Taking out a mortgage is one of the most important and expensive loans that a person can commit to. Not only do these loans shape the way you live your life, for most of us they are the biggest financial commitment we make.
For that reason, trust is a massive part of the sales process. Once a customer trusts you, it is essential to keep building on that in order to retain clients. To keep up with a competitive marketplace, it’s essential that mortgage lenders don’t take their foot off the gas as soon as the mortgage papers are signed.
Here’s our take on how to maximise loyalty and keep your customers as a mortgage lender.
Offer a personalised service
Since a mortgage is such a big commitment, people want to feel listened to and understood. For them, this is a very individual and personal decision, so they want to feel like you really understand their personal needs.
Although a mortgage broker might see the same issues, cases and papers day in day out, for a customer this is a unique experience that holds a lot of weight. The best way you can support them through the process is by adding value in a personal manner. This might mean delivering flexible payment options, special offers or assigning an account manager who they can touch base with when they need to. To maximise loyalty, it’s crucial that you offer a personalised service.
Deliver value in an authentic way
This seems like an obvious one – of course adding value will maximise loyalty. However, the issue is that a lot of your competitors will be able to add value too, so it’s essential that you really point out the ways that you can offer multiple services and benefits.
A great way to do this is with a loyalty platform
that places all of their benefits in one place. This way, the client not only gets the basic level of service, but they can see the ways that you’re adding value above and beyond just offering them a mortgage.
Focus on personal relationships
We all know that people buy from people, and in the same sense people stay with brands because of the service they receive. After building the initial rapport that helps to make the sale, sometimes mortgage lenders can cool off and stop staying in touch with customers.
This can have terrible effects on the loyalty process, especially when the time comes around to remortgage. If a customer has no real connection to your business or no face to put to the brand, then you will struggle to keep them. After all, the average mortgage lasts for 25 years
, so keeping in touch throughout the process is essential in order to keep that personal connection.
Provide exceptional service
The good news for mortgage lenders is that if you do provide exceptional service you should be able to keep your customers. That’s because the mortgage customer retention rate is a lot higher than with other industries – mainly because it’s such a big investment and such a faff to edit at a later date. That’s perhaps why 73% of broker customers use the same mortgage company again, according to Deloitte.
By providing exceptional service to your customers, you make it highly unlikely that they will move away. For mortgage lenders to maximise loyalty, offering a standout service can be the difference between retaining customers or not.
Ensure that your loyal customers become evangelists
In the mortgage world, referrals are still one of the best sources of business. Therefore, if you can turn your loyal customers into promoters of your business you can really maximise sales and boost loyalty.
By becoming the broker of choice, you’ll be able to create a level of trust before you’ve even begun. Ensuring that you get customers to recommend you is a great way to win business and boost loyalty.
Do you want to increase customer loyalty and boost retention rates? Why not take a look at the range of bespoke solutions we offer brokers?