Experience: The great differentiator

by MPA18 Jul 2014
By David Lykken
Special to MPA

If you want to get noticed in a crowded marketplace, you've got to be different. But, how do you go about being different? It's easy to talk about standing out, but what does it look like in practice?
It seems to me there are three reasons that people buy: price, product, and experience. We tend to focus almost exclusively on the first two. Don't get me wrong. It's great to have a good price and a nice product. But the problem is that these first two items are the easiest to copy.
If you want to set yourself apart from your competition, the key will be in the experience you create. Whether positive or negative, people have a greater emotional reaction to the experience they have will your organization than to anything else.
Want to set yourself apart? Focus on the experience. That is, after all, what your customers are focusing on.

David Lykken is 40-year industry veteran who has been an owner operator of three mortgage banking companies and a software company. As co-founder and Managing Partner of Mortgage Banking Solutions, David consults on virtually all aspects of mortgage banking with special emphasis executive leadership development, corporate strategic direction and implementation as well as mergers & acquisitions. A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently he started producing a 1-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across America.


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