February 16th, 2017
There’s an old adage that goes “your existing customers are your best customers.” Generally speaking, it costs a lot less to generate repeat business from an existing client than it does to locate a new one – so it makes sense to do all you can to keep your customers loyal.
Client retention strategies are therefore very important to your business. It pays to find ways to constantly connect with your existing customers and keep yourself top-of-mind. Here are a few strategies you can use to build solid, long-lasting relationships that not only keep your customers coming back for more, but also keep the referrals rolling in.
For a mortgage and finance broker, the delivery of exceptional customer service from the very first point of contact is the key to making an impression that lasts. Quality customer service creates a trust bond between you and your customer that translates into long-term loyalty and can often turn your customer into a salesperson for your business.
Long-term loyalty means ensuring your customers remain confident they have made the right decision to choose you as their personal mortgage and finance broker. People are essentially ego-driven and constantly being reminded of their smart decision to secure your services will make them feel special. A consistent stream of testimonials from your happy new customers is a great way to remind your existing customers of your value.
If you want to ensure your clients appreciate you, then it is a great idea to remind your clients of how much you appreciate them. You can go about this in a variety of different ways, according to your business model, but one thing that always ensures your customers feel appreciated is remembering their name and all the important information about their personal situation and family as though they were a close friend.
Of course, no one can remember the details of each and every customer when you have hundreds or thousands of them in your database, so be sure to keep detailed notes about your customers in your CRM to facilitate a sense of familiarity and friendship. Connective’s Mercury software allows you to set automated tasks so that you are reminded of when to contact a customer. It also allows you to attach detailed notes to your customer file that will remind you of what to say to them when you call.
Offering other services to your customers is a great way to retain their attention, add value to your services and further develop your ongoing relationship. For example, talking about insurance during your original transaction not only helps to fulfil your Responsible Lending obligations, but shows your customers that you care about their financial well-being. If you can actually sell your customers a policy, the annual renewal gives you another reason to get in touch with them and also provides an additional revenue stream.
Asset finance services have also proven to be an excellent customer retention tool for many brokers. Home-buyers often want a lovely new car to grace the driveway of their new home and making this dream come true could help to position you as the hero.
You can also add value by encouraging your referral partners to provide your customers with special discounts, promotions and offers for their services. Another idea is to provide financial educational information to your customer’s adult children, or perhaps you could organise free seminars about financial management or property investment.
Offering to help your clients formulate a property investment plan gives you a foundation for following their progress and staying in touch over a longer period of time. If you impress upon your customers that your ongoing role is to help them build wealth for their future, you can help them to formulate a plan that includes times when they should get in touch with you for further assistance.
It is also important that you stay on top of the customer’s current loan. If their lender increases interest rates, review your client’s loan and see if there might be a better deal for them. If they have had their loan for a while and there could be a more cost-effective alternative, get in touch and let them know. Even if there is not a better deal available for them, let them know that you’ve stayed on their case and that you are monitoring the situation.
If you require more information about customer retention strategies – or would like to join an aggregator that supports you in implementing them, then don’t hesitate to get in touch. Connective makes customer retention easier by including a fantastic CRM within Mercury, provided with your flat monthly fee at no additional cost. We’re also happy to discuss your own customer retention ideas and tell you how Mercury and our expert Broker Support Managers can help. Click here.