Marketing strategies for title companies have changed dramatically over the years. From the wild and crazy 1980's to the most recent re-fi boom, there was little regulation as to how much money title companies could spend on their marketing efforts.
In today's world, however, since "buying the business" is no longer legally viable, title companies have become more sensitive to the art of relationship selling. For the title industry, this is a very good thing. Many marketing strategies present themselves in our current market climate but one in particular is service.
Service
All too often, we forget that the core product of the title industry is service to our clients and customers. I often ponder the question, is good service enough to acquire business? I believe the answer is yes and no. Let me explain. The absence of good service is certainly detrimental to the longevity and overall success of any company.
In addition, good service is without a doubt the reason why new clients become repeat clients. However, how would anyone know that you give good service before actually experiencing it first hand? Hence, all title companies promote the same image of "Best Customer Service," which, oddly enough, makes all title companies act and sound the same. From this moment on, I would like you to ask yourself two questions before engaging in any marketing activity.
- Does this marketing (product, activity, service, etc) differentiate my company from the competition?
- Does this marketing (product, activity, service, etc) coincide with my company's long-range marketing plan?
If the answer to either one of those questions is no, then you should not participate in traveling down that path. I mention this for two reasons: First, to call to your attention the image you would like to present to your clients and consumers, and second, to encourage a well-thought-out plan of attack. Within that plan, include an image that can be easily presented to your customers. Effective communication within the company as to where you are going is also important. Why should your clients and consumers choose you over the competition down the street? If you do not effectively answer that question for them, then the list of excuses they will offer of why they don't do business with you will mount.
Stay away from marketing that the market generally assumes as a "given." If the market place of real estate professionals expects a certain level of service and that is the same service you promote, then your marketing efforts will be ignored. Remember, the best marketing repels as much as it attracts.
For example, take Rolex Watches. They own a worldwide market share of 90 percent in the luxury watch market, but they admit they are not the highest quality. Instead of marketing quality, their marketing image is selling the lifestyle and exclusivity their brand evokes. This is evident by the mediums of advertising they choose. If they were trying to appeal to everyone, you would see their advertisements and products in Wal-Mart and other retail outlets -- but you don't because they aren't!
Be honest with yourself; if your company does not represent the highest service levels in your market, then you should promote something else of value that stands out while you work on improving your service levels. You cannot be everything to everyone, but you can be everything to a select/smaller client base. Moreover, if that client base represents a majority of the producing clients in your market place, wouldn't that make good business sense?
In summary, I would challenge you to take a serious look at your market place and identify what your ideal client looks like. Identify what your competitors' strengths and weaknesses are. Then, design a branded campaign to go after the very business you want. Take a cue from the cellular phone industry. Verizon Wireless doesn't say, "We have the Best Service." In its place, they tout their network. It still revolves around service but it differentiates them from their competition.
Clearly, the reason why the top producing companies always win is not necessarily because they are better in every area; rather, they just have more clients who have been attracted to their particular strengths, and that is the result of effective marketing.
