The old saying: “It’s easier to retain a client than to acquire a new one” is now more important than ever. Research by PriceWaterhouse Coopers into Client Retention found that: “Finding a new customer costs from three to seven times more than keeping an existing one, and for many large companies, up to 95% of profits come from long-term customers.”
So how can RP Data help you become a trusted adviser and thus retain your clients and improve your bottom line?
Here are some ways to increase client retention:
- You may already keep statistics on how many loans come back to you for refinancing. If this number is low that it may be costing you more than you realise. Use the Property Monitor tool to tag properties owned by your clients. RP Data will provide you with alerts when there is listing, sales and rental activity. You can then use this as an opportunity to proactively speak to your client about re-financing options and understand their current requirements.
Comparative Market Appraisal (CMA)
- The CMA can be used for many value-added services:
- Support Direct Marketing efforts to existing customers by attaching a property report to a letterbox drop
- As part of customer contact strategy, providing clear market and property information
- Encourage clients to complete your feedback survey with the offer of a free CMA report on their property
- Ask your existing clients to ‘recommend a friend’ and offer them a free CMA report to both parties.
Stay tuned for more great tips next week!