How do I Stand Out: What’s my Unique Selling Point as a Broker?
As a broker, how do you stand out from the crowd and get noticed? We all know if you want to be successful you have to differentiate yourself from the other 16,000 brokers who are pitching the same loans, from the same bank, at the same rates. But the reality is, at times it can feel like you’re a little fish in a sea of sharks, between the big four, other established brokers with a stronger presence and other smaller brokers around you.
Well, it doesn’t have to feel like this…
I know that it can be hard to figure out your unique selling point – your niche, something that sets you apart. In the beginning, it might feel like you’re limiting yourself, and limiting opportunities to help potential customers, but that’s not the case!
Understanding yourself as a personal brand, the exact clients who you add the most value to and ultimately what sets you apart is key to defining your Unique Selling Proposition (USP).
I know it can feel a bit confusing, but today I’m going to break it down for you how exactly you can find your point of difference as a broker.
Just ask – understand your clients and why they chose you.
If you’re struggling to find out why you’re different to the other brokers, it’s time to take a look at your clients. Ask yourself, what is a need that you are consistently addressing? And if all else fails, ask your clients a few simple questions:
- What made you decide to work with me?
- What’s one thing that made me/us stand out compared to other brokers?
- Would you refer us/do you refer us to family and friends? If so, what would you say?
You could be surprised by what they tell you!
Top Broker in action:
When we started Hunter Galloway, we dipped our fingers into every pie and this was the worst possible thing we could have done.
We tried to be all things, to all people and would even drive 2-3 hours each for a dud lead, which seemed like a good idea to start but ultimately just didn’t work.
It wasn’t until a few months passed and we were feeling like we couldn’t stop chasing our tails that we spoke to a mentor, and several of our clients, and realised the importance of being good at just one thing.
We started to understand the clients we most liked working with, and the ones we were adding the most value to weren’t the commercial leads, non-confirming leads or asset finance – they were residential loans for first home buyers, we understood the policies intimately and were able to help these people the most!
We saw our business do a 180-degree turn, we were more organised, efficient and started providing better than ever service because we had a clear direction in mind.
We also had to start saying no to some clients. This can be so hard to do in the early days when you really need the business to get moving, but remember, you can’t be all things to all people, which means you need to say no.
It’s all in the value, what more can you do?
No matter what you say or do, creating value is one of the key ways to build your unique selling point. This comes down to a personal level and what you provide your clients, referral partners and colleagues.
Think about it, when you’re doing a deal with a client, how can you provide further value?
Top Broker in action:
Are you having communication problems with your clients? Or you just feel like your repeating the same thing over and over?
Something as simple as a follow up call or a cheat sheet can make all the difference. I noticed that my first home buyers were struggling with the definitions of terms that we were using, so as a result, I created a cheat sheet to help them.
Remember, think about your audience. In this case, they’re starting from scratch and often have no pre-existing understanding of finance, therefore it’s important for brokers to understand this and break it down.
The simple act of creating a cheat sheet for my clients meant that they went from asking the same questions over and over, to actually becoming involved in what was going on and asking me educated and applicable questions. This meant they got to utilise my time more effectively, instead of having to explain what LMI and LVR were every time we caught up.
Think about who you are, and how you are different.
We all know that there are 6 billion unique people on this earth, so now is the time to think about your personality and understand what’s unique about you.
- Are you softly spoken?
- Are you loud and entertaining?
- Extremely patient?
- Should have been a clown in another life?
What’s something about your personality that makes you, you?
This is one of the key ways to build your personal brand and figure out your unique selling point.
Top Broker in action:
For us at Hunter Galloway, we weren’t sure of what our USP was for a while. But then someone mentioned the fact that we’re twins and bam, the obvious hit us in the nose. Because there are two of us, that makes us twice as efficient, twice as effective. And that’s exactly how we position our brand.
Think about what’s recognisable and memorable about your personality, and even if you’re not a big personality, that is a selling point too. Remember that there are people out there who can’t handle a jokester and struggle to build a rapport with them, so if you’re quiet, that is something to leverage too.
Consider these three key elements when sorting out your unique selling point and understand your brand both inside and out so that your clients can too.
It all starts with you.