Picture this: It's a bustling Friday morning—your busiest day of the week. As a mortgage lender, you're poised at the epicenter of low rates and potential leads. There are applications awaiting review and consultations for potential refinancing to schedule. You initiate your first call, anticipation bubbling, only to be met with endless ringing and the inevitable, dreaded voicemail inbox. Your next attempt doesn't fare any better, redirecting you to voicemail, yet again, this time without the courtesy of a single ring. A discouraging pattern emerges as you come to the frustrating realization that your calls are being flagged as Potential Fraud on your customers' mobile devices.
This roadblock does more than just impede communication. It’s a catalyst for a domino effect with far-reaching consequences. “The ramifications are manifold: lost opportunities as unanswered calls translate into lost sales and compromised revenue; reputational damage with scam labels undermining your credibility; and potential regulatory scrutiny that could lead to investigations and penalties,” warns Anis Jaffer, Chief Product Officer at Numeracle. In the fiercely competitive sphere of mortgage lending, flagged calls are more than mere interruptions – they represent substantial threats to your business's stability and growth.
Lenders Turn to Branded Calling to Combat Mislabeled Calls
In the face of these challenges, with an immediate problem to solve, many lenders are exploring every potential solution to maintain a competitive edge. One such solution that is gaining popularity is branded calling.
Branded calling, not to be confused with Caller Name (CNAM), is a highly marketed technology that can display a caller name (defined by the brand) to subscribers of wireless devices across the U.S. The underlying idea is simple: if you present your brand identity via branded calling every time you make an outbound call, your customers and potential clients will instantly recognize who is calling, increasing the likelihood of them answering. However, as this solution matures and data emerges, there are essential questions that must be answered: does branding each call genuinely boost your contact rates? Is this the most efficient strategy to optimize your return on investment?
One Size Does Not Fit All: The Need for a Tailored Strategy
As the market continues to evolve, the way businesses communicate with their customers is changing rapidly. This dynamic landscape necessitates an evolution in contact strategies to keep pace. However, the answer isn't as straightforward as simply branding all calls. While it might seem like a viable approach, it doesn't necessarily guarantee increased contact rates or maximized ROI. There's a need for a more nuanced strategy - one that caters to varying contexts and audience preferences.
In fact, in our latest case study with Avantive Solutions, we concluded that the success of branded calling campaigns is highly dependent on the type of customer being called and their existing relationship or perception of the brand.
In scenarios where an existing, strong customer relationship is in place, branding every call can yield remarkable results, increasing live answer rates and achieving significant cost-savings. However, when dealing with customers who have no previous relationship with the brand, a layered approach is often required. Our study found that too many branded call attempts in these cases can actually decrease goal completion rates. Instead, a balanced combination of branded and non-branded calls proved to be more effective, enhancing conversion rates, cost-per-sale investments, and the overall perception of the brand.
A one-size-fits-all approach to branded calling is no longer applicable. Our research shows that understanding your customer's journey is paramount to crafting a successful communication strategy. The era of indiscriminate branded calling, without considering factors like customer exhaustion and multiple touchpoints, is behind us. What is needed now is a strategic, data-driven approach.
“I'm a big advocate of not branding every single call. The market is progressing, and consumers are still acclimating to the concept of branded calling. From a cost-efficiency perspective, it's wise to consider your branded calling strategy cautiously, evaluating the return on investment, and then managing your investment appropriately.” - Frank Pettinato, CEO, Avantive Solutions
The significance of integrating branded calling into your full Number Reputation Management strategy wields immense power to better connect with your clients when implemented strategically. It is an impactful way to increase conversions, improve productivity metrics, and maximize ROI. However, its true potency is unlocked only when a deep understanding of the customer demographic you’re trying to reach and the market you operate within is established.
Leaning Into Shifting Markets with Customer-Centric Strategies
A tightening economy doesn’t leave much room for investing in unproven solutions, and issues like call blocking and labeling or incorrect caller name display aren’t slow-burning back-burner issues businesses have the luxury of ignoring until interest rates stabilize. Every call placed to a customer or potential customer matters. And what also matters is what those individual customers are facing, leading them to request a call from you or leading you to take an interest in reaching out to them.
This is why, rather than recommending an all-in approach for businesses new to the concept of branded calling, we suggest starting small and iteratively refining your strategy as success is proven. Take control of the power to decide which numbers, call attempts, and campaigns you identify for branding to ensure you're adding value precisely where it matters most.
With Numeracle's Smart Branding™ solution, businesses gain complete control over their brand's presentation across all three major wireless carrier networks with full flexibility to customize campaigns and review metrics across one, two, or all three networks. Our personalized and data-driven approach helps you understand your customers' responses to your branding efforts and enables you to make necessary adjustments with ease and flexibility. You can even turn branding on and off as needed, preventing unexpected invoices and allowing you to manage your costs effectively.
“Implementing a number reputation management solution that includes branded calling is the ultimate strategy to protect your number reputation long-term and reinforce trust in your brand. Fluctuating markets and changing regulations can lead to more questions than answers when it comes to the most effective strategy to connect with clients. That's why it's crucial to choose a trusted partner who will help you understand what's working, what isn't, and why." - Ed Olepa, Sr. Contact Center Business Analyst, Rocket Central
In addition to providing you with advanced Number Reputation Management tools, our Client Engagement and Customer Relationship Teams are here to help you interpret and leverage the insights generated by Numeracle’s all-in-one, self-service platform. Our in-house team helps you to manage costs effectively and maximize the return on your branding investments. Our team is truly an extension of your team, committed to your success.
Don't let your calls go unanswered. It's time to embrace a smarter, more refined approach to branded calling and Number Reputation Management. Start your journey with Numeracle today to redefine the way you connect with your customers.