Mortgage lenders who share their stories with borrowers and teammates are better able to create strong relationships, retain leads, recruit top talent and even drive revenue, a report from mortgage advisory firm STRATMOR Group shows.
In the report, “Once Upon a Mortgage: Building Relationships Through Storytelling,” Mike Seminari, customer experience director for STRATMOR Group, shares his own journey—from aspiring musician to mortgage industry and customer experience expert—to illustrate how taking a personal approach with borrowers can improve a company’s success.
“Think about your company website, especially the heavily visited ‘about us’ section,” Seminari says. “If I held my hand over the logo, would I know the difference between your company and every other lender out there? You, your team members, your customers, and your partners all have stories to tell. And today, it’s more important than ever.”
According to STRATMOR data, 90% of borrowers made their lender choice based on either their own experience with the lender or the experience of someone they know and trust. Those experiences stand out when stories are shared, Seminari says.
Using stories from various industry veterans, Seminari identifies four types of stories that are important to tell, including the Origin story; the Brand story; Customer story; and Employee story.
Seminari points out that cultivating and sharing company stories is just one piece of the puzzle. He encourages lenders to also consider the role they play in their borrowers’ stories.
