When you look at sales techniques and processes over the last decade, it is clear that selling has moved into a new era — what I call Sales 3.0. In Sales 1.0, firms implemented CRMs and other technological tools to help gather data regarding their customers. Sales 2.0 took the data gathered to start inbound sales strategies that many companies currently use. Both approaches reduce the cost to originate which has ballooned to $7,800 per loan. But cost-cutting doesn’t help to create loyal customers in this world of unlimited products and services. What should a sales organization do to win in this hyper-competitive marketplace? They need to move to Sales 3.0 which requires developing deeper relationships with customers.
Establishing deep relationships with referral sources and customers is mandatory for success in mortgage banking. In many ways, this is something great sales originators have always done to generate customer loyalty and referrals. Top producers understand that they have to go beyond the status quo to stand out from other originators. Simply closing a loan isn’t enough to be a go-to originator in today’s marketplace.
Originators are challenged to deliver their value proposition in more ways than ever. Top producers recognize that the ultimate sales strategy is is having your most loyal customers spread the word about you. The most loyal customers are your personal brand ambassadors.
In Rocket: Eight Lessons to Secure Infinite Growth, a great book by Silverstein, Bolden, Jacobsen and Sajdeh, the authors note, “to stay on top, your job is to deliver magic — every day. Your customers expect you to provide them with a flawless, complete experience. They expect you to provide value for money. Not a low price, but value which includes their experience. They expect you to deliver with energy and passion.”
This is a tall order for any originator and their company. If you want to receive referrals, it is what is required. As Silverstein et al state, “it is no longer a world where 20% generate 80% of your volume, but a world where 2% of your best customers drive the 20% who drive the 80%.” Stellar growth is a function of who transforms their best customers into personal brand ambassadors.
How many of your originators have personal brand ambassadors?