Dear Loan Officer,
Coming to you with a lesson from Brasada Ranch in Central, OR! I wanted to get a lesson out to you today from a book called Ninja Selling by Larry Kendall. It’s a great book for any sales career, and it addresses mindset, how the brain works and how we are perceived.
In the book, Larry cites a study that shares out of all prospective clients that come across your desk, a whopping 15% are looking for the best price. If you are the cheapest, you might get my business. Surprisingly, another 5% will be price, but for the highest price. This encompasses client thinking that, “If I pay top dollar, I will get top-dollar return”.
What does that tell us? That leaves 80%. Focus on the 80% client – the one that will pay your price, if you do a good enough job of expressing and articulating your value.
Read it again; if you do a good enough job of presenting your value proposition, your customer will pay your price.
If you win this customer’s business:
-Your hourly rate goes up
-Your enjoyment goes up, and you’re working with people that value what you bring to the table
-Your customer will likely take less of your time up
-There’s a good chance they will tell other people about you because they value your advice
The way to get there is this: look at your current loan pipeline now, and pick out the 15% that have been beating you up regarding the price. Figure out these clients ASAP, and clear them out of your world so you can focus on the 80%.
Then, relay your value proposition as best as possible to your 80% clients. Your income will go up, and your stress will go down.
I wish you all the best!
