Taking marketing ideas from elsewhere, whether in the mortgage field or somewhere else, can keep you ahead of the competition, one expert says.
For many mortgage originators, brainstorming to find that next big marketing idea is confined to whatever ideas the people in his or her shop come up with.
But one marketing expert suggests looking outside of your business and even outside of the industry to come up with that great idea that will move your company forward.
"Whatever the type and size of your business, you can be sure of finding more eureka-worthy innovations outside it than within it," says Alexander Hiam, author of the new book, "Business Innovation For Dummies."
He adds "And don't limit yourself to your own industry or sector. As big as it may be, it's still far, far smaller than the entire universe of possible ideas.
"To be a truly great innovator, you will have to do a little window shopping-and sometimes you'll have to look in windows you've never even considered looking in before."
Here are some of his suggestions, excerpted from the book, on how to find those new ideas.
• Visit the wrong trade shows. The most exciting innovations often come from visits to trade shows that are far removed from your industry.
• Expand your circle. Keep your ear to the ground for exciting ideas that you can apply in your business. How do you tap into fresh thinking from outside the boundaries of your business? One good way is to make a habit of talking to people who are outside your normal line of work. Hiam suggests talking to people who work in completely different fields from yours about the latest trends and challenges in their fields. Also, you can read trade magazines, professional journals and blogs from other people's fields and industries and check the business news for reports of innovative behaviors in other fields.
"The vast majority of people live and work beyond your neighborhood, profession, and industry," notes Hiam. "By focusing outward and asking questions, you open yourself to a broad flow of creative thinking."
• Study upstarts and start-ups. The dynamic new businesses in any industry are where much of the innovation takes place. Usually, these businesses are ignored for a few years or more, until some of them gain enough market share to scare the established firms and command attention.
"You can and should study upstarts before they become widely known, and even before they become successful, because some of the best innovations come from these fresh, new businesses," says Hiam. "These companies represent the future of your industry."
• Ask job candidates for their advice. Every job interview should include this question: "Can you think of something we could be doing better or smarter than we are?" In other words, while a candidate is trying to impress you and convince you that he's a great job candidate, he could suggest some ways that you could improve your business. If you ask, you'll certainly get some interesting answers. Further, if you really like an idea, you just might decide to hire the candidate who offered it-and assign him the task of helping to implement his suggestion.
• Be positive before you're negative. Don't dismiss ideas out of hand. It takes open-minded imagination to find a way to apply innovative ideas in a business. Ideas are just starting points for your innovative thinking. "Look at the pros and cons of every idea," says Hiam.
"You could quickly dismiss every idea that you come across, because all ideas have some issues or barriers that you'd need to overcome to make them work in your business.
"But if the benefits are substantial, it may be worth the time and trouble to adapt an idea to your own purposes."
• Don't force it. As you evaluate ideas, check them for viability-meaning that the pros outweigh the cons-and then do a second level of checking to see whether the idea matches your capabilities. If not, keep looking.
• Pick your suppliers' brains (in other words, use them for free consulting). In the mortgage brokering business, this means talking with your wholesalers, your mortgage insurers, your technology suppliers and the other vendors that you deal with on a day-to-day basis.
"This strategy is very powerful," says Hiam. "Basically, you want to get into constructive discussions with your suppliers by asking them what they think you could be doing to improve your business. The suggestions that suppliers come up with often involve using their products or services, of course, so you need to keep in mind their natural bias to make a sale.
"Often, however, their ideas have merit, and there's nothing wrong with, say, switching to a different product if that switch benefits your business and your customers. Be open to ideas and proposals from innovative suppliers, and you'll have a virtual R&D department that's eager to help you innovate."
• Align yourself with your industry's experts. In many industries and professions, associations or other organizations publish standards and research on best practices. These organizations can be sources of innovations that help improve the quality of your services or products.
"In any field or profession, fewer than 10% of people stay up-to-date with leading-edge thinking and practices," notes Hiam. "By staying in touch with your industry's experts, you can be on the leading edge with those who implement new practices and approaches.
"Make sure that you belong to-and participate in-your industry's trade associations and your profession's membership societies. Attend workshops led by innovators, read experts' blogs, and make a point of knowing what the new ideas and practices are."
In conclusion, Hiam says, "Whether you're a retailer, wholesaler, or some other form of businessperson, you definitely need to broaden your view of innovation to include good ideas, inventions, and designs from beyond your own four walls. The times we live in demand it. Until you do, your company will be a step behind its competition."
