How Does Your Client Actually See You?
What does that mean? …It means exactly what it says. I speak with loan officers every day and you’d be amazed how some LO’s view their past clients when it comes to marketing. Truth be told, I recently spoke with a Loan Officer from California who said, “I’m looking for a marketing piece that is relevant to my ‘closed loans.’” In other words, this loan officer saw his past clients as ‘closed loans,’ thinking that now that they’ve closed, their general interests have somehow changed to a world view that only a “closed loan” would have. This is a bad sign. This is also a clear indication that the LO thinks his client thinks like he does. If you think your client sees their world differently after the loan is closed in a way that changes their general interests, you’ve got it all wrong! If anything, it solidifies their interests as their life takes on new meaning with a new chapter. He clearly doesn’t understand that his client doesn’t “feel” like a closed loan. In this case, the LO is missing an opportunity to maintain a relationship, to build an ambassador for him and his business. He’ll soon be forgotten. To the better interest of this LO, I had to be straight with him and say, “YOU ARE NOT YOUR CLIENT!” He’s a good loan officer, but he’s missing more referral opportunities than he should.
Here’s an example that’s a little broader, but probably more prevalent in the industry today: Without mentioning any company names, you can get a membership where marketing consists of articles and content that can be freely printed or emailed at will, along with a “news feed” for your website that feeds weekly news and market reports ad nauseum. There’s a problem here that gets lost in the confusion of the perceived value of such a huge offering of content. The content doesn’t appeal to the home buyer at all, it appeals to… (get ready, here it comes) …the loan officer. And there’s the problem. The so-called marketing program really only appeals to the buyer of such content! However, the buyer isn’t the homeowner, the buyer is you!
The marketing program appeals to the intellect of the loan officer and their ego almost makes them sign up. This isn’t sphere-of-influence marketing. It’s sales, and the customer isn’t your sphere of influence, it’s YOU! I’ve had my fair share of loan officers get upset with me for bringing this truth to light, especially after they’ve already spent a couple thousand dollars trying this method. Again, I’ve had to be blunt and say, “YOU ARE NOT YOUR CUSTOMER!” This can be a hard pill to swallow and the truth usually is. You have to know that most people don’t see the process of home finance like you do; they don’t have the knowledge and ability to do what you do; and that’s why they don’t do what you do! Loan officer training doesn’t include a degree in marketing, if there’s any marketing training at all!
Don’t mistake activity for achievement and get caught up in busy work that seems like marketing. This only results in wasted marketing efforts. There’s a way to maintain loyalty. In fact, it’s pretty easy. But it’s important to know that it’s even easier to do it wrong!. The housing crisis made some feel that the industry is full of sharks, instead of honest, hard working individuals. The question becomes, “Why should someone do business with you, rather than any and all available options out there?” You can’t market with a fin on your back. You have to build quality, lasting relationships!
To get to the heart of the matter on a personal note and a little more truth, I refer you to this article. Click here to read Mortgage Marketing Truths & Road Blocks.
Or you can have us do a complete assessment of your current marketing strategy free of charge. Not many things are free in this world, but in the spirit of trying to earn your business, we feel we should show you what works and why. Give it a spin, it’ll be the best 20 minutes you spend on your business.
– Keith Shapiro