The difference between “experts” and “marketers”

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If you’ve ever attended an industry training event, chances are you’ve heard all about the importance of becoming a mortgage expert. Sound familiar? While that’s true, it’s only one part of the success puzzle. Over the years, I’ve come to realize there’s a lot more to it than that. You see, you could be the most knowledgeable mortgage guru in your city, with a long string of credentials behind your name, and that still doesn’t guarantee people are going to be banging on your door for business. In other words, it doesn’t matter how great your technical skills are or how groundbreaking your loan products are, your business will wither away and die if you can’t market and sell your services.
 
I got thinking about this distinction between “experts” and “marketers” the other day when an e-mail arrived in my inbox from my colleague, Dave Hershman, who is a well-known mortgage trainer located in Maryland, United States. He was curious to see a sample of my Done4U Client Newsletter, so he went to my website, checked it out and then sent me the following unsolicited critique:
 
"First of all, we have some very different marketing philosophies. You are a "Dan Kennedy" type guy and I don't like that type of marketing. I tend toward the expert approach - I want my customers to be experts and to sound like an expert. It is not only the response you get, but the type of response you get. That does not mean that he is not effective - or blending the two is not. I think when you look at my newsletter, and then yours, you can see the difference. I don’t want my loan officers peddling recipes. Not that I don't like brownies (love them) - but does your CPA or stockbroker send recipes? On the other hand, you do a great job with the special report response mechanisms. It does not help if people don’t call.
 
Second, I think that the print newsletter is a dinosaur – because snail mail is. Doesn’t mean I don't provide them – I do. But 99 per cent of my loan officers don't use the print –they want to send out the HTML. It is cheaper.”
 
As you can see, Dave has no shortage of opinions, the question is, “is he accurate?” What I’m about to say in response may ruffle a few feathers but hear I go anyway.
 
There are four ways experts think differently than marketers.
 
1.      Experts place high value on opinions. Marketers place high value on results. Dave’s comment about not liking “that type of marketing” isa great example of how experts tend to pre-judge and discredit a marketing approach entirely based on personal opinion, without actually putting it to the test. They assume their clients think the same way they do – at their own peril. At the end of the day, the only true votes that count are the ones cast by people who put cash in your wallet – your clients. That’s why serious marketers routinely test multiple approaches to determine the highest performer, while experts, on the other hand, tend to do things simply because that’s what all the other experts do.
 
This reminds me of the story about a guy driving in dense fog on a dangerous road, who is relieved to come upon the tail lights of a car. He then followed that car when it suddenly slammed to a stop, causing him to rear-end it. He leaps out hollering, “You idiot, couldn’t you see me following you? How dare you slam to such an abrupt stop without warning? This crash is YOUR fault!” To which the poor guy just rear-ended sheepishly says, “But I’m parked in my garage.” Moral of the story: Be careful who you follow.
 
2.      Experts place high value in their knowledge or experience. Marketers place high value in the perception of the prospect or client. For example, Dave says he doesn’t want his loan officers “peddling recipes.” I agree, recipes in and of themselves are not going to get the phone ringing with hot mortgage deals. However, the question is not whether you should be peddling recipes, the question is: Does having recipes included in your monthly newsletter add to its perceived value. If so, will that increase the likelihood it will be read and responded to? Notice my emphasis on the key words perceived value. The bottom line is if your client values and appreciates the monthly recipes, thereby making you more top of mind and top of heart, that’s all the matters. Yes, it’s important to provide expert financial advice, but if you’re a marketer, you understand that it’s all about response and return on investment (ROI), not opinion.
 
3.      Experts focus on cost. The marketers focus on ROI. I agree with Dave’s assertion that, “99 per cent of my loan officers don't use the print –they want to send out the HTML. It is cheaper.” Especially in this economic climate, many brokers and agents want cheap which, by the way, is a good indicator what NOT to do. If you follow the mediocre majority, you’re going to get mediocre results!
 
According to Payscale.com, the average mortgage broker earns $36,000 to $61,000 per year. If you’re happy with that, go ahead and follow the herd. If not, I would suggest modeling the top five per cent income earners. Success leaves clues. If you’ll make a study of it, as I have for the past five years, you’ll find that top producers are more likely to be using a mix of both e-mail and direct mail in their followup marketing campaigns. Why would they bother spending their money on direct mail when e-mail is cheaper? Simply put, it pays better.
 
4. Experts expect prospects to seek them out. Marketers expect prospects won’t seek them out unless given sufficient motivation. Research tells us that the average consumer is exposed to more than 300 advertising messages a day in one form or another. With all the marketing clutter you’re competing against, it’s delusional to assume your prospects are going to automatically seek you out, read your e-mail or respond to your newsletter just because you, the “expert,” sent it. It's not going to happen, unless you engineer your message to STAND OUT from the clutter and induce a response. That’s why I purposefully include involvement devices in my Done4U Newsletter, such as the quiz of the month, free report offers, response forms, etc. So, starting today, make the commitment to become a powerful marketer. Move beyond the myopic confines of your own perspective and get inside the mind of your ideal client. Find out what they want and how they want it and then deliver. In doing so, you’ll bolster your expert” status and become irresistibly magnetic all at the same time. 
  • Philip Slen on 2010-08-21 1:48:17 AM

    Hi

  • Philip Slen on 2010-08-21 2:02:21 AM

    I agreement with your response. We have to be very good and effective marketers to win the client and business. Being expert alone will not get potential clients seeking you out. There are thousands of mortgage brokers and they all claim in one way or another to be experts. First of all, if you are not perceived to be an expert, what are you doing in this business. Clients already come with certain expectations of their mortgage broker: that he/she is professional, trust worthy, integrity, etc... and expertise in the mortgage industry. These are just the basic pre-requisites to come to work. So everyone starts here. Now you have to differentiate yourself. What I have seen that separates top performers to everyone else is how good top guys continually market themselves. I want to be a top performer and I know I have to kick it up and apply game changing marketing tools to take me to the next level of performance. Thanks for your article. www.philipslen.com

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