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There's a misconception that plagues the world of commerce; and it comes from both businesses and customers. Businesses tend to think that success is merely a matter of providing a better product or services than competitors. Customers often think that all they really care about is getting the best deal. But, is this necessarily true?
Sometimes, the best product or service doesn't win. Sometimes, people don't go with the lowest price. There are nuances in economic exchange that draw buyers and sellers together that go beyond the financial. In the end, business is people interacting with other people. Money exchanging hands isn't simply economic; it's a very human thing.
Even though they may say they don't care about the relationship, I suspect that buyers really do care about doing business with good people. They aren't just looking for the lowest price or a product or service that does what they want.
While a good price and functionality are necessary, they aren't sufficient. People also want to know that the companies with which they are doing business have their best interests at heart. They want to know that you actually care about them.
What are you doing to let your customers know that you care? Do you have their best interests at heart? If so, how are you communicating that to them? It's something worth thinking about, because it matters more than all of us are willing to admit.
David Lykken is 40-year industry veteran who has been an owner operator of three mortgage banking companies and a software company. As co-founder and managing partner of Mortgage Banking Solutions, David consults on virtually all aspects of mortgage banking with special emphasis executive leadership development, corporate strategic direction and implementation, as well as mergers and acquisitions. A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program, “Lykken on Lending,” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently, he started producing one-minute videos called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper Web sites daily across America. He may be reached by phone at (512) 977-9900, ext. 10, or e-mail [email protected] or [email protected].