In my world, the importance of understanding your audience is vital. I think if you want to get the message across and have an impact on your customers, its crucial to prepare, relate and be authentic.

As a BDM I speak to a lot of brokers, who of course are my customers. I find it important to understand their business model, the break down in their customer segmentation, average LTV, and average loan size. With that time and effort to prepare, it gives me the insight I need to then provide the most relevant information to that broker. For example, if the broker deals with a lot of FTBs it’s important to emphasise the things we do to support FTBs, like our Shared Ownership, HTB or Joint Borrower, Sole Proprietor propositions. I would discuss our higher LTV products, as typically this segment of the market has lower deposit levels. In contrast, speaking to a broker who may have an average loan size of £500k dealing with high earning clients, would it be appropriate to discuss with them our acceptance of benefit income towards affordability? I would emphasise key criteria like our Interest Only proposition or the different types of additional income that we can accept.

In enabling an understanding of our customers, this then makes us more relatable and engaging in our conversations. It then helps provide positive outcomes for both parties and the opportunity for repeat business. We all know ‘know your customer’ from a compliance point of view, but how many of us delve deeply into our customers? Are we attracting customers from one segment of society, and if so, why? Perhaps our business model is aligned to attract certain demographics or income levels? Do we have a process to constantly review customer engagement? Do we review our marketing or where we advertise and is this done tactically? Are we missing out on specific customer groups?

There are a lot of questions there, but ‘know your customer’ is designed to get us all to think about how well we know our customers. How we are attracting them and once we have, how well we engage with them. For me, all of this means nothing unless we are authentic in our approach and we have the customer at the forefront of our decisions. With purpose, we could support many customers in fulfilling their dreams of homeownership and help those already in homes, potentially save them money or support them on their journey to build property wealth.

Let’s all go out there and get to know our customers