Do Unto Others

In a competition for business, customer service wins

Insider

Contributing Writer

Right now, there’s not a surplus of business out there. More often than not, you’re competing for it. So, when that’s the case, why should someone choose you? What would make a potential borrower pick you over anyone else in the business?

People love to say that their customer service is what sets them apart, but I’d argue that’s very easy to say and often difficult to back up. Customer service is more than just calling people back or being knowledgeable. Let’s look at customer service: what it really is, what it looks like in today’s market, and what you can and should be doing to set yourself apart.

What is Customer Service?

Salesforce defines customer service as “the support you offer your customers — both before and after they buy and use your products or services — that helps them have an easy and enjoyable experience with you.” Customer service is ongoing. Before, during, and after someone works with you, their experience matters.

Salesforce’s definition also mentions that “customer support is more than just providing answers; it’s an important part of the promise your brand makes to its customers.” There is much more to good customer service than just calling people back, having good credentials, or being experienced. It’s all about how you’re supporting customers throughout their journey to ensure that they have the best experience — and the experience that borrowers have working with you is what truly sets you apart. Not to mention, it’s also what leads to those crucial referrals.

What Does It Look Like in the Current Market?

When it comes to differentiating yourself in the current market, it’s not about rates or products. In reality, everyone will typically have similar offerings — it’s you that makes the real difference.

Think about what makes you unique — what do you have to offer the customer? Is it your credentials or education? Is it your communication style? Is it your level of experience?

These on their own will not set you apart unless you ask yourself two important questions: how and why?

What Can You Do?

It’s worth putting some thought into how you approach customer service. Forbes reported that brands with superior customer experience bring in 5.7 times more revenue than competitors that lag in customer experience. They also reported that American consumers will pay 17% more to purchase from a company with a reputation for great service. Again, it’s not simply about your rates or products — it’s also about the customer experience.

The key to success is about more than simply you getting paid or closing the loan as quickly as possible.

The key to success is creating a relationship where everyone benefits. It’s about more than simply you getting paid or closing the loan as quickly as possible. Customers want to leave the interaction feeling valued.

Though it is a transaction, it doesn’t have to feel transactional. One key way to create a better experience is to build a relationship. Don’t just tell your borrowers what to do or what you need from them but give them the why behind it. This not only helps educate them(,?) but empowers them to know what is happening with their loan so they can help you do your job. Rather than thinking of your job as working for your borrowers, approach it like you’re working with them. This kind of relationship not only builds trust but also can lead to a better experience.

If customers feel valued and enjoy working with you, they will talk about it, whether through word of mouth or on social media. The same goes for a bad experience. People will talk either way. What do you want to be known for?

Ultimately, customer service is all about creating a mutually beneficial experience. When customers are happy — everybody wins. So, in a market where business is competitive, set yourself apart with truly superior customer service.