How to Stand Out in a Crowded Field

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THE FACT THAT THE DYNAMICS OF LENDING HAVE DRAMATICALLY CHANGED IS no secret.  Between the disappearance of hundreds of loan programs, the implementation of Qualified Mortgage rules, and a much smaller pool of secondary market investors, your ability to stand out in the field amongst your competitors through product alone is virtually impossible.

Today professional AEs need to be armed with much more than just the knowledge of their company loan programs.   To succeed at the highest possible level you must know how to source the right loan originators and also be able to get their attention.  Once you have their attention, you then must be able to influence them to want to speak with you and then give you the opportunity to prove yourself.

You will note the last line above says “influence them to want to speak with you”.  The reason why this distinction is so important is that all too often AEs do not set the right goals for their initial meetings with prospective loan officers and company owners.

We all know that our ultimate goal is to get loans flowing through the door.  However, the mistake that is often made by AEs is not allowing the relationship to progress the proper way.  Since nothing would be better than the one stop sales call where the prospect says “yes” to doing business with you the first time they meet with you, we often do not give thought to the natural progression of building a relationship.

GET THE PROSPECT’S ATTENTION

The first order of business in relationship development is to get the prospect’s attention.  One way you can accomplish this is through product announcements.  The important thing to remember is you need to promote the sizzle not the steak.  In our business you want to promote the problem your program solves for you your client.  Solving problems is what we do for a living.

For example… (I am making this up)… Let’s say you have a program with a credit score that goes down to 560.  The typical AE will announce that they now have whatever program with a 560 credit score.  The advice I would give to my clients would be to ask a questionMy email or flyer or headline might say “How many loans have you lost because the credit score was below 580?”

The power behind questions or power statements in marketing is amazing yet it is so underutilized by AEs.  Another example might be a program with expanded qualifying ratios.  Depending on the particulars of the loan program my advertisement headline might be something like “Our New XYZ Program Increases Borrower Purchasing Power by 22%” Then the sub-headline would be “Find out how you can easily qualify more borrowers and increase your income with our new XYZ Program”.

The key to standing out from the crowd is to get your target audience interested and wanting to know more.  You do this by either offering to solve a problem for them, or showing them how they can earn more money and close more loans.  You need to connect the dots for them on exactly what your product or service does for them.  Never assume that they will complete the process of relating what your product does to exactly how it will impact them.

In my first example, the 560 credit score gets them more loans.  When you ask the question as I posed it, you cause the reader to think more about how your loan can impact their business.  Maybe even get them to look back at scenarios they turned away.

UTILIZE MULTI-STRATEGY MARKETING

The next level of standing out from the crowd is how you get the attention of your prospects.  There are many ways from headlines in emails, to sending direct mail in oversized packaging, to the utilization of one of my favorite methods which is 3 dimensional mailing.

There are many ways to get attention of prospects.  The key is to use multiple methods in your marketing.

 

Join us on October 8th for our next webinar “Strategies to Get You Noticed in a Crowded Marketplace” and you will learn exactly how to:

  • Get noticed by prospects
  • Quadruple the number of prospects who respond to your marketing efforts
  • Make the prospect want to speak with you
  • Move the relationship forward
  • And so much more…

We hope to see you there.

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ABOUT THE AUTHOR

Ron Vaimberg is a veteran of the mortgage and real estate industry since 1985.  As a leading speaker, trainer and strategic coach, Ron possesses the unique ability to quickly assess any sales situation, marketing challenge, or client’s business problem and provide instant solutions.  It is this special trait that makes Ron the go to person for retail and wholesale mortgage professionals, real estate agents, and company owners throughout the United States.

Stayed tuned for more articles and webinars from Ron.

Ron can be reached directly at 866-360-6645, Ron@RonVaimberg.com or www.RonVaimberg.com