9 Tips to Help Grow Your Business Using Soft Pulls

Consider this blog post the holy grail for businesses using soft pulls or for anyone interested in pulling their customer's credit using iSoftpull.  To help you get the most out of iSoftpull, we've compiled a list of our top 9 tips for using soft pulls for business and have included some real world examples for easy implementation!

These tried and true practices have enabled thousands of lenders to maximize the benefits of using iSoftpull to help achieve optimal growth.  

Tip #1: Get Fully Integrated

Our technology's advanced integrations and available API's will allow you to connect iSoftpull with all of your business's current tech platforms.  With this capability, you and your team will be able to access your customer's credit data from a centralized internal location.

Taking advantage of our integrations helps to bridge the gap between all of your tech intermediaries to create a dynamic data management system.

Imagine the added convenience of having all of your customer's data automatically added to your tech platforms!  Enhanced analysis, automation, and outreach tactics can all be deployed with this added connectivity.  And, the good news is, we can integrate with virtually any platform!

Keep reading to explore the different ways you can use these integrations to grow your business!

Tip #2: Triple Your Leads Using a Consumer-Facing Web App

iSoftpull's platform offers a consumer-facing webform that empowers potential clients to check if they qualify for a given loan and its terms on their own time. This application offers businesses a diverse range of digital platforms they can utilize to generate new leads, capture consent, and qualify a customer for a loan offer in one fell swoop.

One of the key benefits of this capability is that it greatly reduces common conversion barriers found when consumers shop for a new loan.  Think about it, if someone is in the initial phases of their search they probably aren't ready to speak to a live person, share their sensitive information, or hurt their credit with a hard inquiry.

Real-World Example:

Imagine the spike in conversions you'd have if you turned your online hard pull application into a soft pull pre-qual form.  Think of the clients casually shopping for a loan who would have never filled out your old hard pull application but would now be willing to fill out a soft pull form using their name and address only!

It's no wonder lenders who have added the iSoftpull webform to their website have grown their online conversions by 300%!

Tip #3: Provide Custom Offers With Our Decisioning Engine

With iSoftpull's customized decisioning engine, you can easily create approval rules assigned to custom loan offers using a wide range of credit data metrics.  

This goes beyond "approved" or "denied."  Our decisioning engine allows you to provide personalized offers and approval messaging that's tailored to your customer's unique needs and credit condition.    

For instance, you can provide three different loan offers assigned to different credit score levels (i.e. fair, good, excellent) that instantly share an approval message and the loan terms the moment a customer submits their information.

This is also useful when you have employees pulling credit.  With this capability, they'll be able to offer on-the-spot approval decisions and the associated loan terms with ease and confidence!  

Tip #4: Optimize Using Pre-Qual Buttons

Utilizing our consumer-facing web app provides a wide range of new opportunities to generate more leads and qualify prospective clients.  One great tool that will help you to optimize your online lead generation is the use of web buttons.  

Adding buttons to your website and other digital communication methods that are linked to your online pre-qual form, will not only drive greater web traffic and more conversions but will also provide your customers with a convenient way to obtain more information about their qualifications with regard to a particular product.

Real-World Example:

If you're a mortgage broker, for example, you can partner with realtor listings and add "get pre-qualified" buttons next to individual home listings and deliver prospective buyers the exact loan amount they'd qualify for!

Tip #5: Get the Most Out of Your Emails

Enhance your current email outreach practices when you provide your customers with a link to your soft pull web form in your email correspondence.  This is a great tool to help introduce more enticing CTA's in your email campaigns, while also providing customers with a convenient method to check their loan qualifications.

Real-World Example:

Many of our customers have simply added a "pre-qual" button to their email signatures to help generate more online inquiries.  This is one of the easiest ways you can enhance your business and is highly effective at driving greater traffic to your website!

Tip #6: Qualify New Prospects On-the-Go

If your company relies on in-person interaction for attracting new clients, you'll need a quick and simple way to capture consent and pull credit on the go. Whether you're networking in a professional environment or have a team of door-knockers in the field, we have a solution for you!

Real-World Example:

Networking:

Let's say you're out of the office and happen to strike up a conversation with someone who could be a potential client. Rather than giving them your info and hoping that they call, you can initiate the pre-qual process right then and there!  By adding a QR code to your business card that your clients can scan to access your company's digital inquiry form, you can instantly capture and record consent while allowing you to pre-qualify and collect contact info for new leads from virtually anywhere!

Door-Knockers:

If you're in the field meeting prospective clients, having a tablet that contains a digital consent form and access to our platform will allow you to qualify a customer at, “Hello!”  This capability can be an asset for your sales pitch when you offer a low commitment "check if you qualify" proposition to provide value to your customers and help generate more interest in your sales offering.

Tip #7: Use Soft Pulls Over the Phone

Does your business use a call center (inbound or outbound) to speak with potential customers?

We have you covered.  Using a recorded line and one of our verbal consent scripts, your call center reps can easily obtain consent and pull a client's credit while on the phone with them in real-time.  

Real-World Example:

Using this information, phone reps can quickly communicate the financing offer and terms that a customer qualifies for directly over the phone and cut right to the chase!  By slashing unnecessary steps, your reps can reduce rejections and provide a service experience tailored to the client's specific needs.  

Tip #8: Segment + Target Using Decisioning Data

Our decisioning engine can also help you to implement more effective marketing campaigns.  With the data collected from these results, you can easily group clients with similar credit who qualify for the same loan offer!  This will ensure that you provide highly targeted content that is relevant to these individuals' wants and needs.

Real-World Example:

This can be extremely useful for remarketing campaigns.  With this data, you could easily reach out to potential clients who might not have qualified for a loan 6-months ago but could possibly be qualified now.  You can then send out follow-up communications to invite those clients to reapply!  Converting your unqualified clients into qualified clients will equal more cash in your pocket long term!

Tip #9: Create Lookalike Audiences

Take your segmentation efforts one step further, when you utilize this data to create lookalike audiences in your advertising platforms!

Using your current customer segments, you can find and target new people who share similar characteristics as your current customers. This will not only help you grow your online audiences but will also ensure you provide new audiences with highly targeted and relevant content right off the bat!

With these capabilities, you'll increase your impressions and reach, and grow brand exposure.  Plus, by already knowing the best type of content used for a given segment, you'll save time and money optimizing your paid ads.   Start implementing high conversion content right away!

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