With people across America abiding by stay-at-home orders amid COVID-19, more and more individuals are shifting their attention online. Consumers are using the internet to obtain services to fulfill their needs (including mortgage). As a result, mortgage lenders have seen an influx in online searches and fewer in-person visits. The switch in user behavior has affected lenders across the country very differently.
In our recent white paper, the NestReady team analyzed the website traffic of the top 1500 lenders nationwide to see how they were affected by COVID-19 and the changes in user behavior. Our findings showed that 30% of lenders have failed to adjust to the demand for online services, resulting in significant traffic loss. Lenders who continue to be negatively affected by the switch in consumer behavior rely heavily on in-person branch experiences. This decline in traffic is apparent in both large and small companies. Read on to discover the percentage of traffic decrease lenders experienced during this time.
Percentage of Lenders’ Website Traffic Loss
As you can see in the chart above, lenders (426) across the US are being affected very differently by COVID-19, with some lenders seeing significant hits to their website traffic and others experiencing minimal traffic loss. Several lenders are experiencing extreme traffic loss due to low visibility and a failure to address on-going demands for online services. Thirty-three lenders are experiencing over 50% traffic loss, and 20 lenders are experiencing over 40% of traffic loss. This amount of traffic loss can produce a significant impact in terms of visibility and lead generation. On the other hand, 113 lenders are experiencing a traffic loss of less than 5%. This loss may not seem significant; however, for a small company, a traffic loss of this size can have a considerable impact.
What Can Losing Lenders do to Boost Traffic
If lenders are experiencing a significant loss of traffic amid the pandemic, it would be good to consider investing in a digital marketing strategy. With NestReady, you can work with an experienced marketing team with in-depth knowledge of the mortgage and real estate industry that can help you optimize all of your digital marketing efforts, increase your ranking on Google, and understand competitor benchmark data. Our Digital Marketing Services is here to help lenders generate free traffic from the major search engines like Google, Yahoo, and Bing with fool-proof methods like backlink acquisition, keyword ranking research, and search engine optimization.
To learn more about our Digital Marketing Services head on over to our web page!