Three Ways to Increase Your Business – Benefits, Benefits, Benefits

March 4, 2010

Do you think people buy from features or benefits?

Time and time again the answer is always the same. BENEFITS! Why?

Because people want to know how they will benefit from using YOUR SERVICE for the biggest purchase of their lifetime.

Here’s an example on a smaller scale:

Take a ten-speed bike. Sure, it’s helpful knowing how many gears the bike has, but really getting them to feel the accomplishment of getting to the top of the amazing mountain is what is going to override the features.

If they imagine and can really feel the great possibilities involved by having YOU as their loan originator, you will make the sale so much easier to accomplish.

Why do people need to “imagine the possibilities?” Because: People buy on emotions. Every time. Even if they say they don’t.

Ever watched QVC or HSN (the shopping channels)? The presenters are the people at the top of the sales game. They can take that little Blend-o-matic or Bedazzler, talk about a couple of features for two minutes and spend the other 28 talking about benefits. They will sell millions of them. I know this for certain because my brother- your neighborhood UPS guy for the last 20 years- states that QVC and HSN channels are the cornerstone of the delivery business.

So if it’s the benefits that sell your product or service, where are you focusing your marketing resources? If you aren’t putting 90% of your marketing efforts into the benefits, we HIGHLY recommend you do so immediately.

As a mortgage professional, take a good look at your service. Make a list of the top 5 features of it. Then, write as many benefits as you can think of for each of those features. Write down every single idea, even if it’s a little silly, and then pick the top 5 or 10 to use in your marketing. Always keep in mind, your benefits should be seen from your borrower’s perspective, not yours. Been in the game so long you can’t remember what their perspective is? Ask. Send out email surveys, ask your friends outside of the business, people on the street, wherever you can think of. Once you are clear on your borrowers perspective, you are ready to promote, promote, promote.

Secondly, always try to include endorsements and testimonials when you talk about your benefits. These should be real testimonials with real first and last names, and your referrals should be willing to be contacted by your potential clients. Initials or anonymous testimonials will not seem genuine and may have the opposite affect you are hoping for!

Lastly, avoid grandiose claims like “Worlds best mortgage broker…” Instead, back up your benefits with hard data. Things like your low default rate or your ability to close a deal quickly. Show them the proof.

Southwest Funding can give you the benefits you need to be successful, plus give you the stability to keep going in a changing market. Keep moving forward!

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Categories: Mortgage Marketing and Training