3 ways to generate new business in 2021

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As Australia begins its recovery from COVID-19, and customers bounce back from the financial uncertainty of 2020, they’ll be looking for a trusted advisor, like their mortgage broker, to support them in navigating the latest changes in the lending market and to help them take advantage of record-low interest rates.

Here are three ways mortgage brokers can step up their business outreach to create stickier customers, generate new business opportunities, and drive referrals.

Create stickier customers by providing genuine support and service

Since many people’s financial and life situations changed during the pandemic – whether they suffered a job loss, changed careers, started renovations or had a baby– now would be a good time to reach out and offer a home loan health check.

During a 15-minute call, brokers can find out more about their customer’s current situation, update their files, and determine if they need assistance. It’s also an opportunity to softly pitch your business’s unique selling points and the perks of working with a broker – for instance, that you can help them find tailored solutions because you’re in constant contact with lenders and have in-depth knowledge and greater access to the various products available.

Not only will customers appreciate this follow-up service and feel like you genuinely care about them, but if you find them a better deal or help them sort out something they’ve been stressed about, they’ll likely refer you to friends and family.

Pro tip: Use this home loan health check eMarketing campaign via Mercury to easily segment your customer database and target those who’ve had the same home loan for three years or more.

Find new business opportunities by reaching out and listening

Through the home loan health check, you’ll likely discover new ways to serve your customers and generate business.

According to an October 2020 Finder survey, 1 in 3 Australian borrowers say they will refinance this year. By reaching out and listening to your customers, you might find they are one of those people. Based on research conducted by Credit Union Australia, many people are motivated to refinance right now to free up equity for another major purchase, such as a car or to fund renovations.

By all accounts, refinancing looks like it’s set to become a bigger share of brokers’ business this year and that could also lead to new revenue streams through asset finance deals.

Brush up on the basics by watching these Connective webinars, Refinancing: a path to growth and Refinancing: tips and practical resources.

Pro tip: Connective also offers resources to help brokers approach clients about refinancing, including email marketing templates via Mercury and social media content.

Provide great service, drive new referrals

By engaging your customer, educating them about their options, and providing them with excellent service, support and solutions, you’ll make a loyal customer, but how do you turn them into a referrer?

Sometimes you just have to ask and remind them. Here are a few ways you can leverage positive customer relationships to promote your business:

  • After the deal is done, provide them with a direct link to rate and review your business on Google.
  • Ask them to write a short testimonial that you can share on social media and your website.
  • Send them a quick survey and offer a reward for completion. You can use the results to generate positive buzz and content about your business. Plus, it’s a great way to get feedback.
  • Offer a small token of appreciation, such as a gift card, for every referral that generates a qualified lead.

Pro tip: Check out these other great tips on building your referral network.

In 2020, brokers learned the importance of strengthening their relationships with customers, being able to pivot and diversify their revenue streams, and articulate their value to customers.

Building off those learnings in 2021, brokers will be able to maximize the benefits for their customers while driving business growth.

Check out our learning and development program and register for our events on driving your businesses growth