It’s common for business professionals to focus their resources on acquiring new business, but new doesn’t always mean better.
Everyone knows that a business needs a steady flow of lead generation for them to grow. What industry professionals often forget is that it is five times more costly to gain a new client than keep a current one, a company must also focus on customer retention, or they will not be able to grow due to losing more customers than it gains.
A successful business will put maintaining positive customer relationships at the core of their business strategy. Creating a strong customer relationship requires time and effort to build, but when done correctly, the rewards can be astronomical. An Independent Financial Professional that focuses on developing a positive relationship with a client can lead to increased word of mouth and, most importantly, a loyal customer.
A good client relationship is essential to your business because it will help you better identify your customers’ needs and keep them from jumping to another Financial Advisor when the opportunity is presented to them.
As a Financial Advisor, you’re running your own business and should know how important it is to keep current clients happy so that they will share your company with their friends and family. To keep clients feeling valued and cared for, you must keep them engaged; this happens through relationships. Focusing on creating a deeper relationship with clients rather than closing the deal with them and then disappearing will help you build a thriving business in the industry that is here to stay, and will also help differentiate you from your competition.
Like a personal relationship with a peer, you need to communicate with one another to build a successful relationship. Make sure you are consistently reaching out to clients. With every client, your goal should be to create a continuous line of communication, meaning that you are reaching out to the client not just during the process of implementing their plan, but after.
To improve client communication, you should understand how your customer prefers to hear from you. Segmenting your customer base is another useful communication tool. Customer segmentation will allow you to tailor communication, making it more specific and relevant to your client.
Your client should never have to search around to learn about changes within the industry or your business. It would help if you made this information available in various places by communicating it on your social media or email.
Being proactive when communicating with customers is extremely important. For example, if you know what your company is rolling out new changes soon, reach out to your client to give them a heads up, they will appreciate it.
Focus on the Client
There are countless financial advisors that your client can choose from, treating them as more than just a sale is going to help enforce that you genuinely care. Make the customer feel unique and valued by getting on a first-name basis with them, asking them about their children or grandchildren, and keeping up on their latest travel ventures. Become more than just their financial advisor, become a peer that makes them feel known and heard.
Ask for Feedback
Allow customers to give you feedback. Feedback from your clients will enable you to identify their needs better. The more able you are to provide adequate solutions, the more you will stand out from the competition and the better your business will do. Sending out surveys, follow- up emails, and creating paper feedback cards are great ways to gain insights. Your feedback might be positive or negative, but make sure you listen to what your client is telling you and respond promptly.
Connect with the Client
Today, with the use of technology, there are countless channels available that make it easy to connect with customers. Social media outlets like Facebook, are a great platform you can use to engage with clients. One thing to be cautious of when using social media is to make sure that you are not creating a one-way conversation. Be sure to also engage with your client by asking them questions and responding.
The best way to form a close business relationship is through personal interaction, for example, a face-to-face meeting. With in-person interactions becoming challenging, you can turn to screen recording apps to create exclusivity with your clients. A screen recording app will allow you to email a video message of yourself to your client. Some popular free ones include StreamGuru, Snagit, Camtasia Studio, and Icecream Screen Recorder.
Whatever stage your business is in, going that extra mile with customers will pay off. And it is important to remember that relationships don’t become built overnight; they take time.