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I recently drove past a little Greek restaurant that I used to patronize from time to time. It was good, but it wasn’t great. Lo and behold, in the door was a “Closed Permanently” sign. As tough as that is to see, especially at this time of year, a little further down the street was another eatery, one of my favorites, and that place was buzzing with business. The moral of the story? You have to be great, not just good, if you’re going to survive and thrive in this market.
In the mortgage industry, some loan originators are a cut above, consistently creating “Wow” experiences for their borrowers — and unsurprisingly, they’re not hurting for business. So, grab a hot cocoa and lean in to hear “A Tale of Five Testimonials” and learn what top-tier LOs are doing to create “Wow” experiences for their borrowers!
One of the most common conversations that I have with lenders involves a dissonance between leadership and loan officers about how to approach customer experience improvements. Leaders aim to guide the company as a whole toward a greater customer-first focus and attention to every delight-invoking detail, yet more often than not, LOs perceive that they’re already delivering a world-class experience and have nothing to “fix.” And the LOs can back it up. Far from getting “Naughty” feedback, they routinely receive “Nice” reviews like these:
While there’s nothing wrong with “Nice” reviews, LOs in today’s market need to produce “Wow”-inducing experiences for their borrowers if they want to continue to grow their influence and reach, and ultimately their revenue. That means lenders and LOs alike can no longer hang their hats on their many 5-star borrower ratings. With the industry average LO star-rating at 4.75 out of 5 stars, loan officers will need to find new ways to differentiate themselves if they want to be successful. The best ones are already doing this.
Here are some examples of the types of testimonials we’ve seen from some of our best-in-class clients of STRATMOR’s MortgageCX program. See if you can spot the differences between the “nice” reviews and these “Wow-inducing” ones:
Now comes the million-dollar question to ask yourself: Am I infusing “Wow” into my customers’ experiences, or do they just think I’m really nice? The first will produce word-of-mouth referrals at an exponentially higher rate.
Here are a few ways you can produce some “Wow” this holiday season:
If you’d like to discuss the STRATMOR program in more detail, email me at mike.seminari@stratmorgroup.com or find time on my calendar to set up a free MortgageCX consultation.
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