What do you say when someone asks this question: “Why should I do business with you? It’s a HUGE question, a grand opportunity, a Mic-drop waiting to happen. Yet so many of us trip on the rug and fire off canned responses like: “…because I’m really good” or “…. because you know me” or “…because I have the lowest price” or “…. because we both love the Patriots.” On and on it goes.
Trouble is, not all people buy for all the same reasons, and what you’re using to attract one may actually repel another. So, what do you do? Easy, tell the truth. Discover the actual things that distinguish you from your competition and answer with those things ONLY. Here’s how:
Visualize all your competitors in one room. Now, in three or four steps, eliminate each of them by identifying characteristics that apply to you and don’t apply to them. Once you’re done, THOSE become the answers to any question about doing business with you.
At Shamrock, we did this in three steps:
- Mortgages are our only business. This knocked out every depository back or credit union in the mortgage space, which accounted for over half the room.
- 30 years in business. This eliminates any non-banks that started in the 90’s, the 2000’s or later. This wiped out most of the remaining competitors in the room… but not all.
- Daily access to the President and CEO. This made it local and personal. When this one was applied to the room it took out every last standing competitor of Shamrock.
This is an important process. It requires sharp people in your organization challenging each other to truly recognize and name why you are worthy of someone’s business.
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