Promoted by RedZed
Customers are the most important part of any business and they need to be nurtured. Get these three things right and you will be well on your way to protecting your most valuable asset, writes RedZed’s head of customer experience, Angelo Klidomitis.
Consistency is key
Consistency is an essential ingredient in successful companies. Even businesses that don’t provide an exceptional product or service can be highly successful by being consistent.
For example, supermarket disruptor Aldi have strategically implemented a low service model to keep the costs and their prices lower than their competitors. The stock is in boxes on palettes, nobody packs your bag, and the lanes open and close every few minutes. But we know that when we shop there. Those things are consistent, and we accept them because we are happy to get the value back with cheaper groceries. That is the value exchange.
Irrespective of where you are on the value chain, it is important that you are consistent when delivering your brand promise. You may provide the cheapest rate, but that means you may not get back to the client for more than a week. On the other hand, a broker who is happy to take calls at any time of day may charge a premium to match the service they provide. Consistency is about having clear customer journeys and meeting expectations.
Build a professional relationship
Not every customer wants a long-term relationship with you. Some just want to get their home loan and move on. But brokers need to be able to quickly evaluate whether the customer they are working with wants a transactional relationship or a long-term one.
The finance industry is built on trust. Developing strong connections is an essential part of running a successful financial services business. Doing the right thing by people consistently is always a good way to operate.
Many brokers who not only survived the global financial crisis but thrived were those who had formed strong relationships with their customers and referral partners. Those relationships take effort to maintain. It is a commitment with no guaranteed outcome. But those who put in the time get the outcomes, particularly when times are tough. The diligent broker that is looking toward the future puts in the time to build strong relationships.
Adding value means exceeding expectations, doing that little bit extra for your customers. It is ultimately what separates a transaction from an ongoing relationship.
At RedZed we really value customers who keep coming back to us. When we ask them why they returned, they usually explain how we were able to deliver a solution that others were unwilling or unable to provide. That might be the ability to deliver faster turnaround times or suggesting solutions available from another lender that better suits their needs.
Remember, a loan is a point in time. Most brokers and lenders measure their success by how many loans they write. But the real secret to long-term success is your ability to add value. Going that extra mile and demonstrating your commitment to the customer outcome, sometimes at the expense of a short-term personal gain builds trust and delivers genuine value. Clients always remember their experience and the return business and word of mouth benefits of this approach always pay long term dividends.
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