The landscape of the Mortgage Industry is changing faster than ever and today’s mortgage broker must have ongoing client and prospect servicing strategies which acquire, sustain and grow revenue to guarantee their survival and growth.
- Peter Arthur, Managing Director, MST Active.
While you're chasing and tracking customers, trying to just keep in contact with your clients, managing your database, finding referral partners, systemising your business or developing a new marketing campaign, understand that the gold to driving the revenue of your business lies within the way that you manage the buying cycle of each of your clients and prospects.
"PALM" is a gold mine of acquisition, retention and cultivation strategies for finding as well as keeping prospects, customers and referral partners. With "PALM" you will discover how to deliver a full pipeline of sales leads that ensures even if you don’t get the sale you were counting on now, you will have other opportunities that will be ready to close increasing client satisfaction, loyalty, profits, up fronts and trails.
Call your Personal Business Activator today to setup your PALM account, or contact us via our contact page and a Business Activator will call you right back.
“The way in which organisations ensure loyalty is a statement of how the company values its customers. By staying close to your customer, you create producticve results with methods that work a lifetime.”
PALM is a unique web-based Client Contact System that is fast, friendly, and easy to use that comes complete with your own “PBA” who works with you to maximise your productivity and earning potential and deliver a full pipeline of sales leads that ensures even if you don’t get the sale you were counting on, you will have other opportunities that will be ready to close.
PALM is the most complete way for a mortgage broker to actively cultivate and rekindle the relationships and opportunities of new or old prospects and clients. “PALM is the mortgage broker’s perfect platform to launch into rapid gains in customer satisfaction, loyalty, revenues, growth, and profit by becoming more client-focused through the understanding of your prospects and clients individual situation.
PALM is a shift from traditional selling techniques of manipulation, tactics, and scripting to an advanced ability to truly connect to customers. Connecting means knowing your customers business, their goals and objectives, and then positioning your product and services as part of their success.
Having PALM means you spend less time calling, less time qualifying, less time chastising prospects, and more time closing them as every prospect and client and the opportunities with each are fully managed by your own “PBA” who introduces and reintroduces you when required throughout your clients buying cycle leaving the you to write more Mortgage Home Loans for more people.
Your Own “PBA” is a highly trained sales professional who is on call to respond to any needs and requirements that you or the customers in your "PALM" have; and basically acts as your own personal assistant ensuring all revenue producing possibilities are realised. Your “PBA” is professionally skilled in the areas of obtaining the information that you need to determine the needs of your client or prospective client which means that you will have the necessary information to close the sale.
Your “PBA” manages the buying cycle for every contact and prospect for you, which means to you no more lost opportunities and more opportunities for increased revenue and stays close to your customers and your prospects, giving you a constant and realistic picture of their needs and your opportunities at any given point in time.
Your Personal Business Activator helps understand how, what and why your customers make purchasing decisions that creates value at each stage of their buying process. By understanding these stages and how to influence them, you’ll find it easier to form practical account strategies that move sales forward. Successfully cultivating the knowledge about its customers enables a broker to provide a more personalised level of service, which will in turn leads to improved customer relationships, and to higher levels of loyalty and retention.
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“Gone are the days of hoping your customer will buy from you and stay loyal to you, wondering if you will get the order; wishing for a good deal; with database mining, you create the results with methods that work for the lifetime of your customer.”
Your PBA will speak with as well as record and manage all important details relating to your clients and prospects, including sales activities, phone calls, meetings and log all notes, history, calls and emails related to each of your clients ensuring that all opportunities are maximised. We will also find out if your clients and prospects have any queries, concerns or problems that you can assist them with and update all and record all contact details as well as all future requirements and opportunities on our web based Client Contact System that the Mortgage Broker manages at the touch of a button.
With all your client data in one easily accessible place, you will have up-to-date information which will allow you to better understand your client’s needs and goals as well as where they are at both now and in the future.
Identifying "hot" prospects leads to immediate action for real sales opportunities. Your ““PBA” will strategically pinpoint qualified leads from within your database to enable you to stay focused on what you do best, close sales.
Your ““PBA” will give you the inside track to improving your sales by knowing why you won some deals yet lost others and we will assist you to effectively refine your strategy and strengthen your competitive position on future deals.
Your PBA will be on top of each client’s individual needs and will track their buying cycle so that when they are ready to buy, you can be ready to close. Your ““PBA” will qualify each lead for you so that you get all the information that you need to provide the best service and close the sale. They will also be able to further assist your prospect by informing them of the other services that you may provide or can refer them on to, such as financial planning, tax advice and retirement planning. Your prospect may not know what you do, wouldn’t it be great if you could also let them know that you are not just a Mortgage Broker?
You won’t be spending time on dead end leads because your ““PBA” will be qualifying each prospect and providing you with the information required to close the sale. With each contact being managed on a day to day basis, you can be sure that when your client is ready to buy, you will be ready to sell; Which means to you, that your client will not be in a hurry to jump to your competitor because you have looked after them in a way that nobody else has or will.
During the after settlement process your ““PBA” will contact your client to ascertain their level of satisfaction as well as use that time to gain referrals. Keeping in touch with your clients at this stage is vital & will help further build & strengthen your client relationship for life which means to you, further value added to your business for the future.
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“Organising your business around your client’s needs and developing an unparalleled “client keeping” strategy as well as learning to find that client more “cost effectively” will be more crucial to your survival than ever before"
Through the use of our web based application PALM, your ““PBA” is focussed on the buying cycle of each client, which means to you that no matter what stage of the buying process they are at, all receive communication on your behalf to find out when and what assistance they might require at any stage.
By having this kind of information, you can add value to your services which will ensure that your clients will always have you at the forefront of their minds when they need any financial service when they need you, not when you need them.
This tells your customer that you are truly interested in building a lifetime relationship with them and ensures that your pipeline will always be full. Your PBA works tirelessly to keep you abreast of all details pertinent to building and maintaining your client’s loyalty.
By making contacts, pursuing leads and establishing follow up procedures MST Active’s ““PBA” will provide you with more productive and revenue-generating customers at exactly the right time to maximise your revenue and productivity, which means more time for other important things; Golf anyone?
MST use world’s best database mining practices which is quite simply, an analysis of customer buying intentions regarding the actual purchasing behaviour of customers, and provides an accurate picture of customers, markets, and opportunities. Invaluable information you receive from your customers will help you in serving them more efficiently and more productively than at any other stage than when you have been in business.
You can have a look at all the activity that your PBA is generating in your prospect bank just by clicking on the Activities Tab of “PALM”. Through this process you will be able to define exactly what your client’s expectations are, keep all their contact details up to date, as well as giving you a road map on how you can meet and exceed those expectations consistently.
PALM allows you to record, manage & see the all important details relating to your clients and prospects, including sales activities, phone calls, meetings, tasks as well as recording all of the notes, history, calls and emails related to each & all of your clients irrespective of whether you have just met them or haven’t spoken to them for years!
Anytime that one of your clients is looking to do something, you will now be there for them when they need you. No more missed opportunities. Partnering with MST Active for your service and support solutions will allow you to gather feedback within seconds of any service provided, which means to you new opportunities created as well as the ability to save ‘at risk’ clients.
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" By consistently responding to and acting on customer feedback, true value is created in the eyes of customers, resulting in very satisfied and truly loyal customers who will more than likely continue their profitable relationship with you as well as referring others to you with passion”
With all your client data in one easily accessible place, you will have up-to-date information about your clients, which will allow you to better understand your client’s needs & goals & where they are at now & in the future. You will build customer retention, loyalty, a strong data base and an increasing trail book through knowing that your clients will be spoken to when they need to be, & never forgotten.
This means to you by working with MST you would only be dealing with people that can be, and are qualified so you are not wasting your valuable time and resources on people who can’t. Our job is to give you a clear understanding of where you are in the sales process and what it will take to advance the sale.
You will build client retention, loyalty, a strong data base and an increasing trail book through knowing that your clients will be spoken to when they need to be, never forgotten which means to you, No more missed opportunities.
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“Listening to your customers, must become everyone’s business. With most competitors moving even faster, the race will go to those who listen and respond most intently”…
MST Active is a group of highly skilled Sales, Client Management, Design and Media professionals who specialise in assisting finance related companies and people who want to take their business to the next level during the inevitable industry shake out.We assist brokers in finding and converting prospects into clients as well as maintaining client databases and cultivating potential referral partner relationships which can help a mortgage broker build a sustainable new business pipeline.
We monitor and manage every opportunity from initial contact to after settlement, which means you spend less time calling and qualifying prospects and more time writing new home loans. When you partner with “MST Active”, we ensure that even if you don’t get the deal you were counting on, you will have other opportunities that will be ready to close, which in turn increases your trail book and your profits.
We’re good at what we do. Very good. We have to be, because we’ve taken work that is often undervalued and turned it into a profession that demands intelligence, creativity, and the ability to think on your feet and the brokers we partner with really need and value our work – because it gets results like they’ve never seen before. We’re proud of that. W e can design a package that strengthens your customer relationships and increases your customer retention which consistently exceeds their expectations.
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"The quality and history of your relationship with your customers is, perhaps, the only source of competitive advantage that ultimately cannot be copied"
- Prof. Adrian Payne, Cranfield School of Management:
MST are experts in converting new prospects into clients that can help a mortgage broker build a sustainable new business pipeline. However, the number one reason brokers partner with “MST Active” is to free them up to focus on what they do best…Writing the right kind of loan for the right kind of people and leaving the “bad work,” work that isn’t central to what they do, to those who can do it with excellence. We are experts at managing your relationship with your customer through meticulous attention to the buying cycle.
Put referral systems in place which work day in and day out and attending potential referral partner appointments to open up new revenue streams and increase the number of clients on your data base.
Keep your prospecting and settlement pipeline full through effective sales and marketing systems and strategies. Staying with clients and prospects to gain referrals before and after settlement and understanding that if they are not talking to them, someone else surely will be
Have every mortgage opportunity which crosses your path cultivated as a “client for life” guaranteeing none are lost; all whilst protecting and increasing your up fronts and trails.
Rejuvenate cabinets , drawers and boxes full of clients and prospects at exactly the time they each want to talk you! Fulfilling potential opportunities that generate on going revenue and passionate referrals for life which you can manage at the touch of a button.
Have all your tedious prospecting and revenue generating follow up activities fully managed whilst being immediately informed the moment your clients “Hot Button” has been activated.
Manage your clients through a fully managed web based system that sets up an ongoing pipeline of new opportunities allowing you more time to write more home loans.
Have ongoing marketing facilitated by providing personalised emails, newsletters, web sites etc as well as implementing client acquisition, retention and cultivation strategies that will make future industry regulations redundant but they just don’t have the time to do it to get the results that they want.
Partnering with someone who they could outsource their client contact activities to on a revenue based productivity criteria ensuring both parties are at optimum revenue levels
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“The most meaningful way to differentiate your company from your competition is to do an outstanding job with customer information. How you gather, manage, and use that customer information will determine whether you win or lose.”
The best rate, great service, unlimited product knowledge and being able to make a loan calculator perform incredible magic tricks are now merely the qualifications for entry into the marketplace; If you have them, you're a contender; if you don't, you're history. Of course people want the best rate they can get, however borrowers want to know their mortgage broker is there to ensure appropriate strategies are in place for them and not just to provide the finance where we now experience the lowest home loan affordability since records were kept; where we are the most mortgage stressed country in the world and a 12 th consecutive interest rate rise has left many brokers scrambling for answers.
Going forward borrowers want to know their mortgage broker is there to ensure appropriate strategies are in place for them. Mortgage Brokers in an effort to reinvent themselves are now looking for products, services and business partnerships that fit their new world. Being their clients mentor on specific financial matters they'd like to understand in more depth and their Project Manager to co-ordinate the relevant professionals required to address their specific personal needs will be part of the skill set that the new generation mortgage broker will need to possess to set themselves apart from the order taking loan writer.
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“Unprecedented market forces including Australia being the most mortgage stressed country in the world, home loan affordability at its lowest levels since records were kept and interest rates at a ten year high make it essential a Mortgage Broker keeps in contact with their clients and prospects now more than at any other time since the deregulation of the finance industry .”
The landscape of the Mortgage Industry is changing faster than ever. For those who rely on constant stream of new clients, without an ongoing client acquisition, retention and cultivation strategies survival and growth will become increasingly more difficult as the "hit and run" Mortgage Broker risks becoming less relevant to an increasingly savvy consumer.
The biggest weapon most brokers have had in the past was the promise of a cheaper rate. That is now gone and brokers realise they now have numerous clients and potential referral partners with which they have provided little or no client service to but they also know that their future growth and very existence lies in the cultivation of these very same customers.
Until recently, many Brokers have been able to prosper while delivering a passive or reactive approach to client servicing. By this I mean that Brokers have been able to provide service to their clients when they ask for it, but few have taken the necessary steps to really know their clients and implement client acquisition, retention and cultivation strategies that maintain regular contact and in the process become their clients "trusted adviser".
The "hit and run" approach will now no longer sustain client relationships and trail books, particularly in light of the increasing contact activities being undertaken by the Majors and other Brokers as well as the accelerating movement in the Aggregator market, which has the potential to eat away at your client base and income. There is considerable debate as to the value and viability of lenders paying Trail Commission, particularly when so many clients do not receive ongoing service from their Broker.
The Achilles Heel of most mortgage brokers is not creating enough new opportunities on a routine basis to satisfy their needs. In today’s increasingly tough mortgage market, it is impossible for mortgage broker’s to write the significant amount of home loans they want to as well as having the time to be able to prospect sufficiently for new opportunities by themselves. Understanding client buying decisions as well as their buying cycle and what factors impact each are now essential elements in the growth of a mortgage brokers business.
Borrowers are now more knowledgeable and willing to shop around and the major banks are now working harder on client acquisition campaigns and aggressive client retention strategies. In a world of dwindling trail books, for most mortgage brokers, it’s a matter of knowing what needs to be done, knowing what should be done but not having a clue where to start. Knowing what information your clients want and delivering it, means to them that you actually are listening to their needs, which means to you, stronger client retention and a “Client for Life”.
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“The single most potent resource for gaining a competitive advantage is not the product being sold or the guarantees you attach: it is the quality of your customer relationships. In doing so, you will gain a constant and realistic picture of your customers and their needs at any given point in time. This translates to value, and allows you to strengthen the relationship you have with each customer and to retain them as an asset to your business.”
Making personal contact with existing clients and recent settlements to say Hi, updating contact details, inviting newsletter contact, establishing current loan status and satisfaction, discovering any new needs for finance and inviting review contact as well as asking for referrals, sending emails and letters that can be used for client contact, looking for referral partners and stopping discharge mail outs are all keys to a mortgage brokers growth.
Let’s face it; your customers of today are savvier and demand more for their dollar. They couldn’t care less about your business unless you can do something for them. Most Mortgage Brokers spend a lot of time chasing new business and once they get it they spend even more time gathering information to service each individual need of that new client to get them to the point where they are ready to buy, which takes them away from prospecting new clients.
It’s work that is difficult and time-consuming and hinders you from doing what you do best but it is the area that is neglected by most mortgage brokers at their peril, however it’s the area where the gold is found essential to driving both revenue and growth with many brokers finding themselves "time poor" whilst others agree that implementation of client contact strategies is vital, but just can't get started.
It is just impossible in this demanding market to have a mortgage broking business where you can service all the opportunities that arise by yourself and grow your business at the same time. Partnering with “MST Active” means you spend less time calling, less time qualifying, less time chasing prospects, and more time closing them.
The win-win situation is, you have more productive and revenue-generating sales people talking to more and more productive and revenue-generating customers at exactly the right time to maximise your revenue and productivity.
Today, the single most important ingredient to your successful future survival and growth in the mortgage industry will be determined by the quality and strength of your client relationships. By consistently responding to and acting on client feedback, true value is created in the eyes of clients, resulting in very satisfied and extremely loyal clients who will more than likely continue their profitable relationship with you as well as referring others to you with passion.
While most mortgage brokers agree that ongoing client contact strategies are necessary and vital to future successes, most have not found neither the time nor the impetus to initiate the necessary strategies. As a result 95% of mortgage brokers now have their desk drawers, filing cabinets, CRM ’s, storage boxes, excel spreadsheets, garages, desks and manila folders full of clients and opportunities, despite all good intentions, they just won't attend to ……Ever! And many just don't see the effects of what doing little or nothing to protect their business and trail book is having until its too late.
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Acquistion, Retention & Cultivation
By keeping your pipeline full of prospects and referral partners that you are actually building a relationship with, you create endless possibilities for future business which also means to you that you will constantly surpassing that invisible revenue ceiling, not just touching it. On going client acquisition, retention and cultivation strategies provides] accurate and relevant information which acts as hot buttons for your prospects; you'll close more sales and be more effective. It's that simple.
Acquisition - Finding the relationship. Pareto' s principle says that 80% of profit comes from 20% of customers. Therefore, it is logical for businesses to seek out more customers like their top 20%. The success at the acquisition stage should be seen as the first step in a customer lifestyle management cycle rather than just an end in itself. Staying close to your customer is critical. Whether you are launching a new product, encouraging necessary upgrade sales or soliciting new business, MST Active™ can help you generate revenues, improve customer service and, to put it simply, get results.
Retention - Maintaining the relationship.
Once you've got them, how do you hang on to them? It is the customer's experience of dealing with a business that tests their loyalty. The dramatic increase in competition has placed a huge emphasis on the value of customer retention. The cost of acquiring new customers continues to rise as competition forces companies to offer increasingly better incentives, encouraging customers to move from one provider to the next – never giving the incumbent institutions a chance to recover the acquisition cost.
Cultivation - Maximising lifetime value.
Cultivation means you're "working" your list, extracting referrals, making your Maintenance Agreement etc offer regularly until they get on the program and connecting with your customers when they want to be and not when you tell them to be or when you feel like talking to them. Unlike any marketing program you have, active cultivation pays you for years, and accomplishes all the marketing tasks simultaneously - it increases new customer acquisition, image and basically "forces" retention.
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“Customer retention and loyalty are the result of continual process measurement and improvement of an organisations performance against customer’s expectations.”
Who would you like to do business with? Why are they not already on your doorstep? Generate referrals and referral partners that lead to the kind you want to do business with. “MST Active” works closely with Mortgage Brokers in cultivating relationships with potential referral partners as well as transforming passive referral partners into passionate ones by positioning the broker as a value added service to the Referrer’s business delivering sustained quality referrals and increased revenue through designing, implementing and facilitating “win - win” campaigns.
I don't have to tell you how important referrals are to your business. As a business owner or an independent professional, you know that referrals are the lifeblood of your business. If that's really the case, why aren't you getting more referrals? As referrals are the most valuable source of solid leads, effectively gaining referrals is critical to successful prospecting. Simply asking if a client has any referrals often doesn’t get you anywhere. Approaching a client with a plan to get referrals is much more successful.
Developing and implementing various sales and productive value added strategies to assist in the conversion of passive to passionate Referral Partners as well as taking advantage of every opportunity to meet people and creating referral situations in which information is passed along to you to acquire a “warm call” somewhere down the line, guarantees ongoing genuine revenue opportunities and referral partners who will continue to refer people to you with passion.
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“Delivering an engaged service enables a mortgage brokers to build lasting and profitable relationships with their customers, making them more productive by optimising resources to satisfy each and every customer”
Database Mining helps differentiate you from the crowd of your competitors; first by the collaborative approach you will take with your client and finally by the business results that you create by providing a more personalised level of service allowing you to focus your resources on efforts with the highest potential which will in turn lead to improved client relationships, and to higher levels of loyalty and retention.
Data Base Mining means knowing your clients, their goals and objectives, and then positioning your product and services as part of their success. This saves you money, time and effort. Finding a cheaper loan is pretty easy when rates are tumbling but when interest rates are on the way up like they are now then the rate centric mortgage broker will go the same way as the dinosaur. When the climate changed the biggest animal on the land refused to evolve and was quickly wiped from the terrain, never to be seen again.
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“Today's customers are looking for more than a good price or better offer. Customers demand that companies consistently meet their needs or they will jump to the competition without even blinking.”
MST Active’s client contact system “PALM” is fully managed by your own “PBA” and gives today’s mortgage broker a clear understanding of where they are in the sales process and what it will take to advance every sale, which means you spend less time calling, less time qualifying, less time chasing finance opportunities, and more time closing them.
In order to protect and grow your business, your client base and your trail book, it is now critical to implement the strategies necessary to ensure that your clients know you and you know them and their needs. MST Active with the help of your own Personal Business Activator, prioritises your business around your client’s needs and your opportunities by implementing unparalleled client acquisition, retention and cultivation strategies.
Depending upon your specific needs MST Active will develop a customised strategy that meets and over achieves your objectives and your expectations which will enable you to make better business decisions, take the right responsive actions, and make rapid gains in client satisfaction, loyalty, revenues, and profit.
MST Active’s client contact system PALM gives a mortgage broker the security and control by knowing that every phone call and contact that is made on behalf of their company is accessible to them at the touch of a button with the added bonus of the broker not doing any of the tedious prospecting work that is essential to driving revenue with only the hottest of opportunities delivered, freeing them to write more home loans.
The Changing Face Of Finance 
