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
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THE IDEAL POST-CLOSING EXPERIENCE
1. 1-5 Days Post-Closing a. Closing gift or experience + copy of docs + handwritten card + customizable actions such as:
i. Move-In Day “Welcome to your new home”
1. Pizza delivery/party, wine (drink of their choice), branded tool kit, loaner/moving truck, LD doormat with customer’s last name
ii. 5 day post move in “How’s the new home?”
1. Housewarming party, taco truck
2. Custom gifts (know your customer/family), LD branded
3. Neighborhood Experience Kit (food, interests, kid stuff, places, pet)
4. Address Labels
know your Clients!
TAKEAWAY
Craft the ideal post-closing customer experience to delight our customer, thank them for their business, and create a path forward to a deeper, more connected relationship. Use the examples below to create your own awesome post-closing experience.
Retain customers and build a loyal relationship with them, and thereby avoid customer acquisition costs.
PRO TIP:
Maintaining and building on the bonds you already have with your customers will help you truly succeed in the future.
iii. Pre-move options “Are you ready for your big move?”
1. Moving boxes (branded), gift basket, etc.
2. 3-7 Days Post-Closing a. Business development call and follow-up email b. Key objectives:
i. Testimonial review follow up
1. Requested post approval in Loan Experience Module
ii. How to get Social Reviews
1. Request they share your business page + review of it
a. Connect with personal Facebook account if applicable
b. Personal brag post — share closing photo, fast close data, etc.
iii. Ask for referrals to grow your business
1. Including other Real Estate agents, CPAs, etc.
iv. Check-in with your customer
v. Look for leverage opportunities
1. loanAdvantage Opportunity (HR), Lender Express, etc.
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3. 30 Days Post-Close Call Plus Email a. First payment explanation process
d. Ask for referrals
b. Servicing - What to expect
e. loanDepot Customer Satisfaction Survey
c. Check-in
4. Continuation of IMPORTANT EVENTS (IE) workflow a. Important Events workflow begins at the application and customer intake. The point of this strategy is to intentionally engage with our customers when it matters. This can include new baby arrival, wedding, engagements, graduations, new job, anniversary etc. Know your customer’s needs, interests, and what is truly important to them!
i. Important Life Events (ILE) 1. Birthdays a. Day before (first to wish “happy birthday”) 2. Wedding Anniversaries
Strategy Objectives
3. Kids Birthdays 4. Customer Appreciation Events a. See Local Marketing Module
IMPORTANT EVENTS • Add value • Create action • Stay top of mind • Increase engagement • “We’re thinking of you”
5. Move-in-aversary 6. 6-month Mortgage Review Call 7. Community Events and Marketing Updates
5. Monthly Keeping in Touch a. Baseline Minimum - Monthly LD branded email campaign
i. Additional improvements
1. Send a physical mailer every 2nd or 3rd month
2. Postcards or brief updates on the business or personal life updates
3. Coupons to favorite restaurants
Ready to apply your knowledge? Take Module 8 Survey Assessment
Want to continue the conversation? Join Chatter Here
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