Streamlining your value prop (with a 30-second pitch)

Jake Vermillion	Welcome to Up-Market Sales Success, a series designed to help U.S. Bank loan officers, just like you, make the most of high-volume markets. My name is Jake, I'm a member of the Mortgage Champions team, and we we are incredibly excited to bring this powerful offering to U.S. Bank thanks to Beth Ryan, Todd McFadden, and the entire executive team. Let's dive into the topic at hand, Streamlining your value prop (with a 30-second pitch), with Dale Vermillion. Hi Dale!
Dale Vermillion	Hey Jake!
Jake Vermillion	In this installment, we want to explore the importance of having a streamlined, but still powerful, value proposition when contacting inbound leads, prospective borrowers, even referral partners during a high-volume market. Before going a bit more in-depth, can you speak to the benefits of even using a value prop in the first place, Dale?
Dale Vermillion	Yeah, it's absolutely critical because what it really does is it makes you proactive versus reactive. You know what you're going to say before you get on that phone, which means you're more prepared, it gives you better control of the call, it allows you to make sure that you don't miss key selling points because you've really practiced those and you're prepared. And it just makes you sound so much more professional, more confident, more enthusiastic, because you really are a pro—you know what you're saying exactly. And because of that, what it's going to do is it's going to it increase your conversion. It's just that simple, because you've already said things in the front-end that that borrower wants to hear and learn about you that would answer many of the questions they were going to ask you anyway.
Jake Vermillion	if you, Dale Vermillion, were making a 30-second pitch to a prospective borrower in a high-volume market: what would you choose to touch on and why?
Dale Vermillion	Well, the first thing you obviously have to do is you have to introduce yourself at the beginning of any call at any opportunity that you have so that they know who you are, who your company is, that they know that you are calling in regards to whatever method you received that lead. It's so important that you create a clear understanding out of the gate to your customers so that they understand why you're calling them. And where are you calling from. Look, in today's high-tech world that we live in where everybody's going online and people are clicking all kinds of buttons. You know, today's borrower is very different than past decades and past years in that they are getting hit from all sides. So, what happens is they go on and they, they apply to a lot of different places, not even realize they're doing it, and then they start to get call backs and dont't understand why. You want to be very clear up-front, to introduce yourself, let them know why you're calling, let them know what precipitated that call, make sure you create that connection with them—that understanding—so they have a good orientation of who you are. And always begin that by making sure that you are opening with a quick, "Hey, I hope I didn't call you at a bad time." It's really important to do that in this crazy busy marketplace that we're in and then ask them for time: "You know what? I'm just looking for 30 seconds to a minute, just to tell you, you know, what makes me different from everybody else and how I can save you money in multiple ways you may have never heard of before." You always want to open before you even get to your 30-second presentation by asking permission for it. And then making sure that once you do that, you give them benefits so it would make them want to do it. As soon as they give you the okay, which they're going to do, you then roll right into two major things: your credentials, and your benefits. You want to make sure that you're talking about a little bit about your company and your own individual personal credentials. How many years you've been doing what you do. You know, some of the things that you do to be able to close loans fast, how you have access to technologies that will help them. All of these things become very, very important to make sure that you're talking a little bit about those tools and those services that you provide pick out two or three really key things that they would want to know about you upfront and hammer those into that opening. And then go from there right into talking just for a second about how your rates are super competitive and although you don't know the rate yet—because you don't have an application yet—and now you move into your benefits. Tell them at least five reasons why they'd want to work with you! You always want to follow the Rule of 5's in every single opening presentation. The Rule of 5's simply states that people need to hear five reasons why they should buy from you in order to buy from you. So, give them five reasons. What are the five most valuable things that you're going to provide to that customer. That obviously is going to include things like saving money. In the course of that loan is going to include things like how you're going to provide that great service and close on time. It's going to include benefits around the loan and how you're going to position and build your loan to be different and unique from other lenders. It's really making sure you're just hammering it on your benefits and hitting those five powerful reasons. And as soon as you do it, the last thing you do is you simply close by using what we call a Proof Statement: "And if I can't prove to you that I'm the best loan officer with the best loan program that saves you the most money, I wouldn't expect your business." And when you do that, that customer is going to move forward because now they know a little bit about you. They've heard five reasons why they should buy from you—doesn't take more than 30 seconds to do that—and you've closed with this highly confident statement that says, "If I'm not the best, I wouldn't expect your business" and they're going to move forward with you because you always end it with "There's no cost or obligation to apply." Make sure you remind them it doesn't cost anything. They're not committed. These are simple things that you can say in a 30-second presentation that would make a difference. And remember your 30 seconds, doesn't start until after your introduction. So, if you're saying, wait a minute, that seems like more than 30 seconds. Your intro is separate from your pitch. That's just getting orientation with your customer. Your pitch can be within 30 seconds if you really tighten up, hammer down a couple of credentials, hit them with your five benefits, close with that Proof Statement. You're good to go.
Jake Vermillion	What about calling on a lead from referral source?
Dale Vermillion	Well, the very first thing you want to do with a referral partner, you want to make sure that you are referencing that referral partner right out of the gate. First thing in that conversation to create that immediate connection. And the key here is to make sure that you include in that a little bit about your history with that partner. In other words, don't just say, "I'm calling because so-and-so referred me," but, "I'm calling because so-and-so referred me and we've been working together for many years and we're their preferred lender." See that? That creates more structure, more stability, more credibility, to your opening statement. It's very, very important you do that. Look, the other thing you've got to remember always is with any lead that you get, get to that customer right away, because there's so much competition out there today. What that's going to do, is it's going to show you have a high level of service. And what they're going to do now is they're going to brag to your referral source about how quickly you responded. That's going to look good to the referral partner. They're going to send you more business.
Jake Vermillion	What about for a referral partner?
Dale Vermillion	You know, the number one thing that you want to make sure that you hit when you contact them, is you want to talk about—real quickly—what separates and differentiates you from everybody else. And in a high volume market where you know that they probably aren't getting the best service from their existing lenders, or maybe they're not getting the right kind of communication, you want to kind of lean into that. So, I would open up and say, "Hey, the reason I called today is because I just want to take 30 seconds to tell you about how I can help you in these very high-volume times to give you a resource that will help you increase your income." I've learned with referral partners. If you talk about their income, you pretty much catch their attention—it's really important to understand that. And then go right into a couple of benefits that you can provide to them that are specific to their world. This can be things like turn times. This could be things like helping them understand how to prequalify a potential buyers. This can be things like talking about some of the benefits that you provide from technology and from marketing for those referral partners. You're trying to create what we call curiosity hooks whenever you do a prospect call. So, if you talk about how you're promoting marketing support to your referral partners, that you're able to close loans faster than other lenders, you've got technologies that improve the process. You could be a little bit general in these, but by saying those things, and by talking about—just quickly—your years of experience and the fact that you're a purchase expert, what that's going to do is that is going to create curiosity and go, "Wait a minute, tell me a little bit more." That's how you get the opportunity to get an appointment with them to actually talk about a partnership.
Jake Vermillion	As a U.S. Bank loan officer with surging lead volume, what would be the key things to keep top of mind when working with portfolio customers?
Dale Vermillion	Well, I think the very first thing that you got to keep top of mind is not to assume too much. I can't say that enough. Don't assume that because they're a U.S. Bank customer, that that means they're just going to work with us and they're just going to lay down and they're going to take the deal—because that's not true. Look, loyalties become thinner, and thinner, and thinner, every year as technologies ramp up, as marketing ramps up, as people get more access to information about other loans and other programs and rates and all of those things. So, you've got to make sure that you understand that when you deal with your portfolio customers, that you're treating them in the same way, you would treat a brand new customer that you're trying to win over. Because look, even if they do plan to work with U.S. Bank, and they do have loyalty to the company, they don't know you yet. So, come in with a mindset that you're not going to be overly assuming that they're just going to buy from us; but, instead, what you're going to do is say, "You know what? I'm going to win this business." In doing that, it's going to change your mindset. And now you're going to be more proactive to make sure that you are opening up by being very thankful. And that's the number one rule with portfolio customers: start by thanking them for being a customer of the bank. That is absolutely the most critical and essential piece, and the first thing out of your mouth. Then from that move right into, "And we're going to help you get absolutely awesome rates at an awesome program," and "Now what I want to do is just talk a little bit about what I'm going to do that's going to make a difference for you today," and you can move right into some of your benefits. You can move right into a little bit about your personal credentials beause they probably already know a little bit about U.S. Bank and give them that same value prop, give them that same benefit pitch. Make sure that you're still making a strong Proof Statement. Don't don't throw these things away just because they're a portfolio customer. Treat them like they're somebody you've never met before because you haven't. And treat them with the highest level of benefit, value, service, and respect that you possibly can muster up. And really let them know that you're grateful and thankful that they're working with you and be assumptive that yes, we're going to work together, but don't assume that they're just going to buy because you're U.S. Bank.
Jake Vermillion	Don't forget to complete today's Skill Challenge for a chance to win an Amazon Echo Dot by recording a 30-second pitch. Our team will be reviewing submissions through the end of the month before deciding a winner. So, submit your prize-winning pitch by clicking the link in the show description. Coming up next, Converting customers (instead of getting shopped).