Strategy is defined as “a plan of action or policy designed to achieve a major or overall aim.” In this market, or any other market for that matter, you must be deliberate. What do I mean? You can’t just purchase a new piece of technology and expect that your business will now grow tenfold. That’s just not going to happen. Here are five ways to think strategically about technology:
Get A CRM Now
In previous columns I have discussed customer relationship management technology or CRMs. I invite you to look back for a more fulsome conversation on this technology if you missed it. This technology is a must have.
According to Justin Tucker, executive vice president and director of strategic initiatives at Williston Financial Group (parent company of WFG National Title Insurance Company), “I know it’s not new or novel, but the key to growth is managing and growing a database. Identifying the right CRM and living in it every day will help set a foundation for sales and marketing activity.”
Grow Your Partnerships
The real estate transaction involves many people and companies. As a result, you must use technology to reach out and stay connected to these parties.
“It’s important to look at both the lifetime value of a borrower and how to strengthen partnerships with real estate agents,” said Tucker. “There are great post-closing solutions that offer valuable insight to the consumer while keeping the Realtor involved in the communication. Pick one and get it rolling ASAP.”
Use Big Data
Big data can be defined as “extremely large data sets that may be analyzed to reveal patterns, trends, and associations, especially relating to human behavior and interactions.” The days of doing everything manually are over. It’s time to rely on good-quality data.
“AI, big data, machine learning…it’s here and it’s widening the gap between those who use it and those who don’t,” said Tucker. “It can be a major asset in content creation, marketing and time efficiency. It can also be applied to a database to look for signals from the folks you should be talking to. It’s here to stay and will evolve fast.”
Offer Borrowers Convenience
You must use technology to make things easier for your clients. Don’t just think of technology to make your life easier.
“Having a repeatable and transparent process that enables borrowers to follow along during the transaction is essential,” said Tucker. “No different than Amazon, Uber or Domino’s Pizza, today’s modern consumer wants instant access to the progress of their transaction. Pair this with an online reputation management tool, and you can create happy customers who will tell the world how good you are.”
You don’t know what you don’t know. To be successful, you must know how every part of your business works and is performing.
“Project management and marketing management tools are also key,” said Tucker. “Creating your most important strategic initiatives, then tracking the progress and forming some accountability will help you thrive. There is so much compelling technology in this space to help you stay organized on high-payoff projects.”
Using your technology in these five ways will help you strategically grow your business.