Sales and Consumer Engagement
Expert Insights: Optimize the Partner Ecosystem to Enhance Profitability
“I constantly see mortgage companies trying to hedge their pricing and squeeze margins to appease their partners. You don’t have to give profitability away…use your operational capability to be better and more efficient, and your partners aren’t going to go anywhere.”
-Dale Vermillion, Vermillion Consulting
Building and expanding upon a powerful partner ecosystem are excellent ways to boost the bottom line of your business. However, many lenders feel the need to bend over backward to meet the unique needs of individual partners. This often results in a clouded offering that negatively affects profitability. With over 35 years of mortgage industry consulting experience, and having trained over a million loan officers, Dale Vermillion spoke on this topic during Experience 2019. He focused on the “Four P’s of Partnership” model:
- Product Mix: First, work to build the best overall offering, and then employ loan officers who specialize in the different products that make up that offering. This gives your Realtor partners a team of go-to experts for their specific needs.
- Process: Focus on adopting a factory-like mentality, where you put the right people in the right spots and create a setting where everyone is an expert at what they do. It is important to have both Product Mix and Process in place before moving on to the next “P”.
- Promotion: Before you start beating your drum, you need to create cooperative relationships with your partners to leverage each other’s resources and brand presence, while strengthening your connections.
- Profitability: When you work to become a “partner” in the true sense of the word, you can foster an atmosphere of collaboration, results and financial success for your business.
Learn more from Dale, and other industry experts, in the new eBook, Driving Innovation Home: Expert Insights for Consumer Engagement.
Ready for more? Experience 2020 is just around the corner, and will be hosted in sunny San Diego on March 23-25, 2020. Take advantage of early bird pricing now, and plan to join leaders from across the industry to drive innovation home. Register now for Experience 2020.