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Lately, all the buzz has been about this thing called “Big Data”. What is it and how can it best be used by business to target and attract more customers (Big Data)? Frankly, to me, it all sounds a little scary.
Big data is basically all the information being collected about all of us based on what we do over the internet. Our purchases, interests, likes, dislikes, the sites we visit, and the social media we utilize. Just about everything we do on the net is being recorded for use in building a buyer profile for use by business and how they might market their goods and services to us.
It’s time for mortgage lenders to jump into the new markets and utilize this phenomenon to target those who might be thinking of buying or refinancing a home. Some of the larger players have already begun. Those who have will have a competitive advantage going forward, especially when marketing to the Millennial generation.
Think about, if a lender can acquire data that would tell them when people might be considering a home purchase, that lender can target those people before they shop and get involved with a Realtor. No more waiting to find out after the fact when consumers trigger attention by visiting Realtor websites or making an application with another lender. By then it’s too late. You need to zoom ahead of your competition by knowing when a consumer might buy, not after they have decided to do so.
A lender can then work with the consumer to prepare them for the process and pre-qualify them for the home purchase. Becoming their trusted advisor. With an approved buyer, the lender can coordinate with Realtors to help the consumer find a home that they know they can afford. Once they find a house, boom, they can close almost immediately. The Lender is once again in the driver’s seat. Not a bad scenario and one that is very realistic.
To get back control, all a lender needs to do is determine how to acquire this “big data” and how to best use it. The information is out there. All you need do is figure what would help determine when a consumer may be ready to, or thinking about, buying a home. That’s where the “big data” zooms in.
How about families who own a home with children ready to begin college? Maybe they would be thinking about a refinance to either restructure some debt or take some equity to cover college expenses. Again “big data” can help.
Just remember, while you’re acquiring data about others, someone is acquiring data on you. All based on what you do over the internet, and on your social media. Is it “big data” or is it “big brother”?
Who’s zoomin’ who?
