Case Studies & Testimonials
A major mortgage broker optimises network
A major mortgage broker optimises network
Using customer understanding gained through profiling to benchmark broker
network performance and identify areas of opportunity
Background
A major mortgage broking service had been highly successful and developed a database of some 20,000 customers and prospects. The client wanted to continue to expand on their broker national network of approximately 20 brokers to capitalise on opportunities and strategically grow the business. The client also wanted to develop appropriate marketing strategies and techniques to deliver their message to the right target market at the right time.
The Mortgage Broker approached Pacific Micromarketing to provide a solution that delivered a comprehensive understanding of the customer base. They also wanted to benchmark broker performance in the given sales territories and identify new areas of opportunity to maximise their coverage in the market.
"Pacific Micromarketing helped us to identify new areas of opportunity and grow our business."
A leading Mortgage Broker
Action
The project was broken down into core components to deliver a total solution. Firstly, Pacific Micromarketing coded the client database with a number of our enhancements: Mosaic, Lifestage and Relations. The database was then profiled using these tools and analysed in conjunction with existing data held on the database such as mortgage value, occupation and other relevant variables. The result was a composite profile of the customer base which could then be applied to the wider market to identify lookalike prospects.
The broker network locations were plotted on a map and appropriate sales territories were created using customer penetration around a given broker to set up accurate and realistic ‘catchments’. Reporting was then produced for each ‘broker catchment area’ showing the penetration of existing customers and their value vs potential in the area to derive an appropriate ‘benchmarking’ system for the network. Multiple market potential maps and reports were produced for each state to clearly visualise the broker network and opportunities for expansion available.
Results
This information was delivered to the client as part of a comprehensive solution which included an in-depth report on the existing customer base as well as recommendations on future strategies and marketing activities to target lookalikes.
The market potential maps and area reporting enabled the client to be able to easily understand how a focussed development strategy could assist in growing the business. The visualisation of the information meant that the client could also effectively communicate this information to the wider business and broker network.