08 MODULE
RELATIONSHIP for Life
This day and age, transitioning a “transactional” relationship into a real relationship takes tremendous effort after the closing of a loan. Gone are the days of generic monthly newsletters and eBlasts of someone’s cookie recipe. Today, extreme intentionality must be placed into efforts to deepen a connection with a customer who may not need your services again for 5-7 years or perhaps never again. This creates an opportunity to develop a plan to create stickiness and referral business from past customers.
FOOD FOR THOUGHT
What activities are you currently practicing to build client relationships that last post-closing?
Customer Aquisition vs. Retention costs
5X It costs five times as much to attract a customer than to keep an existing one
5%
Customer Retention
25-95% 60-70% 5-20% Profit
Increasing customer retention by 5% increases profits by 25% to 95%.
Existing Customer
New Customer
The probability of selling to an existing customer is 60-70%, while selling to a new prospect is 5-20%.
Source: https://www.invespcro.com/blog/customer-acquisition-retention
showup:evolve
30.