Swim against the current for a unique value proposition

by MPA08 Oct 2015
It doesn’t take a rocket scientist to notice that there are loads of mortgage professionals and lenders out there and in some areas it seems as if we’re reaching the saturation point. Have you ever had a prospective client say, “I’m already working with my bank” or “I’m happy with my current broker?”
What’s the average mortgage professional’s response to that objection? It’s usually the same old worn-out line you hear time after time: “I’ve got better service” or “I’ll get you better rates.” Sound familiar?
On the other hand superstar mortgage professionals have learned to create and clearly articulate their unique selling proposition (USP) -- something that sets them apart from every other Joe Shmoe mortgage professional out there. And just in case you haven’t noticed, “best rates” and “best service” ain’t going to cut it! Your USP needs to be something unique and memorable that answers the question in the mind of your prospect: “Why should I do business with you, over all the other options available?” If you don’t have a compelling answer, don’t be surprised if your clients defect to your competitors.
You don’t have to be strange or outrageous, like Richard Branson, to have a compelling USP. You just need to be able to clearly articulate what separates you from all the other mortgage providers out there in a way that will be quickly and easily remembered by your target market. For example: If your niche is jumbo mortgages, you might title yourself “The Luxury Home Financing Expert” and your slogan might be “Elite financing services for luxury homeowners.”
Here’s another example. Let’s say you want to attract more Realtor partners who send a lot of referrals. As you might expect, Realtors are bombarded on a regular basis by “parasite” mortgage brokers who just want to suck them dry of referrals without giving any unique value in return.
And, frankly, Realtors are sick and tired of it. So, rather than following the herd, you should decide to take a different approach. Offer your Realtors an opportunity to receive exclusive marketing services to help them attract more listings and sell them fast for top dollar. Instead of talking about “great rates” and “great service”, you focus on what they really care about: Helping them close more sales and make more money.
Still stumped? Consider the A.C.E formula forstanding out: Authority. This is about gaining dominance in your market using the power of education-based marketing. Instead of being me-focused and saying, “look at me. I’m so awesome,” you become client-focused by hitting your clients’ hot buttons and talking about what they really care about. For example, you could offer a book, CD, DVD, report, etc. that teaches “insider secrets” on how to avoid costly mistakes, save thousands of dollars on interest and penalties and secure the best mortgage with the best rates and terms available. By providing this valuable information upfront at no cost, before they even become a client, you become their trusted adviser -- with authority.
Celebrity. What do Suzy Orman, Dr. Phil and Dr. Oz all have in common? They all used mass media to raise themselves from obscurity to celebrity. This might seem way out of your league, but keep in mind they started out in the same boat. You can leverage the media (i.e. TV, radio, newspapers,

etc.) in your local market to position yourself as a “mortgage celebrity.” You don’t have to be a talented showman to do this either. All you need is helpful mortgage advice (which you already have) and a willingness to get out of your comfort zone and share it. The cool part is, once you’re somewhat famous, people will line up to do business with you.
Exclusivity. Starbucks, Apple and BMW have this one figured out. You can buy cheaper coffee, computers and cars elsewhere, but people pay way more for an extraordinary experience because it makes them feel special, significant and part of an exclusive group. You see, people buy identities, not products. As Anthony Robbins says, “Sales and marketing teams have to know specifically who their ideal customer is and not only what they want, but what they need at the deepest level. If you’re able to meet these needs, you’ll develop a raving fan culture.” So, what can you offer that no one else offers? What can you do to create an extraordinary, elite experience for your clients and/or referral partners?
This is a slightly amended version of an article written by Doren Aldana, leading Mortgage Marketing Coach. It has been shortened to make it suitable for web publishing.


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