There have been, and may continue to be a lot of financial markets fireworks. With all of the commentary and punditry attempting to make sense of this complex spaghetti of acronyms (i.e., ARM, FDIC, MBS, CDO, CDS, TARP) and players (i.e., IndyMac, Lehman, Treasury, Fed, G7) there has been one underlying theme to it all–crisis of trust and confidence.
People are making a run on bank deposits, as well as money markets and mutual funds, because of trust. Congress had trouble passing the $700 billion mortgage bailout because constituents (taxpayers) lacked trust, and flooded them with demands for protections.
These are the same consumers that are looking at the financial services industry with a automatic lack of trust and confidence.
How do you gain back your credibility and their trust?
Here are 5 suggestions:
1. Be There (Online)
The first step is simple being there. Whatever your primary source(s) of marketing and business you must be online. Increasingly an online presence is a sign of credibility. If I can’t Google your business these days you might as well close your office. Google is your modern storefront.
Your website is very much like a retail showroom. It allows me to comfortably browse and learn more about you. This brings in more opportunities and if designed correctly makes your sales easier.
2. Show Professionalism
The insta-websites made popular in the heyday of mortgage refinance business no longer cuts it. Consumers expect your website to be a communication tool. It needs to be active with new, relevant, and informative content. The boilerplate mortgage and real estate micro-sites are a instant give-away to a shell of a mortgage or real estate business.
It screams, I don’t care about you and I am certainly not invested in this business for the long-term.
3. Demonstrate Credibility
Consumers, homeowners and homebuyers, are looking for proof of credibility. They want to see you commenting and explaining what is going on in the world around them. They want answers and simple language that they can compare to their own anxieties and needs.
There has been so much focus on the efficiency of generating sales leads online we have forgotten that people use the Web to research our bona fides and credibility. So, don’t forget this aspect of your website.
One of the main concerns I have heard about putting more time and effort into social media or bringing your credibility to the Web is simply that–time. That is where I think clever services like Dan Green’s, a loan officer and TheMortgageReports.com blogger are going to have big impact.
Dan’s service, Bring the Blog helps you host and publish high value, credible mortgage content while minimizing your time spent writing or marketing, and maximizing your time spent with clients.
4. Give Value First
This has always been my sales mantra. Unfortunately, on the Internet this is often lost in favor of efficient lead generation. Most online mortgage and real estate websites, taking a page from online lead providers, spend all their efforts “funneling” or “driving” “traffic” (i.e., customers) into sign-up pages. Unfortunately, the result is typically frustrating.
I call this approach, acquiring the “accidental tourist.” This clients are often unclear of how they got there and are upset when follow-up, if they respond at all.
I favor the approach of guiding borrowers through an valuable experience. Attracting borrowers with important information, answers, and guidance is key to engaging a client who is now grateful for what you have already provided. This is a big contrast to overcoming anxiety about what you might do to them.
Some of my favorite ways to give value first is by giving what they most likely came looking for–mortgage rates, financial calculators, or definitions of confusing terms they are hearing in their search to refinance or buy a home.
MortgageLoan.com provides some of the simplest ways to incorporate that valuable information into your website or blog. Their financial calculators and mortgage widget center as well as unique mortgage and personal finance news makes this as simple as cut and paste.
5. Prepare them to be Helped
This is my favorite tip–prepare your customer to be helped.
Set expectations, tell them what documents to gather up, and give them an indication whether they will be qualified, how to work on their credit, or saving for a down payment.
The one interesting thing about building trust and credibility online is that you are often helping yourself efficiently qualify and acquire customer as much as you are helping clients want to do business with you.
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Bill Rice is the founder of Kaleidico, a leader in contact management sales software. He is a frequent writer, speaker, and consultant on marketing and sales. He is passionate about helping organizations execute more profitable lead generation strategies.
photo credit: justindula
Related posts:
- Is the Internet Important to Your Local Real Estate or Mortgage Business?
- Real Estate Valuation Going to the Consumer
- TargusInfo Online Lead Quality Summit–Surviving the Mortgage Implosion
- The Mortgage Market is Soiled. You Better Have a Trust Strategy.
- Bill Rice talks about Kaleidico with Online Mortgage Blog
About Bill Rice
