We all hear about it. We all know we should do it, but why is client retention so important to us as professionals?
We get a client, we want to keep them…for the long-term. After all we earn trail income from them; we don’t want to lose that by letting them go to someone else.
Let’s have a look at some industry facts:
- Client loyalty is low
- Clients will jump ship for a better deal if they think they can get one
- Clients forget about us
- Fall off is increasing every year
So it makes sense that we should do something about educating and keeping our business “top of mind”.
Have you ever stopped to figure out what your clients are worth to you over the lifetime of your business? If you work it out, it can be anywhere from $15,000 up to $50,000 per client over a 20 year period.
It makes sense to do all that you can to keep your client and encouraging campaigns for referrals to their friends and family.
As finance professionals, we want to:
- be top of mind,
- stay in touch,
- reduce drop off,
- increase referrals, and
- educate our clients to come back to us, not to shop around for a better deal.
How do we do this and improve our client retention?
Here are a few ideas:
- Post out a quarterly newsletter to stay in touch and keep them educated
- Send articles of interest to your clients
- Keep them posted on interesting updates in the finance and property industry
- Sell other products to them. Did you know that by cross-selling another product or service improves your client loyalty by 69%
- Get them involved in your business
- Reward them for their loyalty and referrals
- Educate them through workshops and seminars. The more they see you the more they will remember you and refer to you
- Do annual loan audits and make regular contact
Everything little bit helps and not all of these strategies have to come at a high cost.
Thanks for reading.
Your Client Matters
PS: When you join our program, we will give you 1 new client campaign every single month to stay in touch with your clients, to help build loyalty and get your phone ringing.
If you want to know more about a multi-layered communication strategy, you can contact Deena at Your Client Matters on 1300 926 000 or visit www.yourclientmatters.com.au.
Notes from the editor:
A great client retention feature you have access to is RP Data’s Property Monitor. This feature within RP Professional lets you monitor and receive alerts when properties are listed on the market. Watch a quick 2 minute video on how to set up your alerts!
Register for free online training with our training specialist today or call 1300 734 318 to speak with an RP Data consultant.