Earning trust with customers

1. Life Cycle Selling
Earning Trust With Customers

2. Life Cycle Selling
• The selling process starts once we have received a lead (or an enquiry).
• No matter if the lead has been converted to a client, unless the lead (client) choose to
opt out, we keep the lead (client) in the life cycle selling process
• The selling activities are incorporated into all three stages of business process,
Conversion, Implementation and Post Settlement Care

3. Business process for mortgage broking
Lead
Generation
Conversion Implementation
Loan Book
Maintenance
Life Cycle Selling Activities

4. Why Life Cycle Selling
• It is obvious that the first objective of sales process is to convert the lead to client, ie
getting the loan to the customer and complete the settlement.
• However just having a loan settled doesn’t guarantee a happy and satisfied customer,
let alone one who is going to go on to refer your service to their friends and
colleagues.
• More importantly, if the customer doesn’t see the value in you, no one can stop them
to vote by feet, refinancing their loan with other broker, your competitor. It can mean
the clawback of upfront commission.
• The Life Cycle Selling is designed to enhance your potentials of converting more
leads, promote your value proposition and create long term customer relationship.

5. Three Stages of Sales Process
• Conversion – This is the stage where we provide advice and present solution for
customer’s requirements, aiming to convert the lead to the client. The key to succeed
in the conversion stage to build trust of customer in you that you have the
knowledge, skills and resources to get them the loan that is most suitable for them.
• Implementation – This is the stage we process the loan application from preparation
to settlement. Most brokers would “pass the buck” to admin or processing staff, in this
process. However this is the stage where the customers “see your true color.” through
the loan application process experience. Apart from technical activities, we must focus
on customer experience during the whole process with selling activities
• Loan book maintenance – Loan book maintenance involves the post-settlement care
process. The purpose of post settlement care process is to create stickiness of
clients. It is critical to maintain loan book, create new business and generate new
leads through the funnels.

6. Today, we discuss the sales process in Conversion Stage

7. 5 Steps in Conversion Stage
• Fact finding
• Feasibility analysis
• Solution Design and presentation
• Close
• Follow-up

8. Goals to achieve in Conversion
• How to get a mortgage, especially when people buy a property, is a
serious decision to make for every customer, because the large
amount of money is in stake.
• They will only use the mortgage broker who they trust.
• The goal of sales process in Conversion stage is to create and build
the trust with customer.

9. What is trust
The firm belief in the reliability, truth, or ability of someone or something.

11. How people judge if you are trustworthy
• Ability – Are you an expert in the field, and whether I can rely on your experience,
knowledge and advice, and if you have sufficient resources to solve my problem
• Care – Do you genuinely care about me and my loan application, rather than just ego
driven. If necessary, would you go extra mile to help me
• Integrity – Do you deliver what you promise.

12. 7 ways to earn trust with clients
• Demonstrate you have industry and market knowledge
• Understand the loan products and features you recommend
• Be transparent and honest on what you can and cannot do
• Be direct. It’s okay to tell customers what they think is incorrect and to correct customer
• Be even handed. Discuss different perspectives of products, structure and solutions and
let customer make informative decision
• Promise less, deliver more
• Listen, listen and listen

13. As a mortgage broker, we are selling products that are
uniformly available to everyone.
So the differentiation is YOU.
It’s not about what you sell, it’s about how you sell.

14. Build trust through social media
• Communicate as a human being, rather than a corporate entity.
• Be a thought leader. Sharing posts is easy and acceptable. But if you want to earn respect
and trust of your audience, you’ll need to demonstrate yourself as the trendsetter by posting
unique and original ideas of your own.
• Be transparent. Transparency lets people know that you don’t have anything to hide. Instead
of deleting a complaint post from a follower, leaving the post up and responding to it directly is
a powerful demonstration that you aren’t trying to hide any aspect of your business
• Provide information and value, don’t advertise
• Quick and responsive communication. Encourage your audience to reach out to you via social
media is a good opportunity to provide service in front of a large audience.
• Promote social responsibility and support in the local community.
• Encourage customers to write reviews in open social media space, such as Google and
Facebook review.