Selling mortgages is not rocket science: Selling without priceDave Hershmanfull service provider, marketing, year 2000
Is it time to start adding value for the year 2000?
The Year 2000 is certainly going to bring a whole new
wave of competition. From Affinity Relationships to
One-Stop Shopping Conglomerates to the Internet,
there is no doubt that all potential customers are going to have a
greater choice in selecting services and products. Some of these
will be efficient mechanisms for price comparisons. By the time you
arrive at the Year 2000, you will have to make this
decision-Are you going to be a low-cost or a full-service value
provider?
If you are going to sell your services at the lowest price-get
on the Internet and advertise your fees to the world. If
you are going to be a full service provider-you will have to learn
how to sell without price. How do you do that? Here are a
few suggestions:
Let your sales effort set the tone
Complaining about your customers being so price conscious? Examine
your advertising. Is it designed to compete based upon price? Are
you attracting customers who going to be interested solely in your
price? Yes, there is a certain class of customers who are extremely
price sensitive. Why would you spend your time and money attracting
them if you would like to be a full-service value provider?
Deal with people you know
Do you spend tons of money and time advertising to the world and
making the phone ring with people you don't know? Are you making
cold calls over the phone? While you do this, are you ignoring
previous customers because you don't have the time? Deal with the
people within your sphere of influence. People you don't know will
be focused upon price because there is no basis for a relationship.
Focus upon your Sphere of Influence-don't waste the time
you have spent building relationships in the past.
Have the right attitude
Do you have the feeling that you are price shopped harder than
anyone else? Forget the woe is me attitude! Every industry has
price shoppers-from the airlines to insurance. For which item did
you price shop recently? Perhaps a car? The point is that you will
turn off more customers because of your attitude about their price
shopping than you will with your prices. People do business with
people they like. A bad attitude is not likeable-period!
If you get called-have the skills to find
needs
People will always ask about price, mainly because they do not know
what else to ask. When they call, have the questions ready to
uncover their real needs. Is it education? Is it speed? Is it
convenience? The Discipline of Sales is the science of
listening. You can't find someone's needs unless you get them to
talk. You can't get them to talk unless you ask questions. Have the
questions ready and deliver them in a way that is non-threatening
and helpful. In other words, be empathetic to their situation so
they will like you! And you don't have to reinvent the wheel-if you
dont know the questions to ask, others do. Benchmark with others
who are great over the phone.
Sell value, value, value
If you are not going to compete based upon price, you better start
selling value. Faster, cheaper, and easier are what
everyone sells. What can you add to the equation? Here is a
test-did your last advertising piece offer a discount for your
services or something extra for your services? What can you
offer? Information, additional services or anything to better help
meet your customers needs. The great part of additional value is
the fact that you do not necessarily have to provide the value. It
can be provided by what we call a synergy partner. When
your synergy partner provides the value, you add value to your
partner's business at the same time you meet the needs of your
targets. When the value comes from a third party, it is also seen
as less self-serving.
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Value or price. By the Year 2000 you will have
to decide. Dont get stuck in between.
Dave Hershman is a leading author and top speaker for the
mortgage industry with six books-including two best sellers for the
Mortgage Bankers Association of America. His newsletters are used
by Mortgage Brokers to provide value to previous customers,
financial planners, Realtors, and more. For newsletter samples call
(800) 581-5678 or visit on the Web at www.hershmangroup.com.
