It can be frustrating watching your competitors claiming the good website domain names and the top-ranking Google search spots – not to mention snapping up customers that could have been yours! But as much as your competitors may seem like the bane of your existence, they play a very important part in your business’ success and the mortgage industry’s credibility.
Competition is healthy for any industry
Having a competitive finance industry is crucial. It ensures that consumers have options, and aren’t limited to only a few big players. Non-major and non-bank lenders play a significant role in offering consumers something different to the big banks, ensuring the market stays competitive and isn’t monopolised.
The same goes with mortgage brokers, and any other type of business. We don’t all shop at the same supermarket or pharmacy – and imagine if we did! There would be no incentive for stores to offer specials and incentives.
Competition sets you apart
Why would a customer choose to come to you over your top competitors?
This is the question that should be driving your business, pushing you to set yourself apart and stand out from the competition. When clients choose to work with you over a competitor, it’s because of the quality of your service, not because you’re the only option out there! The very presence of your competitors can give you peace of mind that your products and services are just as good, if not better, than what others are providing.
But the risk that customers could jump ship to a competitor should drive you to make your business’ point of difference clear – whether it’s your exceptional client care, your speedy turnaround or your outstanding client education process.
Competition leads to innovation
When there are dozens of businesses offering similar services to you this is incentive for you to improve, innovate and boost customer satisfaction. This is only a good thing! Doing things the way they’ve always been done is a surefire way to encourage your clients to go over to your competitor. But focusing on keeping your business fresh and adding value through new technologies, systems and experiences will keep customers engaged and satisfied.
Competition drives up the customer service stakes
The industry’s top brokerages are generally successful because they realise that customer experience is one of the most important aspects of business.
We’ve talked before about a very special broker named Marvin Coleman who stands out in the market for his incredible customer approach. We’re also impressed by our client FinancePath, who go above and beyond to educate their customers and provide an exceptional service from end to end. These are just two examples of clients we’ve worked with who differentiate themselves through customer service.
Competition forces you to think competitively about how you treat your customers, and anything that inspires business owners to connect more authentically with their audiences is a good thing in our books!
Competition forces you to be targeted
Healthy competition can often encourage businesses to narrow in on their core target audience and think of better ways to provide for that group. How can you tailor your services to better meet the needs of the types of customers you want to work with?
You’ll probably find that you actually don’t want to work with every customer on the market. For people you can’t help, or who aren’t suited to your services, there are always competitors you can refer them on to for assistance.
Competition can give you tips and tricks
While you shouldn’t try to be like every other brokerage on the market, having other businesses to look to for inspiration can help you understand which areas of your own business you could improve. Whether it’s sneaking a peek at how they engage people on social media, or checking out their newest product offerings, having competitors helps you get an idea of what areas you could improve upon in your own business. Your competitor is less a foe and more a friend when they’re offering inspiration and ideas for improvement!
While competition can be frustrating sometimes, there’s no doubt that you need direct competitors in order to run a great business yourself! The same goes with your career. While you may be up against dozens of candidates that have the same skills and knowledge as you, this isn’t reason to become complacent – it’s reason to rise up and show why you’re the best in the market!
Get in touch with our team for a free consultation to guide you on growing your business or getting ahead in your career, despite the competition.