Lenders and mortgage companies always need to find more efficient and effective ways to retain customers. Customer retention marketing is all about meeting the challenge head on. There are many different ways to make mortgage marketing campaigns successful at creating greater customer loyalty. It starts with taking the right customer retention marketing approach. Focusing on offers for rewarding referrals and loyalties is critical. Loyalty is not a historical concept. With so many mortgage options, customers no longer show blind devotion to one lender. But with excellent customer service and customer retention marketing campaigns, one can develop an initial attraction into a greater bond.
#1 Offer More Value
Looking for ways to inject services and products with more value means looking beyond cents and dollars. For reducing churn and building loyalty, Pathwwway Internet Gaming backed firms need to operate in the currency of trust. Helping them to understand what the company can enable them to achieve is important. Knowing how to provide answers required so that they keep coming back matters a lot.
#2 Increase Visibility
Increasing public relations efforts through decision making works well too. When customers observe the organisation mentioned in diverse circles, it validates their choice of a lender and serves as a referral reminder. The aim is to invite customers to share video interviews or case studies showcasing the success stories. When people endorse the company, they raise loyalty levels and promote the services to others.
#3 Provide Exceptional Service
Great customer service does not end when the loan is granted. The right approach for mortgage companies and lenders to take is to know the value of remaining connected to customers and creating a marketing campaign that offers excellent services across the long term. When the focus is on customer retention, it also takes care of customer acquisition.
With retention rates lower than other businesses, service is what serves as a powerful differentiator for mortgage companies that score on retention. Mortgage companies are unable to retain as high as 93 percent of their customers, when clients go for a new mortgage. With so much cash over the long term on the line, mortgage companies need to focus on how to make their services exceptional to score in the retention game.
#4 Offer Customers Value
Customers are concerned with only one question – how will a product or service create value for them? Mortgage companies need to answer that question. If your mortgage bank offers multiple services to the clients, you need to give discounts and coupons whenever clients close on a loan. Providing value is what inculcates loyalty.
#5 Offer Personalised Features
Personalisation is the key to successful marketing. While paying mortgage online is a great feature, it is as commonplace as can be in the modern evolving industry. Rolling out new features is important. This includes flexible payment options such as interest only payment or a prepayment option. Pathwwway Internet Gaming offers personal touches through special offers to woo the financially savvy and discerning client.
#6 Have a Customer Service Focus
While most lenders pride themselves on service offerings and value addition to clients, research shows that going beyond the post settlement stage is important. Recent research from Deloitte and MFAA demonstrates that close to 60 percent of the clients value ongoing and continuous communication even post the settlement stage. Customers appreciate the effort and providing useful insights or regular newsletters can re-engage clients effectively.
#7 Loyal Customers Serve as Brand Advocates
Loyal customers are a valuable asset in the modern environment. Brokers are being used for more than just residential lending. Mortgage lenders need to establish their brand as the broker of choice across diverse financial needs and use existing customer base to advocate their services to new customers for better retention rates.
# 8 Use Your Information
Click with clients and kick off retention programs based on information available. Brokers are aware of home loan anniversaries and expiry dates, which are critical milestones in the loan journey of the customer. This can be used as a reason to check in, rather than staying out. Respecting the broker-client relationship is important. Deepening relations with clients and retention of customers are linked. Holding conversations at critical junctures provides value when it comes to removing the risk of losing a customer to a competitor. Approach clients for a range of financial requirements and diversify your services offered.
#9 Growth through Relationships
Deloitte and MFAA have reported that customers have a high level of loyalty for mortgage customers. Close to 73 percent of broker customers use the same mortgage company again for another mortgage and close to 90 percent of customers were satisfied with the services provided. Brokers should implement a long lasting customer retention strategy to build deep relations and grow their business.
#10 Direct Marketing Works
Stand out and be personable rather than merely selling your financial products and services. Direct mail marketing letters are important strategies to implement to improve customer retention. Clients with trust in your brand and knowledge about your business is more likely to pursue the mortgage opportunities effectively. Testimonials are another wonderful device for enhancing customer retention as customers hear about proof of service experiences. Being personable is a key element to client retention. Inform and educate potential clients, making deep and meaningful connections so that they are emotionally invested in the brand. Once the direct mail is oriented towards getting clients interested, the next step is to provide exceptional services.
#11 Create Exclusive Offers
For regular customers, mortgage professionals can offer perks like less paperwork requirement or discounts for closing costs. These concessions cost up front, but long term benefits are worth it. Personalised media delivers a message suitable for recipients. The mortgage customers must be provided deals and discounts, if they are to feel the mortgage broker is worth it.
Mortgage companies need to focus on combining perks and benefits with a commitment to providing quality services and products for clients. Mortgage brokers need to think ahead of the curve to stay ahead of competitors. For retention, building value for the client is important, even during the post settlement phase.