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Know What Makes You You

It’s not just what you offer, but who you are that will propel (or impair) your sales.

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Erica LaCentra
A woman shrugging her shoulders with a question mark over her face.

Lenders in the mortgage industry may be finding it is getting harder and harder to differentiate themselves from their competitors. Touting the highest leverages and lowest rates can often only get you so far especially when your competitors may be going toe to toe with you. So, what can a lender do to stand out in an ever-growing pool of competition? It’s time that lenders, and other businesses in the mortgage industry for that matter, stop focusing solely on marketing the specific details of their products and services and start marketing the intangible qualities of those products and services to show what sets them apart. Let’s dive into exactly what marketing the intangible means. 

Going Beyond Just A Product Or Service

While it’s obvious that all lenders have various products that they are ultimately looking to sell to customers, there is so much more to their company than just what they are selling. Companies often develop core values that are touted to both their employees and their customers to let them know what the company stands for. While many businesses may think that core values are just something to use as standards and guidelines for their business, these are also great things to be able to promote and use as focal points of their marketing.

An easier way to figure out what to focus on as you are thinking of potential intangible selling points is to think of what you as a company offer that ultimately makes for a better customer experience. It could be attention to customer service, a focus on customer satisfaction, ease of use for products or services, a fast/speedy process, knowledgeable employees that can answer all product questions, a variety of products, and having “something for every situation”, etc. Whatever your company does better than a competitor is something you can easily highlight and promote to make your products or services stand above the rest. 

It is so important to market these aspects of your business in addition to the specifics of your products as they truly are differentiators. Think of any large well-known brand. Sure, you know what their offerings are, but chances are you also have general thoughts or feelings about working with that brand or what you expect when you choose that brand over a competitor. You want to create thoughtful marketing to ensure your company and products also evoke positive connotations with current and potential customers.

The Proof Is In The Pudding

So now that you understand why it’s important to promote these aspects of your business, how exactly does a company market ideas or qualities of their business that are seemly so challenging to concretely display? It truly comes down to a case of actions speaking louder than words and being able to highlight and prove through customer experiences that what you claim is true. 

Never underestimate the power of testimonials and customer reviews. Requesting feedback and reviews from your customers is easy and it can be one of the most powerful marketing tools a company can use for future promotion. Not only does it give you the ability to highlight the intangible positives of working with your business and using your products or services, such as great customer service, or knowledgeable employees, but it also gives you better insight into exactly what your business does better than your competitors. 

Often the internal view of a company is very different than a customer view or a company may think certain things are important to highlight when in reality they are not something a customer even cares about. Use customer testimonials to not only promote your business but also learn what does matter and what you should focus future marketing on. 

Another way to highlight these intangible benefits of your company is to provide data backing up what you claim is indeed true. So many lenders and companies in the mortgage industry say they are “the best”, “the fastest”, “the most competitive”, but what does that even mean if you have nothing to back up those claims?

For example, if you are a lender touting how fast you can close or how easy and quick your process is, it should be simple for you to access pipeline data to see the average time from application submission to closing and be able to promote it. Simply put, the numbers don’t lie and being able to concretely say, “we closed in an average of x business days over the last x number of months” carries a lot more weight than simply saying we have quick closings. 

Think Outside The Box

When it comes down to it, effectively marketing your company is so much more than spouting information about your products and services. It is a careful blend of promoting the best tangible and intangible things your business has to offer, and I cannot stress how important it is to focus both pieces of the puzzle. So the next time you’re thinking about future marketing campaigns and initiatives, think beyond the product and learn how to effectively promote the intangible. 

Close more loans, be more efficient, stay out of trouble.

Find more at Pro School
This article was originally published in the NMP Magazine October 2021 issue.
Erica LaCentra headshot
Erica LaCentra

Erica LaCentra is director of marketing for RCN Capital.

Published on
Oct 25, 2021
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