No pain, no gain may be a great philosophy for the gym, but the exact opposite is true in business. Whether it’s marketing mishaps or technological trials, small challenges left unchecked can develop into major pain points that can derail individual progress and entire organizations.
Common Sales Susceptibilities
- Distraction – “Shiny Object Syndrome” is a common malady that affects salespeople who are on a constant lookout for the latest and greatest gadget or formula they think top producers are using.
- Disorganization – Lead generation and conversion is critical to success. But if producers are haphazardly grabbing at lead sources – pursuing only the lowest hanging fruit and hottest leads – they run the risk of losing track of, missing or discarding opportunities.
- Dissention – Complete or partial failure to buy into the company’s vision and uphold the brand leads to rogue activity and increased temptation to hop from company to company – and system to system. Failure to commit to ideals and best practices is a fast track to nowhere.
Salespeople in all industries and phases of their careers are susceptible to these bad habits. Companies can’t afford to leave tendencies unchecked that can lead to production leakage, create compliance exposure and derail growth. How can modern lenders ignite and support producers while simultaneously reducing risk and achieving their overall goals?
The cliché that “there is no magic bullet” is actually inaccurate. The so-called “magic bullet” for modern lenders is a combination of intent, commitment and communication. New complications – and innovations – constantly arise in the industry, and consumer sophistication is pacing with technological iterations. Markets, technology and people will always present variables that require adjustment, but a solid foundation and adherence to a well-crafted plan will produce your desired results.
Set up for Success – When producers try to tackle multiple tasks while considering a dizzying array of options to increase their productivity, the result is often overwhelm and inactivity. Surround mortgage loan officers (MLOs) with adequate support staff to manage details that don’t require their personal attention. Consider implementing a Hub & Spoke model of business to power teams or regions of originators. Properly-trained marketing and sales support are the “hub” and your MLOs are the “spokes” extending out into the community. This structure will allow your people – support and sales – to do what they do best, to benefit your customers and bottom line.
Leverage Your Leads – You wouldn’t randomly file your taxes without trying to maximize your returns. Treat your leads (that are virtually money in your pocket) with the same care. Manage and categorize lead sources in a single system of record for optimal productivity. Once leads are organized, consistent outreach appropriate to their position in the sales cycle is critical. Set up automated drip campaigns for the short or long term, depending on the type of opportunity and level of urgency. Arm your people with cutting-edge content that’s relevant to today’s market.
Stay the Course – Getting buy-in from practitioners and staff requires complete commitment from company leadership along with continual, consistent communication and follow-up to reinforce goals and support the overall vision. Only then can producers commit to core tactics and systems that support the brand and grow their business.
Employing these simple solutions will help you avoid pain, maximize gain and get in prime position for market domination.