Mobile apps are all the rage, and I’m sure you’ve seen more and more competitors offering apps of various degrees of sophistication. However, you might still be thinking to yourself that “what’s the point? Why can’t my prospects just visit my website on their smartphone?” – well, I’m here to give you the top 4 reasons why you must at least consider getting a mobile app:
4. It Will Convert Your Mobile Visitors Better
More traffic to real estate website Zillow is now coming from Mobile than Desktop. Do you think these same people are looking for a quick way to get an accurate monthly cost for the houses they’re considering buying? You bet!
Now, have you tried visiting your website from an iPhone to get a quick quote? Be honest: Does the experience kinda suck? If it does, then you are loosing leads to competitors with well designed and sophisticated mobile apps that they offer directly from their website.
With your own app, you can easily detect when someone is visiting your website from an iPhone and offer them the option of installing your app instead. Once they do that, they are much more likely to turn into quality leads.
3. It Will Get You More Referrals
It’s no big secret that unless you’re exclusively focused on doing paid lead generation, the success of your Loan Officers (and hence your firm) is largely related to how many referrals they get from sources like local Realtors.
If your Loan Officers have a native app that can let Realtors quickly answer the question: “How much will this cost per month” when they’re showing their clients around properties, two things happen: 1) Their existing referral partners will generate more leads and 2) It gives your Loan Officers something new and cool to show their potential referral partners!
2. You Can Warm Up Cold Leads
Leads go cold often – maybe they stopped looking at houses for a while, or maybe they saw the rate go up so they stopped considering a refi. What they’re likely to do in that case is to unsubscribe from your emails – leaving you no way to reach them when for example the rates go back down.
Lenders with their own app have another tool in their tool belt however – push notifications. These are similar to sending SMS messages, but are specific to your app. A quick push notification with the message “rates now at yearly lows” might do the trick!
1. You can buy installs.
The #1 reason you seriously need to at least consider having your own app is also the least known: If you have your own app, you can take advantage of so called CPI (Cost Per Install) advertising. CPI is a way to advertise a native (iPhone or Android) app and only pay when someone installs your app.
This is different from CPC (Cost per Click), where you pay per click on you ad, or CPM (Cost per Mille) where you pay for each thousand impression of your ad. In many ways you can think of it as a kind of CPA (Cost per Action), where the action is that the potential customer installs your app.
This is an interesting new marketing channel for two reasons 1) it is very scalable and 2) it is currently cheap.
It’s very scalable because the number of people with smartphones is skyrocketing (over 50% of Americans now own one), meaning that the number of people that can be exposed to your ads on their smartphone is very large and growing.
It’s cheap because currently there is no cost differentiation between advertising to have a free game installed and having your app installed. However, the value per install is obviously much greater for you - when someone installs your app, it’s pretty likely that they are a) in the market for a new mortgage, and b) have your contact information in their hand.
To be able to take advantage of this, you need a native app. Now there are two ways to go about getting that – either you hire an iOS Consulting firm to build you a custom app (which will cost you in excess of $20,000), or you sign up with LendersApps.com and get your own quality app tied directly into your Pricing engine starting at $199/month.
If you have any questions or want to learn more about running a CPI campaign, please don’t hesitate to get in touch – the easiest way is to email me at email@example.com