Even though the market is experiencing somewhat of a turnaround, for many mortgage originators times are still tough. This has had an impact on their marketing expenditures and thus affected their ability to generate leads.
At times like these, marketers need to be reminded of the tried and true methods of gathering new business. ActionCOACH, a Las Vegas-based business coaching firm, stresses the need to create a unique selling proposition, both on the individual and corporate levels.
In an environment where the product being sold is viewed by the consumer as a commodity, "companies or employees with a 'brand' win out and can actually increase their market share or value in the marketplace," said ActionCOACH director of franchise sales and marketing Jodie Shaw.
The three major components of a USP, as first defined by famed advertising executive Rosser Reeves in 1961, include a statement that is benefits-oriented; something truly unique that no one else can offer; and compelling enough to influence or motivate others to adopt the proposition.
"A good example and an interesting place to start might be Superman's USP, which is 'faster than a speeding bullet, more powerful than a locomotive, able to leap tall buildings with a single bound,'" Ms. Shaw said. "It's a great example of uniquely positioning abilities in a compelling way people can understand."
Having a brand that consumers view positively is important to getting new customers. A market research study known as the Milestones looked at 653 brands across several industries. Among the lowest rate companies are four with large ties to the mortgage industry: AIG, ranked 651st, Citi (604th), Bank of America (569th) and Chase (487th).
The study is a collaboration from three firms: Kadence, Brand Care and So What Research.
Owen Jenkins, chief of Boston-based Kadence Business Research, comments: "Given what has happened within the financial sector over the past year, it is no surprise that affection for financial brands is so low. Consumers are clearly aware of the plights of the most troubled financial corporations and have an understandable mistrust of most of the rest."
Yet credit card brands such as Visa, MasterCard and American Express were all views positively, possibly because of consumer's reliance on credit during the holiday season, he said.
The question for mortgage originators to think about is how can they make their ability to meet consumer financial needs into a positive USP?
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