Spring Into HELOC Growth

Spring has sprung, which means more people will be starting home repairs, home upgrades, lawn enhancements and preparing their gardens. All this curb appeal cost money, and one way home owners pay for these improvements is with a home equity line of credit (HELOC).

HELOCs are designed to help homeowners use the equity in their home responsibly, and obtaining a HELOC to improve the value of a home only makes sense. Of course most banks realize this and have already increased their advertising with the goal of growing their HELOC portfolio. But instead of spending a fortune on mass media advertising, why not strategically focus your marketing and sales efforts by targeting the right type of customer? But how?

If you are a CRS Data Banker Suite customer, then you’re in luck! The Banker Suite, now known as the Financial Suite, offers an easy way to search for the right customer, and give you the information needed to target those potential HELOC customers. Here are a few simple steps to get you started:

In the Search by Mortgage Data screen, select a loan amount range and Maturity Year.

Narrow your target market by selecting a competitor lender in the Lender Name section and then enter a loan origination when you know rates were higher than your current HELOC product.

Under Owner Type, select Owner Occupied. Once the search results are available, you can customize the columns to include:

• Borrowers Name
• Borrowers Address
• Zip Code
• Loan Amount
• Plus, any other column you believe is necessary.

After the columns are customized, save the changes. Now you have a targeted list that can be exported to Microsoft Excel.

Target Market Tactics Next – Start Your Advertising

Here are three examples any bank can use to reach their target market:

1. Direct Mail Postcards: Create eye catching postcards that tell a story and contain an immediate call to action.
2. Search Engine Marketing (SEM): Select the area your bank is interested in, and pick the search terms that focus on home improvement loan options. If you are using Google, then contact Google directly and speak to a customer service representative regarding this type of search. Google’s customer service team will help you find the best search words, along with other tips, at no extra cost!
3. Online Display Advertising: What makes online display advertising great is that you can target in on locations and interests. For example, you can focus on specific sub-divisions in your area and select people that are interested in home repairs.

Brand It

When building the different tactics, be sure that each piece looks, sounds and feels the same. In fact, each outlet should resemble all your current brand channels. Most likely, anyone reading this understands the importance of branding, but sometimes, branding is forgotten when putting together new communication tactics. If you are not familiar with branding, check out Seth Godin’s Book, Meatball Sundae.

Take Action

Now is the time to capitalize on the home improvement season. Again, if you are a Banker Suite customer, you have the tools to get the ball rolling with the updated Financial Suite. If you are not an existing customer, then learn more about the powerful Financial Suite and contact CRS Data today to schedule a presentation.

Learn More About the Financial Suite Today