The Definition of Branding for Loan Officers

The Definition of Branding

The process of creating a perception in the minds of Agents is the definition of branding.

Social scientists have proven that people experience what they come to expect. It's like the first time you watched your favorite movie. Before you saw it maybe you read a favorable movie critic's review or a friend told you it was a great movie. Maybe someone who did other movies that you liked directed the movie.

But before you purchased the movie ticket, you had a perception that it was going to be great - and as you watched your favorite movie for the first time, your perception became reality.

It's the same thing when you meet an Agent who instantly judges you. For instance, you meet an Agent who is immediately standoffish and after having a limited conversation they reject you. You walk away from the situation disappointed. You're puzzled how someone could make such a fast judgment from an initial impression.

Later you learn that the Agent had several bad past experiences dealing with other lenders. Although you weren't the cause of their previous bad experiences, the Agent based their judgment about you from their prior knowledge.

How unfair is that?

This is why it's important to understand the reality of your personal brand. Everyone has one! And it can work for you or if you're not paying attention, work against you.

Branding is Different Than Marketing

Branding your services is about more than just getting your next deal. It's about building an image in the Agent community. This is the difference between it and marketing.

Your service is a promise, and building a brand identity builds that promise. And by the definition of branding, it's the process of creating a perception in the minds of Agents. Mailing out postcards and flyers to Agents, or, inviting them to lunch or attending their weekly sales meeting, are examples of marketing. Marketing is about a quick response. You send flyers because you want them to act on your solicitation.

Branding, by contrast, is a slow process, designed to pre-sell you to your prospect.

Unlike marketing, branding is not about originating a loan instantly; it's about building your image over time.

Your next step is to look at your marketing strategy including the materials and messages that you send into the marketplace and determine if your personal brand is being reflected consistently.