Loan Officer Marketing: Standing Out From the Competition

Do you have the same services as other mortgage companies? Chances are, if your mortgage services are the same, your marketing tools probably look just like every other mortgage company.

If you expect your mortgage business to stand out from the competition, you need to stop marketing the same way your competition does. Unless you figure out a way to differentiate your services there's no way the client will be able to tell the difference between you and every other mortgage company.

When you look the same as your competition, you run the risk of:

? Paralyzing the client. When it's not possible to differentiate, the client tends to procrastinate making a decision. There are just too many choices and not enough information to help make the decision.

? Forcing a decision based on price. When all things look equal, most clients will fall back on pricing alone to make their decision. You don't want to get in a bidding war with another company - there's always someone willing to go lower in price.

So, how exactly do you go about separating yourself from the rest of the pack? Shine the spotlight on how you are different.

? What's your daily special? Does your marketing sink under its own weight? If you are offering everything but the kitchen sink, you probably have too much on the menu. Look at the advertisements that appeal to you - are they simple ads with few words and lots of images? That's what will appeal to your clients - they want clear, uncluttered messages that can be quickly read. Give them one single message and keep changing it.

? What's your value? Why should the client want to talk with you? Give them something of value, like a free report. Something as simple as "5 Steps To Saving For a Home." The report may be in part an advertising report for your business, but it's also informative and helps the client make decisions.

? Use side-by-side comparisons. When you talk about your products, show different options for the products - for instance, show three different examples of an Interest Only loan. Show how the product varies with different scenarios, how cash flow is affected, the difference in 1, 3 and 5-year return on investment, etc.

? Develop an infomercial. Infomercials may at times seem unbelievable, but they reel us in with their personal story. Create your personal story to show why your services are the premiere choice. Use testimonials, show how you solved problems, and get happy feedback from satisfied clients.

Once you make the effort to show clients how you solve problems and are different from the rest of the competition, you'll find you have an opening in a very crowded and competitive industry. You're not like every other guy in the mortgage industry, and it's time to show the client just how different you are.