 |
| Sponsor Links |
|
 |
|
 Printerfriendly display  
Strategies:
Evolving into a mortgage marketing professional
Will you survive the post-refinance market?
Sales is not marketing is not sales
Evolution of marketing perspective
The 5 Ps and the 1 C of marketing
The last originator standing will be a marketer
About the author |
|
|
|
|
The Marketing Concept
|
|
Evolution of marketing perspective
An organization’s marketing perspective is typically defined by its philosophy and culture, and is driven by its structure and processes. An organization’s marketing perspective in turn influences how or whether the organization can successfully operate in its competitive environment. As competitive environments become increasingly tough, organizations must evolve their perspectives and practices if they want to be viable. Here are the common perspectives through which organizations might advance:
Production perspective
An organization with a production perspective tends to have little or no competition and sees no ceiling on demand for its products. The primary strategic focus for the production-oriented company is to improve efficiency of production and to sell what’s easy to produce. The organization that sees through the production perspective will view everyone in the marketplace as having the same needs. Therefore, the production-oriented company tends to use mass marketing that assumes everyone is a potential customer.
While this sounds like a perspective suited for manufacturers, many mortgage origination companies slip into a production perspective during refinance booms. They have an ample selection of loan products available, and they focus on simply selling them to a seemingly infinite supply of customers who tend to be knocking down their doors. In other words, there’s more demand than the mortgage origination company is able to meet without hiring more people to originate and process loans. However, when the demand starts to dwindle, these organizations will be forced to adjust their perspectives and practices if they hope to survive.
Sales perspective
An organization with a sales perspective recognizes that there is limited demand for its products in an environment that has competitors who are offering similar products. The sales-oriented company focuses on creating demand for its products in a crowded market and tends to push its products through personal and mass sales. This is the perspective from which most mortgage origination companies operate.
During a refinance market, a sales-oriented mortgage company will typically limit its marketing communications mix to answering quote requests from rate advertisements. When the refinance market dies, the sales-oriented mortgage company will emphasize pushing rate sheets to real estate agents. In short, the mortgage sales organization pushes product to beat competitors – and will survive solely on its ability to hire and retain a talented sales staff.
Marketing department perspective
An organization with a marketing-department perspective recognizes that there are several functions of marketing that need to be coordinated to improve its competitive edge. The mortgage company that evolves to this level will supplement its sales efforts with a marketing communications function that coordinates several promotional contacts with the target customer, including: advertising, direct marketing, public relations, trade shows and events, seminars, and web site. This type of perspective takes some of the challenge from sales by generating qualified inquiries and focusing beyond the initial sale to build a customer base of referral and repeat customers.
Strategic marketing perspective: the Mortgage Origination Marketer
A mortgage company with a strategic marketing perspective will emphasize building lasting customer relationships by integrating long-term customer development strategies with profit initiatives. In other words, the strategic marketing organization aligns the activities of the organization to satisfy the needs of a target at a profit to the organization. This strategic marketing perspective is also known as the marketing concept.
In contrast to the production perspective, which views everyone as the same, practicing the marketing concept allows organizations to recognize that different people have different needs, and involves every employee in discovering and satisfying those needs – as long as the efforts prove profitable to the organization. In contrast to the sales-perspective, which attempts to push product through a highly competitive environment for short-term production, the strategic marketing perspective allows Mortgage Origination Marketers to create lasting relationships by providing superior value to profitable Customers.
 |
|
Written by Brent Duncan |
Related links:
>>> Browse archive for this topic |
|
|
|
