Have most loan officers forgotten how to sell?
It’s a lost art, really.
Most of the loan officers I see struggling, struggle for one simple reason….
They’re not selling enough.
You know why they’re not selling enough?
They’re not working their own sales prospecting funnel system.
They’re not working their own system because they’re too busy trying to build their business strictly through referrals and word of mouth.
They’re waiting for “gimmes” instead of grabbing success by the collar.
Now, I have nothing against referrals, by all means, everyone I know loves getting referral business, including me.
The problem with trying to grow your business relying strictly on referrals is it’s unpredictable. You gotta spend a lot of time, upfront, nurturing the process.
Look, if you want long-term success, yes, of course, it’s recommended that you nurture this process, but you won’t survive long enough to realize the fruit of your long-term efforts if you starve the whole time trying to get to that point.
So, to get the ball rolling faster, to start making more IMMEDIATE sales, NOW, not later, you need something more predictable.
You need something a little more STRAIGHT to the point.
You need to go after deals like a wolf stalks its prey.
The easiest way to do that is to sharpen your sales blade to maintain that razor sharp edge competitive advantage, and, believe it or not, the easiest way to that is to tap into an ancient formula.
The oldest sales process I’m sure you’ve heard of (and maybe I’m reacquainting you with it) is more than 100 years old.
Before the “Wolf Of Wall Street” coined the term Straight Line Method of selling, there was (and still is) the simple yet extremely powerful A.I.D.A. system.
That stands for
Awareness → Interest → Desire → Action.
And just as the arrows indicate, it’s a linear sales process that is quite near impossible to screw up if you simply follow it.
Let me show you how easy it is.
Awareness – At this stage, your whole objective is to get the prospect to notice you, however it is you do that.
GET THEIR ATTENTION.
Paid online ad, a postcard, a letter in the mail…whatever.
Your objective here is to simply get inside the prospect’s awareness field.
Once you’ve done that, next thing you have to do is you’ve got to capture their INTEREST.
If they’re sucked in, wanting to learn more about you, your offer, what it is you can do for them then the next thing you’ve got to do is start tapping into their desires to help drive their decision to act.
At the DECISION stage you want your prospects to fill out an application, but…and this is VERY important….
You don’t want them taking this part lightly.
You don’t want your prospect to feel pressured, of course, but you also don’t want them to feel nonchalant about this, either.
After all, this really is a critical micro commitment, which to their mind, should feel like a movement in the right direction to the action of a sale.
This is a very delicate step because, even though they might feel like a done deal at this point, all it takes is one night to think about it, one chat with a friend who got a quarter point lower rate and all of a sudden they’re out shopping you right and left.
Obviously, the last stage, Action, can either be them taking action to get a loan from you or someone else.
So, how do we safeguard all this from going sideways on you at any point in the sales process?
It starts at the beginning.
You gotta start by putting your sales hat on.
Make sure you’ve got your questions lined up and ask more questions than you think you need to because questions create conversations and conversations help develop relationships.
When you ask questions it allows the customer to be heard.
When they feel heard, they feel understood.
And, strange as it might sound when they feel understood, you make them feel uniquely special because for some reason they think they’re predicament and their problems are unique to them.
Even though you’ve probably heard a similar scenario with a different client, each prospect thinks no one else in the whole world has ever had the problems they have.
I’m not here to judge, I’m here to tell you how to work what is to your advantage.
Customers want to feel understood, feel unique,
So, bottom line recap.
A.I.D.A. is a sales funnel process.
You should stick to the process with every goal to be to get your prospect to the next step in that process.
Notice, in the title I referred to wolfs and sharp saws.
That’s because I’m a fan of always leveling up and keeping my skills tight.
Why shouldn’t you do the same?
With that, if you haven’t read the books, I highly recommend you pick up Jordan Belfort’s (Of Wolf Of Wall Street fame) Way of The Wolf, where you’ll learn all about his straight-line sales method, and, you should also learn all of Stephen Covey’s 7 Habits of Highly Successful People.
Both are very inexpensive on Amazon and will help you level up as a sales rock star if you learn what they have to teach you.
In fact, I recommend you always keep your skills growing.
Other authors I recommend include:
Jim Rohn, Jeb Blount, Grant Cardone, Ryan Stewman and any others that will allow you to keep your competitive edge.
Man, this one’s a long post, but, if it’s helped you to be a better loan officer, make more sales and, ultimately, make you more money then it was worth it.
You might have to go back and reread this a few times so I recommend you bookmark this page, and come back and review it, often.
With that, thanks for reading and I’ll see you at the top.
P.S. If you’d like someone to build you your very own sales funnel that pumps out leads in the interest/decision phases, AND someone to help show you how to move them from there to action and closed loans, book yourself a live demonstration of our done for you lead gen and conversion system.