Becoming the most popular brokerage in town!
Becoming the most popular broker in town means you have clients coming to you even when you are not spending money on advertising. How? Client loyalty!
What is client loyalty?
It's an ongoing positive relationship between a client and your business. It's what drives repeat business and prompts existing clients to choose your company over another broker or direct insurer.
Client loyalty is not about a single product or service. It comes from having positive interactions over time that build trust and can withstand the occasional negative interaction.
Why is client loyalty important?
First, loyal clients cost less to keep than new ones.
Second, being loyal means, they will come back for more. Repeat clients tend to spend a larger amount of money on your services because first-time buyers often don't know if they can trust you. Hence, they're not willing to take any massive risks with their purchase.
Thirdly, loyalty helps you earn their trust and endorsement to their network, which means that not only do these people reach for their credit cards but also act like walking ads!
Client loyalty programs start with a client-focused company culture since you need to build trust with them. Hence, they continue supporting you through the ebbs and flows of market trends over time.
Here are some ways you can build meaningful relationships with your clients and create lasting loyalty:
Share Your Values: Show that you care about more than just the bottom line. According to a study by Edelman, two-thirds of clients now buy based on beliefs.
Exceptional Service: Client experience is about the entire journey with your brand, make sure it's memorable.
Activate your most loyal clients: These people will become your brand ambassadors out in the world. You should engage with them often. Perhaps surprise existing clients with unique gifts to thank them for their loyalty, a strategy known as "surprise and delight" that can help increase retention and cultivate faithfulness.
Connect with them on a different level: Community forums are a great way to do that. Share tips and tricks and nurture the relationship by providing additional support and resources. These can be in person or virtually.
Ask for feedback and use the feedback to continue to improve your service: Remember to let your clients know that you have heard them and make a few changes to enhance the experience
To connect with us, head to Broker Base.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Broker Base.