Within our most recent white paper (link to white paper), NestReady (link to NestReady) analyzed the top 1550 lenders across the US to see what impact COVID had and continues to have on their website traffic. To conduct this study, we gathered website traffic data from March and April 2019 and 2020.
Before conducting our research, The NestReady Team assumed that only small companies with a limited online presence were negatively affected by COVID-19 in terms of its impact on web traffic. However, our assumptions were incorrect.
Read on to discover how small, mid-size, and large organizations are losing more than 10% of their website traffic.
How Many Small, Mid-Size, and Large Companies are Losing Website Traffic?
239 lenders out of 1550 analyzed within this study are losing website traffic. Of that 239, 149 are mid-size and large companies, whereas the other 90 companies losing website traffic are actually small companies that had a relatively limited online presence before COVID-19.
Please take a look at the chart below, which highlights the distribution of companies that are losing a significant amount of website traffic (about 10-50%), by the size of their monthly traffic.
As you can see from the chart above, companies of all sizes have been losing website traffic due to the COVID-19 pandemic. 40% of small lender companies have experienced traffic loss due to the epidemic and may continue experiencing loss if they do not make changes to their online presence and services offered. Several mid-size companies with a good website audience size (from 10,000 to 50,000) have also experienced traffic loss due to COVID-19. Also, over 30 substantial lender companies with an audience size of 50,000 to 100,000 experienced traffic loss in April and March this year.
Why are these Companies Losing Website Traffic?
Several lender companies are losing traffic in the COVID-19 era because they did not react to the quick change in consumer preference from in-person branch visits to remote digital services. Lenders that only focus on the in-branch customer service experience lost and continue to lose to other companies that prioritize digital experiences and online services. Innovative lenders who move with the times invest in digital marketing strategies like keywords ranking and website authority to boost website traffic and ensure that their brand stays top of mind.
What should ‘Losing’ Lenders do Next?
Lenders should invest in a digital marketing strategy or service that will boost their website traffic and keyword ranking. NestReady’s Digital Marketing Services (link to services) were created by a team dedicated to researching, analyzing, developing, and testing new marketing strategies for the mortgage industry while staying on top of the current changes to Google, Facebook, and other platforms.
NestReady’s Digital Marketing Services can help lenders generate free traffic from the major search engines, cost-effectively collect homebuyer leads, and gain a competitive edge. If you want to learn more about NestReady’s Marketing Services, contact the team here (link to contact us).