Mortgage Marketing: Creating a Powerful Value Proposition
Are you down with UVP – the rare Value Proposition? That’s the answer to this question:
If I’m your ideal customer, why should I do business
with you instead of 1000s of competing lenders?
An important step that’s often missed is to make sure your UVP targets your ideal customers. You probably have a good idea who your ideal customers are and what they require, so don’t try to be all things to all people. You will avoid creating a fuzzy, nonspecific UVP that resonates with no one.
What makes a good UVP? What can a UVP do for you? Here’s a great example – why do people choose Geico? 15 minutes can save you 15% or more on car insurance. Why is this so awesome?
– It’s short, noticable and easy to understand. Many people can already repeat it.
– It may be true of other car insurance companies, but Geico is the only one that produced this great message and promoted it consistently to millions of drivers. That’s rare.
– This UVP message does not waste time talking about what a great insurance company Geico is. Instead, it quickly and clearly explains possible benefits to prospects – savings of 15% or more.
– The value exchange is clearly stated up front. Prospects know they are expected to use 15 minutes on the phone, providing information to a Geico rep to receive the possible savings.
Equally important is what a UVP isn’t. It’s definitely not a USP – rare Selling Proposition. USPs are produced from the company’s perspective, not the customer’s. Many people don’t like or trust salespeople, and will wait until the last possible moment before contacting one. People will talk about how you helped them or the value you provided, but they won’t refer you to someone because of your sales skills.
So, what do you and your business offer prospects and clients that they can’t get anywhere else?
-What’s rare about you, your sets and your organization?
-Does your UVP clearly state how you help (not sell) your clients?
-Can you confidently state your UVP in one or two sentences?
-Does your UVP appear frequently in your marketing messaging, like Geico’s?
-Is your UVP written down?
Finally, your UVP should be authentic, not just an advertising slogan. Research firm Marketing Experiments says your UVP:
“Has to be what you DO and what you ARE. It can’t be just what you SAY or WANT. All too often companies write value propositions and mission statements that attempt to cover up the fractures in their actual business… with words. That doesn’t work. Your value proposition is not what you say… it is what you are.”