NestReady Increases Mortgage Lender's Facebook Conversions By 7 Times While Reducing Cost Per Lead By 18 Times

About Resource Financial Services
Resource Financial Services (RFS) is a local independently owned mortgage banker with a team of full-service mortgage bankers serving the Southeast of the United States of America from eight locations. RFS was named #227 on the 2012 Inc. magazine list of 500 fastest-growing privately held mortgage companies in the nation.
Objectives

Resource Financial Services is leveraging NestReady’s digital marketing real estate expertise to help them:

  • Increase RFS’s website audience by growing their overall digital presence and brand recognition.
  • Grow the number of forms completed on Facebook campaigns for mortgage lead generation.
  • Expand the number of mortgage applications submitted per month by RFS’ ideal clientele in a cost-effective manner.
  • Challenges
    1. Resource Financial Services is a traditional company with a limited digital presence among first-time homebuyers (their target audience).

    2. Resource Financial Services has a limited budget for Facebook Ad campaigns. These types of ads tend to be very expensive. In this case, the starting conversion cost per lead was $160, buying Facebook Ads at this price has proven to be unsustainable in the long-term.

    3. New Facebook rules and regulations for special ad categories around socio-demographic targeting has made it very difficult for the mortgage, real estate, and finance businesses to target their ideal clientele.

  • RFS wanted to increase the number of mortgage applications submitted by members of the following demographic: university-educated and employed individuals from the ages of 27 to 42 who reside in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee, and Virginia. However, new Facebook rules make targeting based on age, ethnicity, interests, education, and occupation very difficult. As a result, companies like RFS have to focus on much larger audience groups, which decreases the precision of their campaign, increasing their cost per click.
  • Solutions

    To solve Resource Financial Services’ main challenges, NestReady’s Digital Marketing Team based its solutions on the following items:


  • The creation of a cost-effective Facebook Ad campaign that targets RFS’ ideal audience. The NestReady Digital Marketing team identified ways to work alongside Facebook’s targeting limitations, considerably increasing conversions. The ads drive qualified homebuyers to RFS’ NestFinder platform. From there, homebuyers can schedule a property visit and get connected to a trusted realtor and loan officer or start an online mortgage application.

  • A unique approach to Facebook Ads, the NestReady team, also created a lead generation form that asked users for their contact information (name, email, and phone number) to boost conversions. These users are enrolled in a nurturing campaign where they are contacted through emails and phone calls until they are ready to speak with a mortgage banker and real estate agent.

  • NestReady developed a balance in campaign targeting to ensure that the advertisements did not over target RFS’ desired clientele. By creating a balance, the campaigns have a good population size to deliver ample brand awareness for Resource Financial Services.

  • “Our partnership with NestReady stemmed from our need to enhance our digital user experience, and we are now able to provide a single platform that streamlines all the difficult parts of the homebuying process. We are excited about the partnership and believe the technology and concept behind what NestReady is offering will change the home purchasing process for the better.”
    A. Wade Douroux - CEO, Resource Financial Services
    How We Did It
  • Through the development of a specialized strategy, which allows the NestReady Marketing Team to work with Facebook’s socio-demographic targeting regulations and effectively target RFS’ ideal audience (i.e., first-time homebuyers, users aged 27-42, etc.).

  • The strategy involves a combination of interest-based targeting and custom audience targeting. This method allows NestReady to produce great results cost-effectively.

  • This audience sample of 1.4 million people was targeted with real estate ads that contained home listings from the NestFinder platform with a CTA inviting them to explore real estate options in their area of interest.

  • Results
    • organic-traffic

      18X Reduction in Cost per Conversion

      The initial conversion cost was $160 per conversion in October 2019. As of March 2020, NestReady has been able to decrease the cost per conversion to $8.

    • audience-quality

      3X Reduction in Total Campaign Cost

      When NestReady first started working with RFS, the monthly fee for the campaign was $1756. As of March, NestReady has decreased the campaign cost to $614 per month.

    • brand-engagement

      7X Increase in Conversions

      Through our specialized campaigns, NestReady has been able to increase RFS’ conversions by seven times per month while spending three times less. NestReady can now drive as many conversions (whether it’s 100 or 1000) for RFS without an increase in cost per conversion. In actuality, the price decreases as we scale out the campaign further and increase the number of conversions.

    • audience-quality

      Ad Campaign Reached 116,000 Unique People

      NestReady’s specialized campaign reached 116,000 unique people, received 212,000 impressions, and the average user saw the ad twice, which effectively increases RFS’ reach and overall brand awareness.

    Conclusion

    NestReady has been able to significantly increase the number of leads per month while decreasing the overall campaign price and cost per conversion. Obtaining a low cost per conversion is an integral aspect of this project as it allows NestReady to spend the campaign budget more efficiently while increasing RFS’ audience reach and brand awareness. Ultimately, better reach leads to more impressions and clicks data, which machine learning can then optimize to improve the precision of ad bidding. This optimization allows NestReady to continuously acquire more traffic while remaining within the same level of cost, ultimately creating a perpetual cost-effective ad campaign to boost RFS’ business outcomes.

    About

    NestReady bridges the gaps between consumers, banks, and real estate professionals, enabling financial institutions to offer a personalized and seamless Total Homeownership Experience. With NestReady, lenders can enhance their marketing, increase engagement and client loyalty, and achieve higher and faster conversions.

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