Title Marketing That Works

Unlocking the Hidden Value in Your Database

Accountants consider many elements of your business to be “assets”, including your building, equipment, cash-on-hand, and even “intellectual” capital. Success at any level of business requires maximization of the value of your assets. At a printing company, that means keeping the presses running. In a title company it may mean keeping employees busy with billable work.

While your accountant may not classify your customer database to be an “asset”, the database with your customer’s information could be one of the most valuable assets you own.

There are two ways to get more business. You can acquire new customers or get more business from your current customers. We have all read the marketing research stating that it’s much cheaper to sell to existing clients than to try to lure in new ones. Your customers know you! They don’t need to be goaded into crossing your proverbial threshold.

For many title companies, their customer database may be the most underutilized asset they own. While most title companies know they should market to their existing customers, few are successful at developing a strategy and implementing the tactics. Lack of time, lack of the proper tools (contact manager, data repository), and lack of investment are all reasons businesses may not be unlocking the value of their customer database.

All (yes, the definitive) title companies should market to their customers. The intensity that you do use your database to communicate and build relationships with your customers increases as the lifetime value (how long they keep doing business with you times how much the average customer spends with you every year) of your customer increases. If the average lifetime value of your customers is more than $10,000, which is very common in the title industry, you should start communicating with your customers right away. You are missing big business opportunities.

What can a title company do to communicate and market to current customers? There are many marketing tactics available – email, direct mail, in person or on the phone – to name a few. There are many different strategies – tell them about a new product or service you may offer, give them a discount on a particular product, ask for a referral, or just thank them for being customer. Understand that the mere act of touching them keeps you on the top of their mind. When it’s time to schedule a settlement they will come back to you.

Is your database a mess? Where should you start? Start by getting the information into a contact management application such as Act! or Goldmine (there are many others – Google “contact manager”). Even Outlook will do. Then decide your strategy – what you are going to say, how you are going to say it, who you say it to; and your tactics – direct mail, email, in person or on the phone. Businesses that faithfully commit to a database marketing strategy will see sales increases from 13% to 25% and even more.

Don’t be frustrated early in this process. In 3 months you will see some additional activity, at 6 months you will know you did the right thing, and in a year you will be hiring more people to handle the extra business.