Think Selfishly And Win Big

When you speak with your customers, do you actually listen to them? Or are you waiting for your turn to sell to them?

I’m absolutely positive that the response from anyone in my network will be that they listen to their customers. But REMN’s partners and clients across the country tell me that while many are selling, few are actually listening, which probably holds true for other industries as well. And that is a huge mistake!

Keep In Mind That We’re All In Sales

If you’re not selling a product or service, you’re selling your personal value within your organization and its reputation to those you interact with. Or at least, you should be. Where many fall short is in a failure to think selfishly and ask the most important question: “What’s in it for me?” Except in sales, the “me” needs to be your customer. What is in it for your customer?

Put yourself in your customers’ shoes and think selfishly from their perspective. In order to be successful, you need to understand the customer you’re speaking with. 

It starts with putting your customer first and getting to know their needs. This can be easier said than done depending on your industry. Someone walking into an auto dealership is looking for a car. That is a given. But for what purpose? You could guess, based on what they’re wearing or if anyone is with them at the time they come in. But you’d be better off asking what their needs are. Commuter vehicle? Weekend adventure? Expanding family? You never know until you ask and assuming you know is a huge mistake. That is the most basic starting point.

First You Ask. And Then You Listen.

Listen to the customer, whoever that may be, and put the actual selling on the back burner. Do not wait your turn to speak. Instead, wait your turn to offer solutions.

There is a difference between being an active listener and simply going through the motions of hearing. Don’t just wait for your turn to sell. Listen to their pain points and wait for your chance to offer them a relevant solution. Start a dialogue.

In order to be successful, you need to understand the needs of your customer, both real and what they may perceive them to be. Build empathy through engagement. You need to show that you care about your customer because you need them to choose your brand or product over a competitor’s.

Once you know a customer’s problems, real and perceived, then you can sell them on your solutions. This is where you win.

Your Goal In Sales Is To Solve Problems

Regardless of what industry you’re in, if you’re going to convert a new customer or increase their sales, you need to provide a solution or service that’s better than your competitors.

What can you offer customers that your competitors can’t or won’t?

Consider the apparel industry. I can buy a blue t-shirt anywhere. What will convince me to buy one from Store A versus Store B? If Store A is closer to me and has a similar blue shirt for the same price, or less, how can Store B hope to win my business?

The answer lies in the goal, which is providing a better solution to your customer’s problem. Games are won by scoring goals. Your game is to win over your customer, so you need to focus on these goals to achieve success. Success, despite the saying, takes much more than just showing up. Success takes effort, just as listening does. You can show up and hear. But if you’re not listening, you’re wasting your time.

If Store B wants me to drive further down the road to buy a shirt, they have to offer me something Store A doesn’t have. Perhaps it’s simply friendlier associates who’ll ask why I want a blue shirt in the first place. If I tell them it’s for a Fourth of July BBQ, they may recommend another shirt or something else to help complete my outfit. Or perhaps Store B has a coffee shop inside, so I can get a much-needed boost as I shop throughout the day. Now they’re more than a store, they’re a destination providing me with an experience. Superior service, experience, and quality are all worth paying for. At the end of it all, Store B needs to find out my needs, tangible and not, before they can convince me to drive the extra mile to their location. And that requires them to listen to me.

Sell What Your Customer Wants And Needs, Not What You Want To Sell

Keep in mind that what you want to sell may not be exactly what your customer wants. For example, renovation loans are a growing and lucrative part of REMN’s business. But for many, they’re relatively unheard of and those that do know a little about them don’t quite understand them or have heard nightmare stories. Five years ago few even asked us about these loans.

Part of our success with renovation mortgages comes from listening to our customers and discovering that agents and Realtors were having a tough time moving older and distressed properties, which are areas where renovation loans shine. To even find out that this was an issue required us to ask questions and then listen. There are easier loans to close than renovation loans, but those loans do not solve the problems many of our customers, and their customers, are having.

This is another reason why you need to listen before you sell. It’s okay to come into the conversation wanting to sell one thing, but at the end of the day, would you rather sell something that isn’t a priority or sell nothing at all? Listening, and offering solutions tailored to your customers’ needs, is how you can turn customers into brand advocates.

Earlier I mentioned how Store B may convince me to go the extra step in heading to their location. It may turn out though, that their margins on red shirts are much higher than on blue shirts. Traditionally many push high-margin items, but pushing is forcing and a forced sale may be a mistake.

If Store B’s associates ask questions and listen, then they may learn that I need a blue shirt for my softball team instead of for a Fourth of July party. Forcing a red shirt on me would be a mistake. But that doesn’t mean they can’t increase their sales by providing me with better service and an additional solution. Maybe they also have blue socks or socks with a theme related to my team’s name, which would add that extra flare to my softball uniform. Now I look better on the field and when asked by my teammates about my socks, I can act as a brand advocate for Store B.

After You Listen, Ask How You Can Add Value

By listening to customers, you’re discovering what their problems are. Some could be minor, some major. To win their business, you need to provide customers with more value.

In the apparel example I gave above, that value could simply be better customer service or validated parking in a crowded shopping district. Or adding value by suggesting appropriate accessories for the event I’m heading to.

In my world, it could range from offering difficult to close loans others do not, or it could simply taking a broker to lunch when I’m in town and let them vent for two hours.

To be successful at sales you need to translate what the customer needs into something that you can provide to them. In the mortgage industry, most of us offer the same, if not similar, products. So how do we add value? We find out what a particular customer’s needs are, and then offer solutions.

The only sure way to know what someone’s needs are is to listen to them. Switch roles with your customer, be selfish, from their perspective, and figure out what is in it for them. Then you can solve their problems.

And the only way to do that is by listening.

UPCOMING EVENTS SPONSORED BY REMN WHOLESALE

203(k) Lending Decoded presented by Damon Richardson

May 23, 2018

Join Renovation Lending Specialist Damon Richardson on May 23 beginning at 3 pm EST for the "203(k) Lending Decoded" webinar. 203(k) loans aren’t the challenging and time-consuming files that they are rumored to be. 2018 is a very different year, and to compete you’ll need an edge. Renovation lending, particularly the FHA 203(k) loan can be that edge. During this session, we will clear the air and help you understand how to take advantage of 203(k)s. Learn how great 203(k) loans are, how quickly and reliably they can be closed, and how Realtor friendly they are! Space is limited to the first 500 registrants. To secure your spot please visit => https://tiny.cc/203kdecoded.

NMLS CE Live Webinar

June 5, 2018

NMLS CONTINUING EDUCATION IS MANDATORY – BUT PAYING FULL PRICE ISN’T! REMN Wholesale is offering a special live NMLS Continuing Education webinar on Tuesday, June 5 taught by David Luna and Randall Birk of Mortgage Educators and Compliance. Save 50% off the regular price – and that includes your NMLS $12 banking fee!!! Limited space available. Click HERE to secure your spot now!