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Loan Officer Marketing - How Branding Shapes Your Prospects Perceptions
Social scientists have proven that people experience what they come to expect. It's like the first time you watched your favorite movie. Before you saw it maybe you read a favorable movie critic's review, or a friend told you it was a great, or your favorite filmmaker directed the movie. But before you purchased the movie ticket, you had a perception that it was going to be good - and as you watched your favorite movie for the first time, your perception became reality. It's the same thing when you meet a real estate agent who judges you instantly. For example, you meet an Agent who is immediately standoffish and after having a limited conversation they reject you. You walk away from the situation disappointed. You're puzzled how someone could reach such a lightning fast conclusion from an initial meeting. Later you learn that the Agent had several bad past experiences dealing with other lenders. Although you weren't the cause of their previous bad experiences, the Agent based their opinion about you from their prior knowledge. How unfair is that? This is why it's important to comprehend the reality of branding and how it affects your business. Branding is the process of creating a perception in the minds of real estate agents. Imagine meeting an agent who has never met you before, but your branding has them pre-sold on your services. How much easier will it be to persuade them to do business with you? That's the power of branding. Branding is Different Than Marketing Branding your services is about more than just getting your next deal. It's about building an image in the real estate community. This is the difference between it and marketing. Mailing out postcards and flyers to Agents, or inviting them to lunch, or attending their weekly sales meetings, are examples of marketing. Marketing is about a quick response. You send flyers because you want them to act on your solicitation. By contrast, branding is a slow process, designed to pre-sell your prospect. Unlike marketing, branding is not about originating a loan instantly; it's about building your image over time. Your service is a promise, and building a brand image builds that promise. Hyperbole Isn't A Brand You can surf the Internet for mortgage firms, each of them claiming to be number one, and expressing great promises, like offering the best rates and service, but that isn't branding. It tells prospects nothing about who they are, or what they stand for - it's hyperbole, extravagant exaggeration. Branding is all about perception. What perception do you think it creates in the mind of an Agent when they get a flyer from five different loan officers claiming to be number one? All five get dismissed instantly because their claim isn't about the Agent, it's about them. What resonates with Agents is emotion. Think about how you shop and the choices you make. We are drawn to products, services and people who fulfill a perceived need. Hypothetically, if you were an Agent who farmed an affluent neighborhood and had the choice between Joe Smith, "Number One Loan Officer in Anytown" or, Mary Jones, "Service Specialist of Affluent Clientele," You'd call Mary. Mary's brand tells you who she is and what she does. Joe could be number one yet, he's never serviced an affluent client. Mary is, or at least created the perception, in your mind that she is trustworthy. And, as you know, perception is reality. Your Personal Brand You don't have to be a large corporation to have a brand or build one. In fact, even without realizing it, you have a brand right now. It's your personal brand. A personal brand is defined as a perception, maintained by an Agent that describes the total experience of having a relationship with you. For instance, if you've had a solid relationship with an Agent and they've referred you to other Agents, it's your brand that's being communicated. In other words, if you've been dependable, trustworthy and professional, the Agent is using those exact words to describe you to others. And since it tugs on their heartstrings of emotion, Agents perceive those values to be truthful, especially when it's being told from someone they trust. Therefore, your personal brand is a reflection of your personal values and what you stand for. So if you want your personal brand to be perceived as being trustworthy, dependable, and professional, then you must be trustworthy, dependable and professional as a person. Consistency is the hallmark of a strong personal brand. Inconsistency weakens and suspends beliefs and perceptions. When it comes to building your personal brand, your goal is the same as a company - positioning your brand to attract profitable and healthy relationships with Agents. You want to create and reinforce a perception in the mind of Agents to whom you wish to become important. To do that you need to know who you are, what you stand for and what are your values. Combine this with what makes you valuable to someone else and you are maximizing the value of your brand. Jeff Nelson helps mortgage companies and individual loan officers increase loan originations by attracting quality relationships with real estate agents from the development of customized relationship-building strategies. Click here to get a free copy of the Marketing Planning Guide, a 20-page workbook designed to help you outline a strategy to becoming an Agent Magnet. Visit us at http://www.loan-officer-marketing.com
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