Jack of all trades or master of one?
Paul Hunt is a marketing consultant
I may sound like I get commission from the FT Weekend, but an interesting article in their Homes and Property section this week gave me some food for thought in terms of how businesses can differentiate themselves going forward.
Before I start, this isn’t going to be for everyone, but it should make you think about the types of customers you see, how this is influenced by local factors and what unique needs certain types of these customers have when seeking, for example, mortgage advice.
The article in question was a feature on www.themodernhouse.com/ an estate agent that only sells certain types of modernist properties. By being experts in their relatively small part of the market and by really selling the story of each property, they are not only growing in terms of revenue (how many estate agents can say that currently), but they are managing to get for their sellers a ‘design premium’ in the eventual sale price.
They have also used social media, Instagram to be precise, to create probably the biggest following of any agent on this medium and which obviously compliments their overall business proposition.
One of the comments in the article also mentions that they turn away more sellers than they accept. Obviously a brave concept, but again they know that by accepting properties that don’t fit their exacting standards, this could harm the perception of their business.
What does this mean for a mortgage broker?
Maybe think about what you offer to customers, what type of customer you wish to attract or see more of and are there any types of customer that you don’t want to see or who may dissuade those you do want to?
Then how will this reflect in your marketing going forward, how will this look on your website, social channels and also your office?
2019 will have lots of challenges and just trying to be everything to everyone may not be the best solution. Maybe there is another way…