Ten Cents of Water for $2.50: Convenience Trumps Price Almost Every Time

So thirsty, have to pee, so thirsty, have to pee!  Just up head I see my favorite local convenience store.  I pull in, park right in front, jump out of the car, run inside to the men’s room.  Back out, grab the biggest bottle of water they have, oh and a vitamin water, and a Slim Jim. Nope, put Slim Jim back. I’m “being good right now”.  OH, they have turkey jerky instead! Definitely need that. “Ring me up Mr. Cashier”. Cashier says, “Carl that will be $12.50”. Swipe my card, and I’m out the door.  It only took 8 minutes out of my time, and wow does that $2.50 bottle of cold water taste good. But wait, $12.50 total? How much was that turkey jerky? Who cares! It is really hitting the spot right now.  I may stop by for more tomorrow . . .

People really value convenience.  Now we all know someone that will shop that bottle of water until they find a $5 for 24 deal. Then they will pack water and a snack for the road. However 99.99% of us just aren’t that person.  We want to be able to proceed with something with little effort or difficulty.

Convenience: the state of being able to proceed with something with little effort or difficulty.

Point being the less pain we feel in doing something, the more likely we are to do it, and then do it again.  And also recommend that others follow suite.

So let me ask you this friends, how painful is your mortgage process?  The big online mortgage companies are all advertising how convenient they are.  Since we know Rocket Mortgage is smoke and mirrors, how do we offer the same convenience?

Everyone assumes its technology, but let’s go the old fashioned way first. Convenience is in the eye of the beholder.  So let me ask you, did you design your loan process around you or your customer?

I sat down with our digital marketer to write a Facebook ad recently.   The digital marketer asked me to start by writing out what my clients hate.  Well, that was easy to list: Bank statements! Processors that over ask for things, taking too long in underwriting, last minute signatures on forms.  Documents sent in ten different ways!

DM:  “Carl, that’s what you hate. I asked what your customers hate.”

Me:  “Oh? Don’t my clients hate the same things I hate? “

DM:  “NO. You are not you, you are them.” “Try again.”

Me:  “Okay then” . . .  re-thinking . . . re-thinking . . . “They hate uncertainty. They hate feeling messed with.  They hate it when we aren’t helpful, or talk down to them. They hate it when we make things so darn hard they want to give up.  They hate inconvenience. “

Technology can open the door, but what your customers really want is set expectations, consistency and helpfulness.

If you need some help putting together your perfect loan process, hiring the right staff to carry out the process, and recommendations for the best technology to use, come join us at our next 3-day event. You can get the skinny on that here: http://www.mastermindretreats.com/

Remember: Convenience is in the eye of the beholder.

Yours in Coolness,
Carl
Article Originally Published on LinkedIn

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