Welcome to the Arch MI Podcast, featuring our Senior Customer Trainer, Blaine Rada.
Arch Mortgage Insurance Company, or Arch MI, is a leading provider of mortgage insurance (MI) in the United States. Our competitive pricing tool, Arch MI RateStar®, is the leading risk-based pricing platform in the industry, providing rates based on a thorough
understanding of the underlying risk.
00:33 - Welcome to the Arch MI Podcast! Our host, Blaine Rada, tells us a little about himself and his professional background. He’s been in the mortgage industry for over 30 years, and his favorite part of his current job with Arch MI is that he gets to travel, speak at various events, and meet with lenders at every stage of their life. He also calls himself a thief… of time. Blaine wants to make sure that the time he is “stealing” from you is the most valuable and informative as it possibly can be.
1:35 - How do we separate ourselves from the competition when borrowers, buyers, clients, and customers have so much choice in options and services? Blaine is here to share some ideas that will be helpful in setting your services apart from the rest, but it’s on you, listener, to put these ideas into action!
2:16 - A couple tips for listening and what to expect: This is an unscripted podcast. Blaine believes in professionalism, but also in creating an accessible conversation with listeners and time for all to reflect. Blaine also describes himself as a “high content presenter,” which means there is a lot of information being delivered and high audience engagement (at least in a live audience setting).
3:46 - Blaine starts by telling us what he believes about sales and selling, since most of these episodes will deal with topics that involve or relate to sales processes. His contradictory stance is that selling isn’t about getting the sale. What he means by this is the focus of selling shouldn’t be about getting the sale, but rather about establishing if you, your product, or your service is the best fit for that customer. Shifting focus to fit should actually result in more sales, as your clients will be able to see that you are invested in their best interest.
5:40 - The discussion topic for the rest of today’s podcast is what Blaine calls the value trifecta, which is composed of three concepts that influence people to choose you over all other providers: convenience, value, and trust. This concept is rooted in research done by JD Power & Associates, who measure customer satisfaction and have spent millions on research to find out why people buy where they buy.
7:02 - So, why convenience? People want to do business in a way that is convenient for them. Does this mean easy, quick, self-service, 24/7 accessibility, online service? This is a rather subjective term, so Blaine suggests some homework for you. Think about how you can answer the question “How does your business or service make life more convenient for me?” Perhaps dig a little deeper and come up with your own specific definition to stand out from the competition. Once you have this definition, start telling people how you can offer convenience before they even ask.
10:15 - How do we offer specifics on qualitative aspects of our competitive advantage, like reputation, company values or quality of service? Testimonials and reviews from happy customers, as well as stories of how you’ve gone above and beyond to help people are very compelling selling tools. Focus on the “customer experience” and learn how to quantify that.
14:00 - Now, to address the values part of the trifecta. Come up with your own value proposition and develop a meaning that goes deeper than the word in order to answer the question: What is the value in my doing business with you? Again, the focus is to approach defining your values from the customer’s perspective and psychographic.
18:27 - What are some specific ways that we can define value? Superficially, value is the problem that you solve; the need that you meet. The way to add value is to truly understand the problem or issue that you can help with, so you can figure out the most effective and unique solution.
21:00 - Another idea is to consider the concept of pain and pleasure. Human beings are pretty straightforward in that we seek pleasure and avoid pain, but which of those drives is stronger? Studies show that avoiding pain is a greater motivator than pleasure and this is reflected in the marketing that we see everyday. If decreasing pain is more effective, then the ultimate question is “How are you the Tylenol for my mortgage headache?”
23:21 - “How do you relieve the discomfort; how do you make the pain less painful? If you can speak to that, it’s a really strong motivator for people. And again, you’re going to sound different because most people in sales don’t want to talk about anything negative. So, when you bring up the negative, it’s fine as long as you bring up your solution - that’s the key!”
29:00 - The final part of the value trifecta is trust. In business, people have to trust your capabilities to do what you said you were able to do. How do you demonstrate this to people you have no history with? Again, here you can use the strength of third party testimonials, customer examples, and stories of satisfied clients to vouch for your credibility and capability.
31:51 - What about the personal side of trust? Well, potential clients will have to trust your intent, which means they know you’re looking out for them and not just yourself. You should be driven by finding the best solution to fit the customer, not simply making a sale for you.
34:46 - How do we communicate trust without actually using that word? Thankfully, Blaine did the legwork already. Think of authenticity and transparency, consistency and respect - all of these words convey trust in a more actionable way. Demonstrating these qualities in our actions and communication builds trust between us and our clients.
41:04 - Let’s recap on the key takeaways from today’s episode. We talked about the value trifecta, how people are influenced to choose to work with you, and how to quantify and be specific with showing Convenience, Value, and Trust.
42:28 - Blaine leaves listeners with a few asks. First, take a step with a lesson that you learned today, maybe change up your direction or approach using some of the ideas presented. Second, tell a friend about this podcast! The aim of this podcast is to share information with as many people as possible. Third, talk with us at Arch MI. Tell us how we can be of service and bring more value to you as a customer.
Season 2, Episode 6: Become An Influencer
Season 2, Episode 5: Lessons from the Courtroom
Season 2, Episode 4: The 9 Ps of Professionalism
Season 2, Episode 3: Growing Realtor Relationships
Season 2, Episode 2: 12 Qualities of Top Loan Officers
Season 2, Episode 1: The 3 Ms of Marketing
Episode 6: Transform Your Business (and your life)
Episode 5: Five Steps to Better Goal Setting (GRASS)
Episode 4: Habits of High Achievers
Episode 3: Two Techniques to Increase Sales
Episode 2: Communicate With Impact
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