Mar 24 2008
Motivation Monday!
Continued from Monday February 25th. ( Remember I am going to go through the exercises from The Seven Minute Difference to develop a story of how my service is different from my competitors)
Part 3 of finding and developing a story that differentiates me from my competitors.
The next step is to define your target client clearly and easily. According to “The Seven Minute Difference”: you can build stronger skills and grow your business more effectively when you are able to concentrate your efforts on the tasks that best suit the business you want to have. The business you want to have is directly dictated by the clients you have.
So, lets define my ideal client. Now in my case you have to understand that I serve 3 types of clients. The first is borrowers. The second is referral sources such as Realtors, builders, financial planners, accountants, etc., but Realtors make up 90% of my referral business. Third is human resource managers who do my House$mart program.
What is the first step? “Think a minute: Who are the most profitable clients in your current business, and what makes them profitable? What do they do for a living? What services do they buy from you? Why do they do business with you? What clients do you enjoy working with the most? Or what type of clients would you like to have more.”
Clients seeking a loan: I want clients who want to understand the process and are capable of understanding that there a many pieces to the loan process. If they are only interested in rate then I am probably not their guy, not because my rates are bad but because I am going to be trying to teach them that rate is only one piece of the puzzle. If they do not want to hear that I am only going to frustrate them.
I also like first time home-buyers because I like to share information and educate people to the process. I would like to add that getting someone to finally understand the process is just as gratifying to me, even if this is their third loan. So many clients are never part of their own loan process. They just take what is told to them or what they heard on the radio was a good deal.
Good credit is also always an issue but if the client is motivated to help themselves then I am more than happy to help. Helping someone with a credit issues eventually get a home is very satisfying and makes for some very emotional closings.
Realtor clients: I like to work with people who are success motivated and believe in teamwork. They understand and value partnership and that if any part of the process is unprofessional then the entire transaction is tainted. I like to work with individuals who are looking to grow their business and who expect me to be part of their success. I will support and sell them and I expect the same in return. Support does not just mean doing my job well, it also means helping them get, retain and close deals.
Human Resource clients: I like to work with people who understand that in times of shrinking benefits and rising costs that there is a value to financial and home buyer education. I want to work with HR departments that will allow me to diseminate useful information.
Finally, I want all of my clients to be nice and tend to have long term relationships. Remember, I like to laugh and and care about the people I work with.