Written By: Karen Deis

People are stressed. Not enough time. Conscious about how they spend their dollars. Don’t know whom to trust.

With the oceans of information on the net, TV and radio, billboards, and ads on bathroom doors, true marketing people are now realizing that providing even MORE information isn’t the answer.

Instead, more companies are positioning themselves as concierge marketers. In Elliott Ettenberg’s book called the “Next Economy: Will You Know Where Your Customers Are?” (ORDER NOW) He states that we must move from a “consumer” to a “customer” mentality. A consumer is the “user” of goods and services. A customer. is a person who has distinguishable wants, needs, concerns and lifestyles that we need to learn about, embrace and learn how to market to those wants and needs.

Take a tip from a concierge. Hotel concierges are those helpful people who are just inside the front door of the hotel. They answer guests’ questions about restaurants, shows or other happenings. Their “experiences” help guests cut through the mounds of information and save valuable time and money.

A concierge can recommend the best because they have been asked the same questions hundreds of times. Some concierges are so good that people choose to stay in the hotel because of the concierge. When I’m in Chicago, I stay at the Drake Hotel because they can secure theatre tickets for virtually any play I wish to see. They know my name. They know I read USA Today and leave a copy at my door each morning.

So, what is a Concierge Marketer?

At the heart of it, they try to simplify their customers’ lives. They offer helpful tips, tools and knowledge so their clients can navigate thru the mounds of available (and unavailable) information. They know their clients’ wants and needs. They are not afraid to compare themselves to the competition. And, they realize they are not all things to all people.

This is important.

According to Ettenberg, the top 33% of your customers will generate 70% of your income and profits. The bottom two-thirds (67%) will be focused on "needs" rather than "wants" and there's almost no money to be made in "needs" (except for the low-cost providers like Wal-Mart). As a mortgage professional, only concentrate on the top 1/3 of your best customers.

Here are some examples of concierge-type companies to investigate. Swipe and adapt their methods, and incorporate their ideas into your mortgage business.

Progressive Auto Insurance Company:

They provide clients with up to 3 insurance quotes from other companies and ask them to compare not only insurance rates, but coverage terms as well. They don’t always win the bid, but when they do, they know that the client has “chosen” them as opposed to letting the clients “shop around” themselves. They give them a list of questions to ask other insurance companies.

As a loan originator, it’s extremely important to know your competition. (View the archived article, "What You Don't Know Will Hurt You", FREE as a paid subscriber.) Taking the tactic of comparing your company (or loan programs) to your competitors and sharing that info. with your clients, establishes you as a concierge mortgage originator. You make sure your clients are comparing “apples to apples”. Fax or email a list of questions (to your clients) for them to ask other mortgage companies.

Think about the psychology of this tactic? You are telling the client that you are not afraid of the competition, that maybe it’s in their best interest to apply for a loan at a competing company and you have done the shopping for them to save them time and money.

Fearlessness instills trust.

www.Amazon.com:

When you make purchases on this website, your preferences are cached. When you log onto the site again, they have not only created a special page for you showing what you have purchased in the past, but also provide you with a list of “related” products that you might consider buying in the future. They know what their clients “like” and create a “need” for visiting the website again and again.

In the mortgage business, the customer information you “cache” within your database will assist you in creating your very own concierge marketing system. For example, by caching the ages of your clients’ children, not only can you recommend a financial planner who can set up a 529 College Savings Program for them, you can provide a refinance or home equity line if they need the money to send their kids to college several years from now.

www.Reflect.com:

This is a health and beauty website that I have personally used. When you register online, you are asked a series of about 25 questions about your skin type, color of skin, hair, eyes, age, etc. Whatever products you decide to order, it is specially mixed for you and you are given your very own, personal ID; so when you reorder, you are guaranteed the same products each and every time. Not only that, but every few months, you get an email asking if you would like to re-order. Or, you can set up an automatic program where you provide your credit card and your health and beauty products are sent to you on a pre-determined time frame.

The 1003 Application Form contains a wealth of information. But you need to REALLY get to know your customers. Page 5 of the loan application (ORDER HERE) and the Page E (for Expectations) of the loan application (ORDER NOW or DOWNLOAD FREE if you are a paid subscriber) are the first steps you need to take to insure the future of your mortgage business.

If you would like to become a Concierge Marketer, first identify the most common information voids your clients face. Ask yourself these questions:

• During what stage of the buying process are people confused?


• What information do they lack?


• What customer questions do you repeatedly answer?


• What questions do they ask after the loan has closed?


• What is the “customer profile” of your VERY BEST clients?

After you identify and prioritize the answers, design the tools to filter the information for them. Know your competition. Give them the scoop via free reports, your on-hold telephone messages and your website. Ask questions about their needs and wants.

Remember we are living in an ever-expanding universe of information—and it will only continue to grow. As a concierge marketer, you can increase your business by offering clients expert knowledge and timely follow up—based upon their personal preferences and life-time need for mortgage products that will save them time and simplify their lives.

Oh, by the way, each time I order from Reflect.com, I am given a choice of receiving either a long-stemmed rose or orchid stem as a thank you gift.

Wishing you a successful 2004!

Copyright, 2004, LoanOfficerMagazine.com

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