What is your intrinsic value?

Last month, when I was scanning the listings on the ASX for up and coming floats, I saw that Adore Beauty had listed.

The IPO rose 2.5% on listing.  And on 23 October 2020, the market valued Adore Beauty at $635 million.

A great result considering that we are in the middle of a pandemic and that the co-founders started their business from scratch, with a $12K loan from a garage almost 20 years ago.

In case you didn’t know, Adore Beauty is an online beauty store.  They stock international brands and re-sell them online.

What mortgage brokers are doing now is not different from what Kate Morris was doing when she set up Adore Beauty in 1999 aged 21.

Mortgage brokers source their products from lenders and “sell” them to their clients.

So how do you grow from a garage into a $635 million business?

The hardest task most mortgage brokers have is to get new customers.

As Kate Morris says, “I’m up against huge corporations that are relatively faceless. I think people like a face — why shouldn’t they know who is behind a business?”

Despite her competition having bigger marketing budgets, she made her business stand out from the crowd – by being the person behind her brand.

And this struck a chord with me.

This was why customers prefer to use the services of a mortgage broker.   And we should turn this into our advantage.

Instead of dealing with a faceless lender, customers prefer the personal advice of a mortgage broker.

We should be framing our marketing around this idea.

Make your intangible value intrinsic

All mortgage brokers have intangible value.

You must make it clear to your customers what that is.  Align your values with their value.

Make it clear what is the value you create.

Another way to think about this is to answer the question: What are your customers buying from you?

Define your intangible value, and make it intrinsic.

Then create an identity that people can buy into.

Make it personal

Put yourself in your customers’ shoes.  What is it that they dislike most about going to a branch?  What happens when you call a lender?  Will you be put on-hold (and listen to that muzak for at least 10 minutes or more)?

As my business partner, Mario Borg says: “Have a clear purpose at to what you want to achieve.”

Do your customers have a goal?

And what can you do to help them achieve that goal?

Provide a solution that is personal and customised for them.

Make this your intrinsic value.

Contact us for a confidential discussion to see how we can help you find your intrinsic value.