Everything that has ever been said, written and done in sales has already been said, written and done. But, Dave Agena writes, what does make a difference is 'PIP': How you Package, Implement and Personalise your services
Simple, right? Not really... it first requires you to define and understand what services you are providing and who do you define to be your target market. Don't try to be all things to everyone lest you become nothing special to no one. You want to differentiate yourself.
When I first entered this industry, after an academic career in clinical psychology and cultural anthropology, I felt I was adequately trained to be a mortgage broker!? If I defined my work as 'just originating mortgages', I would never have made it past the first year. If I was just in it for the money, I would have left after the first of four industry 'busts' I've experienced.
Instead, I always framed my work as a very personalised social service. Finding the right loan, at the right price, at the right time! I had the opportunity to meet new people on a very intimate and deep level in exploring their financial and professional (and, to a degree, their personal) histories. Ultimately, I was helping them to achieve their housing needs. Very few careers provide such an important service to the average consumer.
In order to differentiate yourself from the "thundering herd" and create a work-style and life-style that is meaningful and fulfilling... I think you have to 'PIP' your services.
Packaging: First, this involves creating a USP (a unique sales/service proposition). There are lots of black umbrellas out there... what colour is yours? There are hoards of others originating loans... what are you doing to "package" or present what you're doing that is different than anyone else? You are the only one who can answer that question... and you better have an answer. The USP should be something that motivates you day-in and day-out. Aside from being a "hard-wired internal tape" you need to be able to articulate it to your respective clients in three sentences or less... preferably less! One of the more succinct yet profound USPs I've heard was from a top producer in Southern California: "I am creating trust and financing dreams!" This may sound a bit lofty or ephemeral but she really excelled when it came to producing loans. She obviously believed it and so did her clients (as was evident by all the referral and repeat business she generated). She was in the business for long term benefits not short term gains. My USP was much more mundane: "I have a referral-based business, assisting clients in finding the right loan at the right price at the right time to purchase their housing needs."
Implementing: To paraphrase Gen. George Patton, "Do it. Do it now. Do it right now! A good plan violently executed is far more effective than a perfect plan executed later." I think that puts execution into perspective! Many of us can come up with outstanding business plans, goals and objectives but we are sometimes slow in pulling the trigger. Most of us are somewhat perfectionists... we want it done right. But, acting is more important than planning. The market will give us feedback faster, quicker and better than any 'what if' contingency plans. The market will help define our success if we remain flexible and make 'in-flight corrections' as we go. We simply need to accept the fact that our plans will never be executed perfectly so we have to live with executing our plans imperfectly!
Personalising: Personalisation is not just in the words we use but in the image and content of our collateral material... all of your marketing material should be branded with your unique logo, tag-line and content that best introduces and reinforces your services. In other words, you are the brand! You are the CEO/managing director of your career.
There is nothing new about that but just as every signature is unique, so is your way of providing your services, whether you realize it or not. It starts with attitude. Attitude might be defined as the enthusiasm and demeanour one chooses to adopt and display in working with clients. Everyone has their own level of levity and formality. You need to understand what kind of impression you are making and be able to personalise it (and slightly adjust it) in accordance to the demeanour of your clients.
Attitude is the first part of the equation (like you + trust you = business relationship) that will determine if a prospect does business with you. Liking you is all about attitude and demeanour. Trusting is all about how well you are able to communicate to your prospect your knowledge and in helping them understand their alternatives and the process.
Aside from the presentation and impression you are making, there are as many ways to personalize your services as there are loan originators. One proven approach I have mentioned in a previous article was to "go deep" on the loan application to really get to know your applicant beyond the blank lines (using the F: family; O: occupation; R: recreation; D: dreams interviewing technique). This information will be extremely valuable not only in customizing your marketing material but in making your follow-up calls.
Another unique approach to let your prospects know you are different, is to have your applicant fill out a "concierge form" listing their family members, favourite hobbies, social/athletic clubs, professional and personal interests as well as rating their satisfaction with their existing accountant (on a scale of 1-10), financial planner, mortgage lender and insurance agent. You can then mass-customize your marketing material and provide recommendations based on your "cross-referral panel".
An obvious technique involves merely providing your clients with a lasting gift on the day of settlement (that will be retained) and for the next two years after that (on the anniversary date of the loan settlement) along with a phone call every six months to keep in touch with what's going on in their lives. Referral business will result using these simple techniques.
Putting all these together... PIP will really make a difference in how you approach, define and execute your services and how well the market you are targeting will receive and reward you... and it's the Little Differences that create a Big Effect.
Don Huston (author of 'Attributes of Extraordinary Sales Professionals') makes a case in point when he writes... "let's say Tiger Woods wins a golf tournament with 264 strokes in a four-day event netting him $1.2m. We'll also note that Phil Mickelson had 265 strokes, comes in second, and makes $600,000. So, is Woods twice as good a golfer as Mickelson? Of course not! Woods simply created a "slight edge," which made all the difference in the world."
Aside from that example and the Olympics, the only profession which has as a dramatic difference between winning and losing is the sales profession. It may even be more profound because there really is no second place. You either get the loan or you don't. You either get paid or you don't. The difference, in most cases, can be traced to your PIP.
Dave Agena is an international mortgage banking executive, consultant and "performance psychologist". Currently, he is co-founder and board member of several existing mortgage banking and service-related companies both in Australia and in the United States. He frequently travels between Australia and the US. For speaking and/or consulting inquiries, he can be reached at his website: PASSCoaching.com.
