Comments on: Are You Creating a Customer Army? http://leadmarketwatch.com/are-you-creating-a-customer-army/ Tracking News, Trends, and Best Practices Thu, 17 May 2012 16:25:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Bill Rice http://leadmarketwatch.com/are-you-creating-a-customer-army/comment-page-1/#comment-48 Bill Rice Fri, 28 Mar 2008 10:23:45 +0000 http://leadmarketwatch.com/index.php/2008/03/27/are-you-creating-a-customer-army/#comment-48 What better way not to feel like shark-bait and not get the bait-and-switch. Simply return to your mortgage company (assumption is you had a good and trust-based experience) and in a non-sales context be able to research, get updates, learn about the process, get custom reminders or alert. The challenge is that the problem you raise is very difficult to solve on a industry scale. Believe me the government and regulators are trying--I am not sure for better or worse. Generally, mortgage companies don't seem inclined to universally self-police. So, the alternative? Possibly, one innovative company at a time, mortgage companies learn to build their own safe client communities. Maybe? What better way not to feel like shark-bait and not get the bait-and-switch. Simply return to your mortgage company (assumption is you had a good and trust-based experience) and in a non-sales context be able to research, get updates, learn about the process, get custom reminders or alert.

The challenge is that the problem you raise is very difficult to solve on a industry scale. Believe me the government and regulators are trying–I am not sure for better or worse. Generally, mortgage companies don’t seem inclined to universally self-police. So, the alternative? Possibly, one innovative company at a time, mortgage companies learn to build their own safe client communities.

Maybe?

]]> By: PEK http://leadmarketwatch.com/are-you-creating-a-customer-army/comment-page-1/#comment-47 PEK Fri, 28 Mar 2008 06:15:28 +0000 http://leadmarketwatch.com/index.php/2008/03/27/are-you-creating-a-customer-army/#comment-47 But Bill, we're in the mortgage business, and its 2008. What customers came up with this Qtopia idea? The customers I've been talking to want a solution to bait-and-switch mortgage low-ball pricing, and no surpises and the closing table. They want a way to refinance out of their upwardly adjusting ARM even though their LTV is now 105%. They want to be able to shop and apply online for mortgages and without feeling like shark-bait. Help solve these things, and folks will join your army. If QuickenLoans is worried about the fact that they're doing a poor job retaining the customers they spent big bucks on to acquire, join the club. Strong past customer loyalty in the mortgage business has largely belonged to the great mortgage originators, independent of mortgage company where he or she currently works. I'm not sure if a virtual world membership will help. It will probably not hurt, as it at least represents - as you have suggested - a commitment by Quickenloans to investing in the long term best interest of their customers. But, is it their best? In light of the severity of the pain that folks have been feeling related to the mortgages they were sold, it seems to me not much more significant or noteable a gesture than an automatic holiday/ birthday card. But Bill, we’re in the mortgage business, and its 2008. What customers came up with this Qtopia idea? The customers I’ve been talking to want a solution to bait-and-switch mortgage low-ball pricing, and no surpises and the closing table. They want a way to refinance out of their upwardly adjusting ARM even though their LTV is now 105%. They want to be able to shop and apply online for mortgages and without feeling like shark-bait. Help solve these things, and folks will join your army.

If QuickenLoans is worried about the fact that they’re doing a poor job retaining the customers they spent big bucks on to acquire, join the club. Strong past customer loyalty in the mortgage business has largely belonged to the great mortgage originators, independent of mortgage company where he or she currently works. I’m not sure if a virtual world membership will help. It will probably not hurt, as it at least represents – as you have suggested – a commitment by Quickenloans to investing in the long term best interest of their customers. But, is it their best? In light of the severity of the pain that folks have been feeling related to the mortgages they were sold, it seems to me not much more significant or noteable a gesture than an automatic holiday/ birthday card.

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