In my sales training programs, one of the most important exercises I use is “50 Reasons Why People Should Buy from You.” When I ask originators why prospects should do business with them, most students cannot come up with more than a handful of reasons — let alone 50. Once they move beyond the standard answers such as “I am experienced” and “I have integrity,” many start talking about why their lender is so great. Unfortunately, typical refrains such as “we have great service” are not enough to convince prospects why you are the right salesperson to usher them through the home finance process.
The “50 Reasons” exercise was developed by Tom Stoyan, a Canadian consultant and President of the Coaching and Sales Institute, to help salespeople understand that they need to prove to potential buyers why giving their business to a competitor would be a big mistake.
When conducting this exercise, I ask originators to write down 10 answers to each of following questions:
- Why should a prospect buy your product/service?
- Why should a prospect buy from you?
- Why should the prospect buy from your company?
- Why should a prospect buy at your price?
- Why should the prospect buy now?
Why 10 answers per question? Because it forces sales professionals to take an in-depth look at their competitive advantage and the value they bring to prospects. Supplying only a few answers is not thorough enough to identify an originator’s true worth in their territory. While this can be a painful exercise, the answers provide a critical foundation from which originators can work to reach new customers.
While the current interest rate environment has lessened the push to prospect, mortgage industry veterans know this will not last forever. Eventually, sales teams will need to increase the number of referral sources and customers to achieve long-term sales success.
Now is a good time for originators to think about these issues and fine-tune their prospecting message —whether it is delivered by phone, email or social media. While many originators default to their lender’s canned marketing messages, these sales professionals are missing an opportunity to convey what makes them different from their competitors.
In our attention-deficit economy, those originators who are able to quickly and succinctly present their unique value proposition to prospects will win. The “50 Reasons” exercise provides the due diligence sales professionals need to create a compelling case why they are the best choice when prospects want to purchase or refinance a home.
I also recommend that originators review their answers every six months to ensure that their marketing strategy still matches the rapidly changing business environment.
Preparing for the return of the purchase money market starts today!