How to Gain Marketshare in a Soft Market

During periods of challenging market conditions, when the market seems to slow down and competition becomes fiercer, title companies must explore ways to expand their market share and maintain a thriving business. Embracing these slower times can offer hidden opportunities to establish a stronger foothold in the industry and forge lasting relationships with clients.

In this blog, we recap our recent discussion with Dr. Cindy McGovern, owner of Orange Leaf Consulting and a two-time author, about navigating slow times and key changes you can make to gain market share to come up on top. 

🎧 Prefer to listen to the podcast? Click here.

A Little Bit About Our Guest

Dr. Cindy McGovern, known in the business and sales community as “the First Lady of Sales”, is a personal branding expert and helps title companies grow their business. She and her team at Orange Leaf Consulting help title professionals evaluate their businesses, build strategies to catapult their growth, and then help with implementation. Her goal is to help people know the power they have in selling their brand.

Overview of Current Market Conditions 

Our market has shifted a lot the last few years;  from quiet quitting, to the great resignation, there’s been a significant amount of pivoting to adjust to the changing landscape. As Dr. Cindy put it, she believes we have in the “Great Rebrand”, with businesses shifting their focus more on people.

It has felt “wonky” for some time now because we went from going 95 MPH for the last couple of years and now it feels like someone has turned the faucet off. Now is the perfect time to get out there and develop and deepen those relationships. Once that faucet starts to turn on a little faster, you’ll have those pieces in place.

Recognizing the dynamic nature of the market and knowing how to pivot your time with give you the best return on time investment.

Is There a False Sense of Confidence Right Now?

Some companies are starting to feel hopeful again and experiencing some ticks up with order volume – especially those who have been proactive and looking to steal market share. The problem with that is a lot of times once the spring market starts, we start to ride that wave and stop being proactive. When this happens, sales is treated as something for when there’s not enough business in the pipeline. As Dr. Cindy points out, that false sense of security of the market bouncing back – it feels good but doesn’t mean you should take your foot off the gas

Getting your Ducks in a Row

When you invite people over for a party, you clean your house first. So if you start inviting new business in the door, you need to make sure your business is in tip top shape. Reflect on your processes and ask yourself:

• What’s working, what’s not working?
• What can you work with a vendor partner on?
• What are some areas that you’ve done for years but doesn’t make sense anymore?
• What are some technological advancements that can help? 

Unfortunately, businesses typically only ask these questions when it’s forced.

• What do we want to keep?
• What do we want to toss?
• What do we want to change?

A soft market is a perfect time to examine those efficiencies and inefficiencies and make changes right away rather than waiting until it’s mandatory.

Looking at Other Industries

Dr. Cindy encourages title companies to expand their comparisons and pull ideas as to what others in other industries have done to adjust to their own market challenges. For example, earlier this year, Netflix announced that they are getting rid of DVDs. This is a complete redirection from their original business model but a needed adjustment to stay competitive in their industry. Sometimes the original vision is not what your market is asking for anymore. 

Where Can Title Companies Start with Initiating Change? 

Start with your Strategic Plan 

This sounds simple but its easier said than done. A lot of times companies don’t have a proper strategic plan. Typically what people consider as strategic planning is looking at how much marketshare they are going to get, how much revenue they are going to bring in, and maybe how many new clients that means.

 A proper strategic plan analyzes your:

• SWOT analysis
• Current marketshare
• Available data in the market
• Staff and teams
• Succession Planning
• Month by month seasonality of your business

Share Your Strategic Plan with your Staff

Executing your business strategy is not just something that just happens in the C-Suite. If staff members at the junior level don’t know what the goal is this month, you are leaving business on the table, because they don’t understand how the score is kept so they don’t know what their goal is in reaching the score. Sharing a strategic plan with staff is essential to align everyone in the organization and create a sense of purpose and direction.

Share Successes and Wins

Let people know how important every role is on a team to reaching business goals. Share success stories and testimonials that highlight the collective effort of the whole company. Showcase examples of how each person’s role played a vital part in achieving specific milestones or overcoming challenges. This helps team members recognize the tangible impact of their work and inspires them to continue striving for excellence.

Sharing success stories not only motivates employees but also inspires other stakeholders such as customers and partners. It demonstrates the business’s ability to deliver value, achieve goals, and overcome challenges like a soft market. This can lead to increased customer loyalty, improved relationships with partners, and greater confidence.

Create a Sales Culture

This is a scary term for individuals outside a sales department. Creating a sales culture means everyone is dedicated to the same exact role of growth, they know the role they play on the team, and they know exactly what they need to do to execute to help impact the bottom line.  It involves clear delineation of responsibilities and a shared understanding of the specific actions required to drive results and positively influence the organization’s financial performance. By cultivating a sales culture, businesses can align their entire team towards a common goal, empowering each individual to contribute effectively and impact the bottom line.

How can Title Companies Stand Out?

The number 1 answer that Cindyreceives when she asks this to her clients is service. But customers are no longer looking for service, that’s the expectation. What customers want is an experience.  

People like to be entertained and treated like you’ve known them for years. That’s what makes sales culture so important because you might be that person who runs into that customer in the hallway, or running out to your car and holding the door for that person.

Create and Craft a Customer Experience

Make sure every single person in your organization knows they are empowered to create great experiences for customers and what they can do in their role to do that. You want to wow your customers before they get to the closing table.

• Understand painpoints and preferences
• Personalize interactions
• Engage and Educate
• Seek feedback

Your people are what set you apart. If consumers can’t tell you why your people are awesome, your ability to generate referrals will be limited.

How to Determine What to Invest in When Cashflow is Tight

When cash flow is tight, determining where to invest can be a challenging decision. However, strategic investments, even during lean times, can help position your business for future growth and stability. Sometimes that means making tough budget cut decisions when you have to invest in technology that makes you more efficient. You can keep patching the roof or you can skip vacation and redo the roof and you are good for 15 years. Here are some things to consider when deciding where to invest your limited resources:

• Assess your business priorities
• Identify areas where you can reduce costs or reallocate funds to free up capital 
• Explore cost-effective alternatives
• Keep operating costs low and scalable as possible
• Focus on revenue-generating opportunities

Key Takeaway

Navigating slow times and gaining market share requires a proactive and strategic approach, a focus on the customer experience, and a dedicated sales culture. Embracing the opportunities presented during challenging market conditions can lead to a stronger foothold in the industry and lasting client relationships.

Related:

📺 How to Grow Your Customer Base

📖 How to Make Your Title Company More Efficient

📚 Secrets to Growing Your Title Business