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TMPE16: Tips for mortgage brokers – How to remain relevant in the digital age

by: Hannah Uttley
  • 09/11/2016
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TMPE16: Tips for mortgage brokers – How to remain relevant in the digital age
‘Be experimental' was the key takeaway point for brokers listening to a talk that explored the threat of technology during the 2016 Mortgage and Protection Event held in Newcastle.

Speaking to delegates, Coreco managing director Matt Lowndes warned that in a world of changing customer demands and expectations, the worst a broker can do is sit by and do nothing.

We’ve selected some of the top tips shared on the day.

Map your customer journey

Lowndes explains that Coreco chose to employ an intern to map the firm’s customer journey while also looking at the technique employed by its competitors. This helped Coreco realise where they were excelling and the areas they weren’t doing things right. “You don’t need to have lots of money, even if you’re a one-man band. It’s something you should definitely do, and it’s the best money I’ve spent at the firm,” he says.

Listen to employee feedback

After speaking to employees, Coreco decided to implement Live Chat on its website. “Sometimes the customer wants to sit in private and they don’t want to be overheard on the phone. If they can speak to a broker while they’re doing another task, then that’s probably a good thing for your client.”

However, he explains that a new employee was concerned that she wasn’t getting enough face-to-face client business. “In a six-week period during the summer holiday we decided to run a competition to see how many face-to-face meetings we could get. But I decided to throw in a curveball to see how many brokers could get a selfie with their client. Everyone thought this would be unprofessional but brokers ended up getting over 40 selfies with different customers and really enhanced interactivity between the client and adviser.”

Make sure you can be found

This means making sure you’re searchable and accessible through a number of channels, but in particular online. Lowndes explains how Google is the number one way most consumers searched for products and services, meaning it was vital that brokers details were registered correctly.

Get client feedback, especially those that don’t choose your business

Use tools like SurveyMonkey to find out what clients think of your business, and ask those that don’t transact with you why they chose not to, says Lowndes. “We regularly send a survey out to would-be clients asking, why didn’t you choose us?”

But also get clients to review their experience with you, he adds. “Make sure customers can see those reviews, because peer recommendation is huge.”

Make a customer a client

“I don’t think you can call a customer a client until you’ve done repeat business with them, so make sure they’re more than just a customer. You’ve got to work hard to acquire them, but that’s what brokers are great at.”

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