Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

One quick and easy way to boost referral business

Emma Ryan 4 minute read

A leading aggregation group has identified how brokers can easily increase customer referrals.

eChoice national sales manager Blake Buchanan said eChoice brokers who utilise SMS contact at key stages in the customer life-cycle increase both the quality of their client relationships and the quantity of referrals coming in.

“Establishing a feedback tool that isn’t too onerous for customers to react to is the key for brokers to understand the client experience – and determine ways to improve it,” Mr Buchanan said.

“This contact creates an immediate emotional trigger, resulting in a response and then ultimately leading to a significant increase in the number of customer referrals for those brokers.”

Advertisement
Advertisement

Mr Buchanan said SMS and hand-held devices are making customer touch-points easier, noting that the shift from email to SMS has seen response rates increase by 4.5 times.

“This is a clear illustration that brokers who don’t utilise this simple everyday technology to ask for client feedback may never realise what they are missing out on,” he said.

“Brokers should never underestimate the power of making at least one post-contact communication to clients.

“This emotional trigger for customers makes them think about our broker and their relationship with them – and as our figures show, leads many to refer their broker to others.”

From July to December 2015, eChoice reported a Net Promoter Score (NPS) of just over 33 per cent based on contact made at various stages of the customer life-cycle – above the average of -6 per cent for the financial services industry.

PROMOTED CONTENT


Mr Buchanan said the NPS can be used as a “full cycle feedback loop” for brokers wanting to improve their businesses through smarter database segmentation.

“Shrewd brokers should be using the NPS as a business tool to identify those customers that are the ‘champions’ of their business,” he said.

“By doing this they can focus their energy on asking for referrals or assistance through word-of-mouth recommendations, testimonials and online reviews.”

[Related: Young broker turns Facebook into lead generator]

One quick and easy way to boost referral business
default
TheAdviser logo

default

 

more from the adviser
mario rehayem Pepper to 'widen' product and channel following IPO

The non-bank lender has revealed it will expand its product and c...

NAb building logo NAB sees applications rise 45%

The major bank saw a 45 per cent increase in mortgage application...

interest rate Citi reduces variable rates

The non-major bank has reduced variable rates by up to 20 basis p...

FROM THE WEB