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Successful brokers know they need to differentiate themselves from the pack through quality customer service.
By: James Symond
Executive director
Aussie
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"You'll never have a product or price advantage again. They can be easily duplicated, but a strong customer service culture can't be copied." 
These are the words of American customer service guru Jerry Fritz, and they translate perfectly into the business of mortgage broking.
As mortgage brokers, we need to differentiate our offering from the pack. Let's not kid ourselves because at the end of the day we all pretty much have the same products, all have a similar tool kit, and to an extent, we've all had the same training.
So if we can't rely on price or product, we need to develop our unique selling proposition in order to attract and retain customers. And what is that unique selling proposition?
In our industry it has to be customer service of course. Personalised customer service tailored to the unique requirements of each and every customer.
At Aussie, we've undertaken years of customer feedback and have recently introduced our internal sales commitment of safe, smart, special, which underpins every step of the sales and settlement process - even after months and possibly years from the time the customer takes possession of their property.
It may seem pretty simple however focusing on this commitment helps ensure our customers' needs are met. Our commitment kicks in at that initial meeting, when an Aussie broker is in the lounge room or sitting across the dining table with a potential customer. The halo effect of the brand they represent is important however it evaporates to an extent as the persona of the individual and their unique selling proposition rises to the fore.
A good broker takes a ‘lender-for-life' attitude rather than looking at the customer as a transaction. A good broker is not thinking about how much commission they can make from the client, instead they're thinking how they can make them feel safe, smart and special - whether they're a first home buyer looking at a lower priced unit, or a seasoned investor adding to their portfolio. In terms of our sales commitment the following is essential:
SAFE
It's vital to build a strong rapport with our customers by making them feel safe and secure in dealing with the broker, and the company they represent. Spending some time detailing their background, and the strengths of the company they represent, is important. At Aussie, we want to make the customer feel safe using our services, rather than them feeling they need to go directly to a bank.
SMART
We need to empower the customer by enabling them to be part of the solution, rather than ‘telling' them what to do. By listening to the customer's needs, and ensuring the right product selection, a partnership develops which lasts for years. We're in the annuity business, and no one benefits if customers are sold the wrong solution for their circumstances, inevitably resulting in churn.
SPECIAL
It's simple human nature to want to feel special and this one is the most important in my opinion. A customer is entrusting the biggest financial transaction they will probably ever make to someone who is a virtual stranger.
In the rapport building stage, it's vital a broker's unique selling proposition is communicated clearly. The broker needs to assure the person that their situation is a priority.
I like to compare this mindset it to the jewellery store Tiffany & Co. Entering a Tiffany store, whether it is in New York, Sydney or Bali, the staff treats each of its customers in the same way.
Even if you buy a key ring, you are given the same five star service, the same iconic blue box packaging and after the sale, a feeling that you are special and valued by them. In fact, you probably want to go back there, just to experience it again.
Of course, we're selling mortgages and financial solutions, not diamond rings. But the intent of our safe, smart, special commitment is the same.
For us, safe is all about confidence; smart is all about choice; and special is all about service. We want all of our customers to value the experience. We want them to tell as many people as possible. And of course, we want their repeat business.
To quote the late, great Walt Disney: "Do what you do so well that they will want to see it again and bring their friends."
