Brand experts say brokerages are too vague and too like their competitors in their marketing to make any impact on consumers.
Many companies in the mortgage industry are being too generic, too vague and too like their competitors in their marketing to make any impact on consumers, says a leading branding expert.
John Seroka, vice-president of brand strategy company Seroka, says many mortgage companies “feel like they’re in a perpetual state of playing catch-up”.
This feeling, says Seroka, is a telling symptom the company has a brand problem, and one that most business owners fail to recognise.
“Many companies in the mortgage industry define their ‘claim to fame’ in fairly generic terms. Excellent service, fast closings, cutting-edge technology, putting customers first, lower costs, product mix and the like are fairly common answers," says Seroka in a recent blog post.
"So this begs the question…don’t any of your competitors offer the same? How do you, or they, prove any of these claims to be true…or is this all just standard language that resides in the ‘About Us’ section of websites?”
There are four tell-tale signs that your company has a brand problem, says Seroka.
- If you only win based on rate alone, you definitely have a brand problem.
- If you lack clarity and evidence of distinction in the eyes of your employees, customers and/or community, you have a brand problem.
- If competitors are successful at eroding your market share and there’s no strategy to gain it back, you have a brand problem.
- If your website basically reads the same as your competitors’ websites, you have a brand problem.
Failing to identify and act upon a brand problem, says Seroka, puts your company into the same pool as everyone else, “and that’s a very vulnerable place to be”.
So how can a brokerage define its brand? Seroka offers four questions business owners should ask themselves to help find their niche in the market.
- Who is your company?
This doesn't just mean your company name or your sales pitch, says Seroka, but what, and who, your company represents and how. There are a number of questions that can really help you drill down deep into your company ethos.
- Who is your customer? What keeps him or her awake at night? How does your offering address that need?
- How are your solutions more effective/appropriate than other solutions at solving customers’ problems?
- What is your company known for? How will this evolve over time?
- If you could tell your mom one thing about your mortgage company, what would it be and why?
- How would you describe the personality of your company?
- What are your company’s values?
2. How is your company different?
This is the downfall of many in the mortgage industry, says Seroka, and the trick is to not just settle for determining what your strengths are, but to “own” those strengths.
"For example, if you decide your winning quality is experience, everyone will tell you that they have plenty of experience. So how do you prove that you own this quality?"
Testimonials, educational resources and detailed information all help to ensure your claims are backed-up, and that they’re pervasive, says Seroka.
3. Why does your company exist?
This goes beyond what you do, who you are or what you're good at, says Seroka, but goes to the heart of your business, why you do what you do.
"Does your company exist to guarantee the lowest rates available, and is this what you want everyone to know about your company? Or does your existence have a deeper meaning?"
4. What is your company capable of becoming?
Many companies fail to adequately probe this question, says Seroka, and consequently miss out on reaching their full potential.
"You may find that your company does not currently have strong evidence of distinction, so striving to answer this question opens up new doors of opportunity. A lot of companies have infinite potential, but don’t realise it."
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