You’ve heard of the analogy of being a “Big Fish in a Little Pond”, right?
But, how familiar are you with creating your blue ocean strategy and how it applies to you as a mortgage professional?
The blue ocean strategy is the simultaneous pursuit of differentiation, opening up new markets and creating new demands. It’s about creating and capturing uncontested market space, thereby making the competition irrelevant. It’s based on the view that mortgage market boundaries and structure are not a given and you can reconstruct the current mortgage market by your actions and beliefs. Blue Oceans are not defined by Realtor referrals nor are they defined by mortgage interest rates or homebuyer cycles.
Red Ocean Strategy is all about competition. Red oceans are basically the current and traditional mortgage markets. Marketing to realtors, your sphere of influence and chasing the new home buyers. Red oceans are the ‘known’ market space – boundaries are defined, accepted and the competitive rules of the game are already known. Here mortgage professionals try to outperform and grab a greater share of existing demand (Realtor Referrals). You and your mortgage products become commodities, leading to a cutthroat or ‘bloody’ competition. Hence the term red oceans.
Blue Ocean Strategy creates new demand. Blue oceans, in contrast, denote all the new untapped industries – the unknown market space, untainted by competition (Divorce Lending Market). In blue oceans, demand is created rather than fought over. There is ample opportunity for growth that is both profitable and rapid.
In blue oceans, competition is irrelevant because the rules of the game are waiting to be set. A blue ocean is an analogy to describe the wider, deeper potential to be found in unexplored market space. A blue ocean is vast, deep and powerful in terms of profitable growth.
What outcomes does the Blue Ocean Strategy produce? Creating blue oceans is non-zero-sum. Meaning there is ample opportunity for growth that is both profitable and rapid.
As a Certified Divorce Lending Professional (CDLP) you can create your own blue ocean where your mortgage competition is irrelevant. There is no need to chase Realtor referrals in a red ocean where you are a commodity trying to one-up the competition.
The more you focus on coping with the competition, and striving to match and beat their advantages, the more you ironically tend to look like your competition. With Blue Ocean Strategy, you STOP LOOKING TO THE COMPETITION. Value-Innovate and LET THE COMPETITION WORRY ABOUT YOU!
The Divorce Lending Market can be your Game Changer!
Visit www.GetCDLPCertified.com today and create your own Blue Ocean!
Is the Divorce Lending Market YOUR Blue Ocean? How does the Blue Ocean strategy apply to you as a mortgage professional? Make your competition irrelevant in the mortgage market as a Certified Divorce Lending Professional (CDLP).
The refinance craze will end soon, as it always does. What will be your strategy once it’s over? Will you continue to swim in the Red Ocean or will you be ahead of the game and already building your Blue Ocean and making the competition irrelevant?