It’s common in highly competitive markets, that it becomes a feeding frenzy when someone puts up their hand and says I’m ready to buy. Crocodiles are just waiting for the hand to be raised before they bite it off, and if you don’t move quickly enough, you go hungry.
Is that what it’s like in your industry?
This is especially the case where there are big crocs in the water who move very fast when they see a meal. All that’s left are minnows who are too small for big crocs and are barely an appetiser even for you.
As an example, take the poor mortgage broker, who has almost become extinct. Most people go to their bank first. The bank then grabs the customer before the broker has a chance to blink. Even if the broker discovers the customer first, the bank will shave 0.25% off the rate to undercut the broker.
For brokers to survive, they need to fish upstream. That is they need to find the customer before they have even made a decision about getting a loan. They need to network, seek referrals and provide information to potential buyers and cultivate a relationship and guide them through their decision making process. That is the decision about taking out a loan, not from whom to borrow.
This all takes time, time the big banks don’t have. They have investing heavily in their brand and their marketing, specifically so they DON’T have to do this. They have built a conveyor belt designed to transport customers to their branches once they have made the decision to buy, where their loans officers complete the transaction with the minimum effort necessary.
Brokers who don’t have the marketing budget can operate under the radar of the big banks, replacing marketing dollars with their time, finding the customers before they become customers. That is fishing upstream.
Who are the big crocs in your industry, and where are those that they feed on swimming before they are swallowed? Spend some time swimming with them before you throw in your line. They will be much more likely to take your bait.
May Your Business Be – As You Plan It.
Dr Greg Chapman – The Profit Whisperer
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