Add to that the amount of consumer information that exists in the public domain and it equals a more challenging environment for the traditional broker of mortgages and financial services.
Consumers often do their own research and have a good idea of the type of product they want. Thankfully many still appreciate the reassurance that a professional can give when making a major financial purchase.
However, many people can see a broker just like a new car salesperson, i.e. “I know I want a Ford Mondeo. I just need someone to help me with the options, colour choices and the paperwork”.
Increasingly these customers are ‘rowing their own boat’ either because they don’t see the value of advice, think they haven’t got time, or they don’t have a strong enough relationship with a broker to return to them.
This might all sound a bit depressing, but I have good news. We all have a fundamental need to be in relationship with others and often rely on advice.
So if your business relies on repeat sales and referrals here are some reminders:
• Ensure your CRM/diary system has regular shorter term reminders to contact customers, not just when the deal ends
• Stay connected using social media (Facebook/Twitter/LinkedIn) – it’s a low cost, low effort way to stay in customers consciousness – consider a separate social media account for your business
• Find an excuse to reconnect just for the sake of it. A short phone call/email/note to say “how’s the new house/extension/job” – I can’t emphasise how powerful this can be
• Send birthday cards/electronic greetings
By being mindful that customers really do want to have a relationship, you can avoid falling into the trap of being over transactional, building long term customer retention and referrals.
Peter Welch is intermediary director for MyTouchstone
