“Differentiate to succeed” – Seth Godin
Every business knows they need a unique selling proposition (USP), something which makes them stand out in some way and makes clients come to them first. The question you need to answer for your potential clients is this:
“Why should I, your prospect, choose to do business with you versus any and every other option, including doing nothing?” – Dan Kennedy
How you answer that question will define everything about your business. If you can come up with a genuine reason for your clients to choose you over other Brokers and then actually make that what your business stands for, then you have the chance to excel.
Otherwise you can expect to get an average market share depending on how many other brokers are just like you, simply trying to be in the right place (in front of a borrower) at the right time (when they want a loan).
Regrettably, one of the more difficult aspects of the Mortgage Broking industry is finding a way to genuinely differentiate yourself from other Brokers.
UNIQUE SELLING PROPOSITION
- Your pure winning zone, where your best features meet consumer needs. Make it even bigger.
- This is a risky zone where you need to battle your competitor for positional power. Go emotional
- Avoid the area where your competitor meets the consumer needs better than you do. You’ll be crushed.
- who Many times, competitors Cares battle in areas the consumer just doesn’t care about. Have fun wasting your time. ‘Unique Selling Proposition’ — Source: MBASkool.com
This makes sense because unlike many industries, we do not ourselves create the products we provide to our clients. Nor do we control the application process or lending policies we are governed by. Ultimately, we all have access to the much the same lenders and go through the same process of helping them select and apply for a loan.
Is your USP ‘better service’?
When I ask a Broker “How are you different from other Mortgage Brokers?”, the response I regularly get is a vague “I provide better service”.
Unfortunately, when everyone gives the same answer they are, by definition, not differentiating themselves. Also, in my experience, most Brokers work very hard for their clients, as you’d expect when they will only get paid if the loan settles.