The mortgage landscape is rapidly changing before our eyes. There is a new administration, increases in regulations and significant layoffs during these tough economic times. Both lenders and vendors are challenged to develop innovative solutions to address these issues head on. In developing these innovative solutions, lenders and vendors may have addressed their specific product and service offerings, but are they positioned for success?
In today’s marketplace the challenge to differentiate between competing companies is becoming more difficult. Products and services are becoming commoditized and increasingly similar in the mortgage industry. Acronyms and, buzzwords are used by many companies and are creating noise that can blur the lines of differentiation such as the statement “providing e-mortgages”. Inevitably, this means a company’s unique personality, its identity, has the opportunity to become a significant factor in making the choice between one company’s products or services over another. Dynamic messaging plays a vital role in the development of a unique brand identity.
The challenge for lenders and vendors to develop this dynamic messaging is magnified by the fact that often times during downsizing, marketing departments are one of the first to be cut. Therefore, when these innovative product and service offerings are delivered to the marketplace, the proper positioning of the offering does not exist, creating more noise and less differentiation.
Brand/Product Positioning defines how companies will differentiate themselves and their offerings in the marketplace while building value for their specific target audiences. This impacts how others view that company’s products and services. Perception is often reality in the marketplace. It is critical to have a dynamic brand message that clearly differentiates your company and its products and services from the competition and one that portrays your company and your products unique identity. A company’s prospective clients should immediately recognize your value proposition.
Dynamic Brand/Product positioning sets the foundation for the messaging that will be used in all interactions with the marketplace; including prospects, customers, employees, the media, partners, shareholders, investors and other key stakeholders.
This foundation enables companies to differentiate themselves by delivering consistent messaging in all communications, whether it is on the company’s web site, marketing material, sales presentation, press release, etc. This differentiation will help drive demand in the market for that company’s products and services. Whether you company is a lender or vendor.
Therefore, as lenders and vendors address these extremely difficult economic conditions and a rapidly changing landscape with innovative products and services, they are also challenged to apply that same innovation to strategically position their company and its products and services.
Tech Innovation does not just apply to products and services but also to how those products and services are marketed to their potential clients. As companies diligently work to respond to the challenges in the mortgage industry, it will be critical for them to ask themselves if they are “positioned” for success in 2009.
