Retention Rockstar Community Coaching Call Recording #4

The key highlights from the fourth of our ongoing monthly coaching calls:

1. New Product Introduction:

   • The call introduces a new product called OnDemand, which is currently in its beta phase with limited users. It aims to solve specific industry challenges related to accessing and targeting mortgage data.
   • The product provides data accessibility for mortgage teams to create campaigns targeting specific consumer groups when market shifts occur.

2. Market Problem & Solution:

   • Historically, mortgage professionals have struggled with accessing the right data to target specific audiences effectively due to complications like high costs, large minimum order sizes, and inefficient marketing campaigns.
   • OnDemand allows users to narrow down their audience based on specific criteria (e.g., credit profile, debt, location) using their own or partner databases.

3. Improved Engagement & Efficiency:

   • Engaging with consumers, especially through direct marketing, is a significant challenge. Cold marketing campaigns often have low response rates, leading to ineffective efforts.
   • The new product emphasizes the importance of engaging with consumers who are already familiar with the brand (e.g., past customers and referral partners) for better response rates and more cost-effective campaigns.

4. Customization and Data Access:

   • OnDemand enables users to filter their own or partner databases based on customized criteria (e.g., FICO scores, loan-to-value ratio) to create more targeted campaigns.
   • This approach gives users more control over their marketing, allowing for personalized targeting and more efficient use of data.

5. Lower Cost of Entry:

   • Previously, accessing similar data required significant upfront costs (e.g., $10,000 for a test), but On Demand offers more affordable options, with credit profiles available for as low as $2 per record.
   • This reduces the financial barrier to testing and running targeted marketing campaigns.

6. Beta Testing and Feedback:

   • The company is seeking feedback from users during the beta phase to refine and improve the product.
   • Users are encouraged to explore the tool, familiarize themselves with its capabilities, and provide suggestions on additional features or criteria that could be beneficial.

7. Future-Proofing & Agility:

   • The tool is designed to help users quickly capitalize on market shifts, regulatory changes, and new opportunities, offering a competitive edge by enabling immediate action based on real-time data.
   • This flexibility is seen as a significant advantage over traditional, slower data-gathering methods.

8. Closing & Invitation for Questions:

   • The call wraps up with an invitation for users to ask questions and engage with the product developers for feedback and suggestions.
   • The product is expected to be particularly useful for proactive mortgage professionals looking to optimize their marketing strategies.

Summary:

Monitor Base introduces OnDemand, a new tool for mortgage professionals to access targeted data and create highly focused marketing campaigns. This product solves industry challenges by providing more affordable and efficient access to credit profiles and customer data. With a focus on engagement, especially with familiar audiences, the tool allows users to filter databases according to specific criteria, lowering the costs and barriers to running successful campaigns. Currently, in beta, the company is seeking feedback to optimize the tool, which is designed to help users swiftly respond to market shifts.