Building a National Brand Online

The Challenge:

Build and differentiate a national brand during one of the worst periods in the history of the mortgage insdustry.

Situation Assessment:

First Century Bank, N.A. (FCB) wanted to expand its offerings and generate additional revenues with the launch of a new online mortgage division. In spite of the legendary "mortgage meltdown," FCB executives decided to move forward with the start-up of a new brand, CenturyPoint Mortgage, with limited up-front investment.

To achieve success in the middle of a market in turmoil, it was critical to not only create a visible brand, but to rapidly establish the credibility necessary to convince prospective customers to abandon established brands in favor of the new company.

Solutions:

Building Credibility & Trust

While legacy internet and brick-and-mortar lenders were failing all around, CenturyPoint Mortgage entered the market with a clear message of transparency and trust. This message was expressed through all aspects of the company's market strategy:

• The CenturyPoint brand balanced a warm, approachable persona with professionalism and credibility. This persona was woven through the corporate identity, web design and sales training so that all customer interactions embodied a cohesive voice.
• On its web site, CenturyPoint provided simple pricing, with full disclosure of all loan fees, and a wealth of educational information to help borrowers become comfortable with the current state of mortgage lending.
• By introducing ClearFee, a single all-in-one lender fee, CenturyPoint was able to offer customers a highly competitive, guaranteed loan quote in any easy to compare format.
• The company joined the Upfront Mortgage Lender program, meeting stringent requirements to establish credibility with an endorsement from the highly regarded "Mtg. Professor." Entry into this program placed CenturyPoint among the Top 5 online lenders in the country.

Winning Customers

To quickly generate online leads without breaking the bank, CenturyPoint adopted a multi-faceted PPC campaign incorporating paid search and advertising on mortgage rate tables, coupled with display ads and PR for visibility.

The company utilized geo-targeting to focus on markets where borrowers were more likely to choose an online lender.

Keywords were carefully monitored and constantly refined adapt to the rapidly changing market conditions.

Earning Referrals

Referrals are the lifeblood of the mortgage business, and CenturyPoint carefully courted customer referrals to friends and family. By providing superior service during the mortgage approval process, and following up after closing to thank customers, the company was able to build a book of referral businesses.

Results:

• CenturyPoint launched in early 2008 and achieved it sales goals within the first 3 months of operations.
• While dealing with a seismic shift in the industry that forced many lenders out of business, CenturyPoint was able to sustain its business, and achieve monthly profitability during it first year in business.
• With effective online lead generation (and no purchased leads), the company continued to grow.

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