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Chicago AMA Sunrise Executive Series: Revolutionizing Life's Biggest Purchase
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Chicago AMA Sunrise Executive Series: Revolutionizing Life's Biggest Purchase

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Bob Armour's CMO, Guaranteed Rate, presentation for the Chicago AMA Sunrise Executive Series titled: Revolutionizing Life's Biggest Purchase.

Bob Armour's CMO, Guaranteed Rate, presentation for the Chicago AMA Sunrise Executive Series titled: Revolutionizing Life's Biggest Purchase.

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  • 1. RevolutionizingLife’s Biggest Purchase Bob Armour Chief Marketing Officer
  • 2. Recent study highlights dissatisfaction“Pet peeves… slow execution… difficult communication… inability to trackstatus of an application.”Source: “Stress-Free Service Ranks High”, March 3, 2013
  • 3. Recent study highlights dissatisfaction“Pet peeves… slow execution… difficult communication… inability to trackstatus of an application.”“1/3 of consumers are willing to pay more for a mortgage… with superiorcustomer service and less stress”Source: “Stress-Free Service Ranks High”, March 3, 2013
  • 4. Recent study highlights dissatisfaction“Pet peeves… slow execution… difficult communication… inability to trackstatus of an application.”“1/3 of consumers are willing to pay more for a mortgage… with superiorcustomer service and less stress”“70% of homeowners and renters cited reputation of institution as a major influence onchoice. Cost competitiveness scored lower – 62%.”Source: “Stress-Free Service Ranks High”, March 3, 2013
  • 5. Recent study highlights dissatisfaction“Pet peeves… slow execution… difficult communication… inability to trackstatus of an application.”“1/3 of consumers are willing to pay more for a mortgage… with superiorcustomer service and less stress”“70% of homeowners and renters cited reputation of institution as a major influence onchoice. Cost competitiveness scored lower – 62%.”1 in 3 would consider Walmart if it offered mortgages. While hypothetical, the response indicates the power oftrust in brand.”Source: “Stress-Free Service Ranks High”, March 3, 2013
  • 6. Our mission: RevolutionizeLife’s Biggest Purchase
  • 7. Our recipe• Very low rates and fees• Simple, fast, easy-to-understand process• Fanatical, expert customer service
  • 8. $14.7 billion funded loans, 2012 vs. $6.9 billion, 2011 (53,411 loans)
  • 9. #1 mortgage lender in Illinois
  • 10. #10 overall in US
  • 11. 2,537 employees 149 branches 49 states
  • 12. 1-866-934-7283
  • 13. Final Score: Great Experience 21 - Low Rates 3 1. “great experience” (2x) 2. “efficient, professional, communicated every step” 3. “simple and seamless” 4. “great to work with” 5. “promptly returned calls” 6. “absolute professionals” 1. “sweet rate” 7. “incredibly smooth” 2. “highly competitive rates” 8. “experienced no horror” 3. “amazing deals” 9. “smooth and awesome experience” 10. “less stressful” 11. “kept us informed every step” (2x) 12. “super easy to work with” 13. “on time and with our interests in mind” 14. “complete SUCCESS” 15. “made it painless” (2x) 16. “pleasure to work with” 17. “get the job done fast” 18. “first class service”
  • 14. Low rates and fees are important Source: GuaranteedRate.com 3/14/13
  • 15. The “3 B’s”Blow away expectations with a great experienceBe memorable for the right reasons – friendly, expert, fastBuild trust with every single interaction
  • 16. Great experience wins1st timers – Knowledgeable Low rate• Scared• Overwhelmed• Managing lots of 3rd Counseling Low fees parties (parents, friends, real estate Strong advisor Highly efficient agents, lawyers),• Lots of strange new Patient Communicative terms (escrow, PMI, title insurance, etc.)
  • 17. Great experience wins over and over1st timers – Knowledgeable Low rate 2nd+ timers –• Scared• Overwhelmed• Managing lots of 3rd Counseling Low fees Speed Been there, parties (parents, Efficient done that. Let’s friends, real estate Strong advisor Highly efficient get it over with. agents, lawyers),• lots of strange new Patient Communicative terms (escrow, PMI, title insurance, etc.)
  • 18. Only one thing really matters Knowledgeable Low rate Trust Counseling Strong advisor Patient Low fees Highly efficient Communicative
  • 19. Great people build trust • Launched in January last year • 100 loan officers trained in 2012 • 300 to be trained in 2013 • More loan officers in top 300, more in top 1%, than any other bank or mortgage company1 • Voted a top workplace in Chicago1 Mortgage Executive Magazine 3/2013 and Scotsman Guide, 2013
  • 20. Mortgages for Dummies – our version Free downloadable e-books - Easy-to-understand – objective -- shareable
  • 21. The Loan Process
  • 22. The Loan Process - continued
  • 23. The Loan Process – I’m not kidding 53 steps – if done perfectly But that’s not the real problem…
  • 24. Here’s the real problem
  • 25. “…to keep you up to date on the status of your order…”
  • 26. Our “Pizza Tracker” - accessed from our site
  • 27. Pizza Tracker PLUS proactive, friendly communication
  • 28. Making the process fasterStep 1: Apply, choose loan, Step 2: Get free credit Step 3: Automatedcustomize rate reports, scores Approval Application to approval in 15 minutes on GuaranteedRate.com
  • 29. Making the process easier Digital document sharing Electronic signatures
  • 30. Follow the “3B’s” with the “3 A’s”Blow away customers’ expectations with a great experienceBe memorable for the right reasonsBuild trust with every single interacttionAccelerate building trustAmplify word of mouth opportunitiesAuthentically thank customers
  • 31. Circles of trust First hand experience
  • 32. Circles of trust First hand Friends, experience Family experience
  • 33. Circles of trust First hand Friends, Trusted Family experience experts experience
  • 34. Circles of trust Real Friends, Trusted First hand experience Family experts Estate experience Agents
  • 35. Partner Xchange – free business driving tools for realestate professionals Guaranteedrate.com/agent Shareable, fresh content Online profiles Loan status monitor Flyers, mortgage (i.e. “pizza tracker”) education material
  • 36. First hand Friends, Real people Family Trustedexperience experts who I can experience relate to
  • 37. Amplify word of mouth, ask for referrals “I’d really value the referral” “please post a review of your experience on our Facebook page…”
  • 38. Survey – 3 mandatory questions
  • 39. 77% Net Promoter Score Banking industry avg. 72% 70% 18%Source: Satmetrix 2011 Net Promoter Benchmark Study of US Consumers; Bain Analysis
  • 40. 96%of our clients would use us again
  • 41. Surveys generate word of mouth
  • 42. 40% + survey response rate50%40%30%20%10% 21.0% 17.0% 11.0% 16.0% 11.0% 11.0% 10.0% 11.0% 34.7% 40.4% 42.2% 41.2% 43.3%0% JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC JAN Q1 Q2 Q3 Q4 Q1
  • 43. Narrowed gap between closing and survey Old: 2 – 6 weeks New: 1 – 3 days
  • 44. A memorable thank you “Thank you for trusting us to assist you with Life’s Biggest Purchase.” “We value your business, and we would appreciate any referral of friends and family members who may need assistance with a home purchase or refinancing.”
  • 45. Blow away expectationsBe memorableBuild trustAccelerate trustAmplify word of mouthAuthentically thank customers
  • 46. ..
  • 47. Thank you Bob Armourbob.armour@guaranteedrate.com @bobarmour