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In our marketing as mortgage organizations, we often get caught up in the particulars. We discuss which media is being used to communicate our messaging—whether we'll advertise on TV, in trade publications or on social media. We comb over the copy to ensure that it's compliance-friendly. We may even consider different graphic elements and spend a great deal of time on which options we think might be more eye-grabbing.
All of these things are important to consider, but what often gets overlooked is the more general message, if any, that we are communicating about our brand. Does the marketing material really tell our story? Does it all tell the same story? How are we positioned in the market? What are we known for? If we haven't grappled with these questions, then all of the glossy prints and prime time commercials are only going to lead to confusion and inconsistency in our marketing. We should always know we are before we try to talk about it to others.
Basically, there are two things we need to consider when we are positioning ourselves in the market:
1) How are we different?
2) Why is it better?
Before anything else, people need to understand what makes us different than others in the space. Otherwise, they may remember the ad, but they won't remember our name. We need an angle that really sets us apart and makes us notable to potential customers. Secondly, we need to communicate why that unique angle is better than anyone else's. We don't just want people to remember us—we want them to buy from us. The differentiation is what grabs attention, but the value proposition is what makes the close. Once we've really got these ironed out, then our marketing will practically take care of itself.
David Lykken is 40-year mortgage industry veteran who has been an owner operator in three mortgage banking companies and a software company. As a former business owner/operator, today David loves helping C-Level executives and business owners achieve extraordinary results via consulting, coaching and communications, with the objective of eliminating corporate dysfunction, establishing and communicating a clear corporate strategy while focusing on process improvement and operational efficiencies resulting in increased profitability. David has been a regular contributor on CNBC and Fox Business News and currently hosts a successful weekly radio program, “Lykken on Lending,” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. He produces a daily one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper Web sites across America. He may be reached by phone at (512) 501-2810 or by e-mail at [email protected].