their total loan pipeline and originations month-over-month increased by over 50% and initial signals indicated that the client was pacing to hit their goals.

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