Over the past three or four years there have been a lot of people banging on about what it is that brokers need to do to stay in business.
Many of the messages are about learning new tricks and diversifying to sell new products etc, something brokers will have heard a hundred times over the past few months. In fact, there might be too much telling brokers to cross sell.
In addition, while there are a lot of people coming up with great ideas on how to adapt, there is little on how to actually implement those ideas.
However, while advice on diversification is valid and you are never too old to learn new things, sometimes it is worth remembering the basics – the fundamental strategies of how you can energise your business.
Information at your fingertips
One of the first things to do when going back to the fundamentals is to review the technology you use throughout your business, in particular your customer management system (CMS).
This should help to put your database in a form that is easy to manage and work with, in order to achieve a set purpose i.e. keeping in touch with all your clients easily.
For example, it should keep you aware of such details as when clients on remortgage deals mature on a certain date, so that you can contact them and see what other needs they have, and potentially sell them another product.
The CMS can also help with compliance work. This is essential, as not only is it fundamental to have accurate compliance, but speedy compliance also means more sales time.
Why pay hard earned cash to generate leads when your existing client base is your best source of referrals? Using a CMS as a marketing tool enables you to send out appropriate and targeted letters and information to your client base.
Don’t struggle, refer
This may contradict what many others say, but if you really struggle to sell general insurance or life protection products because it is too different to a mortgage sale, then refer the business to someone who can.
Do not be afraid to mention it to your clients and put a commercial arrangement in place with a protection specialist so that you benefit from that referral.
Online credentials
In these days of instant online access when a client is unlikely to deal with you if they cannot first check your credentials online, having an effective website is essential.
A website can be supplied by a host of companies at very little cost. Some mortgage clubs will even provide you with a website free of charge, as long as you write a certain level of business.
Without an effective website, you will find it harder to get new customers and you certainly will not be able to compete with the wider market and other competitors that have websites.
The shop window
Have a look at all of your marketing literature, from business cards to letter heads to leaflets, to ensure they all clearly state the range of products that you offer and do so in a way that reflects the values of your business.
Look at your premises, location and signs as a stranger and potential customer would look at them – how welcoming are they to people and do they represent the quality that you aim to portray in your service? It is important that this is aligned, as it can be more powerful than the words you say.
In addition, your staff are often the first point of call for a new client, so ensure that you have got the right staff with the right skills in all parts of your business and that enough time spent observing, training and developing them.
Products
Make a list of all the products and services that it is possible to sell, then make sure you have solutions to all these areas. Try to ensure you can provide any financial product that your clients needs or refer them to someone trustworthy if you cannot provide it.
Remember every time your client goes to another provider, you run the risk of losing them.
Meeting the needs of you and your customer
Look at your sales process, including the client interview process and your fact find, and make sure it asks all the right questions – does it give prompts and ideas for solutions for all the client’s needs?
Set cross sale targets and measure your performance against them, especially for GI, life assurance and conveyancing, as these are part of the mortgage transaction.
Re-visit your customers often and find reasons to contact them that they will value. Perhaps send out a questionnaire after each transaction, with a thank you type gift card.
Mystery shop your competition for best-of-breed ideas and find ways to be different and go that extra mile to impress.
Finally, if you catch yourself saying “My customers never ask me for that…” ask yourself “How do I expect a customer to ask for the solution and why would they come to me if they had it?” It is up to the broker to recommend solutions.
Your support
Make sure you are aligned to a mortgage club or network that help and support you and make use of their seminars and roadshows to increase your knowledge, and to network and talk to other brokers.
