Let’s talk about brand loyalty.

To establish brand loyalty in the mortgage industry is difficult but, not impossible. This is just one among quite a few posts in the near future that will deal with building a brand in the mortgage industry. I was inspired to do this after yesterday’s interview with Ryan Stephens. Let me start with a story.

So, I went to get lunch at my local Taco Bell which, incidentally, is right next to a McDonalds. As I saw the sign approaching, making sweet promises of crunchy chicken tacos coated in fire sauce, I rolled down my window in anticipation of placing my order. I made the left turn into the parking lot only to be greeted by the unholy red glow of 24 brake lights. There were 12 cars standing between me and a solid Tex-Mex combo.

I took my place in line and began reading the “Next Oil Change in…” sticker on the windshield for the 1000^th time. After about 10 min I realized I hadn’t moved much and the strangest feeling took over my body. I began craving a sesame seed bun. Visions of french fries played across my eyelids. Amadeus’ Requim K626:Lux Aeterna played slowly in the background as I removed myself from the line. Magically my car and I found ourselves across the asphalt ocean from Taco Bell at the order screen for McDonalds. Within 48 seconds I had ordered, paid, received my food (with 2 ketchup packets), and taken the first bite of a hot crispy fry.

I am a consumer too. I don’t want to wait and neither do your referral partners; neither do your clients.

When your clients call you to “get a loan” they don’t want to sit in a queue for 20 minutes wrestling with your automated attendant. They want you in 60 seconds or not at all. When your referral partner calls, she doesn’t want to leave a voicemail in anticipation of callback “sometime soon,” either you call back in 10 minutes or she’s calling the next guy in line.

I am not saying loyalty is dead. I am saying loyalty is earned through consistently meeting expectations, everything else is fair game. Taco Bell has built a brand which I am well aware of but, I am not loyal to it. Why? Because Taco Bell is always slow, McDonalds is not. That is my truth. That is my perception.

The first step in building brand loyalty is to know what type of brand you are building. The problem is not lack of business in the mortgage industry. There is still plenty of business to be had. The problem is that most originators fall into the first 2 categories:

1. Car Chaser – This originator jumps on every fad and craze as they become available. Realtors based purchase money business? I am all over it! Wait – mortgage planning as a college savings plan? I want on! – did you say FSBO lead generation? Riches here I come!
   

   I think you get the picture. This isn’t entirely the loan originators fault however. Many of our “trusted industry leaders” are for sale to the highest bidder and change their “success strategies” when they change their underwear. Today it is LO beware as you head to yet another conference that may mask yet another sales pitch designed to fill the coffers of those “in charge.”

2. Stalwart Martyr – This originator has used email once in the last 10 years and had a heart attack as he/she hit the send button. The internet is a fad. Refinances? They are a fad too. REALTORs? Pretty sure they’re a fad as well. This individual has had the same business model as long as he/she has been in the business and that’s how it will stay.
3. Brand Builders - Those that know who they are, why they are in business, where they are going,   and how they are getting there.

I know I am over-simplifying something as big and daunting as building brand loyalty but, this is the place I wanted to start. As we begin a few weeks long discussion around building your brand, decide which Loan Officer Category you fall into. If you are in one of the first 2 categories, “welcome.” I hope to assist you in navigating the change in your personal business philosophy.

Your first challenge is simple. Sit down and answer 4 questions for me before I add the next post.

Who are you really?

Why are you in business? (You aren’t a charity are you?)

Where do you want your business to go?

How do you plan on getting there? (Do you even have a plan?)

To those of you who are in the 3^rd Category, you are my heroes! In this mad mortgage world anyone who keeps their eyes on the prize is “awesome” in my book.

Now for my closing question!

Taco Bell or McDonalds? Answer in the comments below!

photo courtesy of Bob Wilson - check him out here - http://www.robertwilson.us/