The mortgage industry has become an increasingly crowded marketplace in recent years. Like many other industries, the Internet has leveled the playing field. Because consumers can find just about all the information they want, mortgage organizations no longer differentiate with rates and services that once set them apart. More and more, it's getting difficult to offer something truly unique to customers.
So, what is a mortgage company to do? If we all have the same products and services, how can we remain competitive? Is success or failure dependent on luck? Well, of course, I think there are many things that lead an organization to succeed or fail relative to its competitors. But one simple thing that all organizations can do to set themselves apart from competitors with identical products is to focus on the messaging. While you might not be able to offer a different product, you can always offer a different pitch.
You've probably heard the expression: Focus on the sizzle and not on the steak. Have you taken good, hard look at how your organization talks about itself in its marketing materials. Here's the acid test: If it puts you to sleep, it's probably going to do the same thing for potential customers. What kind of creative license have you given people to develop messaging that actually works? Sometimes the difference between success and failure is the ability to get people into the door, and your messaging can make all the difference in doing just that.
David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is [email protected].