There are still a lot of unknowns about the post-Covid mortgage market. As a result, many advice firms are uncertain how to gear up their business for the future.

The challenge, therefore, is figuring out the best ways to set themselves apart from the crowd and gain an edge over the competition.

Clear goals

Firms should start by making sure that all staff have clear and achievable goals. Effective communication will play a large role in implementing this, which entails hosting regular review meetings and providing updates on progress.

Understanding each client’s needs is vital to outpacing the competition

Brokers also need to understand the firm’s overall goals so that they are clear on the direction the business is taking. Agreeing on certain key performance indicators (KPIs) can help here because they can ensure that everyone knows what the firm’s goals are and whether they are being achieved. KPIs are typically based on revenue growth, but other indicators, such as working capital, can also be a guide to the health of the business.

Customer experience

Understanding each client’s needs is also vital to outpacing the competition, and that includes identifying and rectifying any potential weaknesses in the customer journey.

Customer surveys can shed light on important metrics, including engagement rates, as well as the likelihood of referrals and other key insights that can help to give firms a sound understanding of their client base.

Revenue analysis is key. Having a clear picture of the firm’s typical — and most profitable — customers will enable it to strengthen its marketing, proposition and training, and give it the best chance of developing a successful overall strategy.

Cost saving is an equally important consideration, and firms should implement digital tools such as online portals to help in this area.

Customer surveys can shed light on important metrics, including engagement rates

The challenge, however, is achieving these goals without support. Guidance from others in the industry, such as distributors and trade bodies, will strengthen a firm’s chances of thriving in the post-Covid market.

Bespoke strategy

It is vital that advice firms take time to examine their business model, their marketing and their customer base to identify room for improvement. They can then create a bespoke strategy to reflect their priorities and vision.

This will also enable them to recognise opportunities to do things differently or step into new areas, which can further solidify their place in the market.

Above all, advice firms need to stop, reflect and refine their business model to set themselves up for the long run and protect against future unknowns.

Having this level of foresight is the best way to gain, and maintain, an edge over the competition as the market continues to evolve.