October 1, 2013 by Kristine Garrett
What is customer loyalty? If you search this question online, you will find many definitions and opinions on how to cultivate it. BusinessDictionary.com defines customer loyalty as the, “Likelihood of previous customers to continue to buy from a specific organization.” How likely are previous customers to return to you for financial services? Do you have a plan to keep them coming back?
There are many ways to foster customer loyalty and most are not new. Here are five of my favorite customer loyalty tips to keep customers coming back.
- Make people happy. I love this quote by Derek Sivers, founder of CD Baby, “The single most important thing is to make people happy. If you are making people happy, as a side effect, they will be happy to open up their wallets and pay you.” Enough said.
- Provide superior customer service. Many times I have walked into a business and sworn never to return because of poor service. However, when I experience superior customer service, I become a brand advocate, spread the word and send referrals. Have you ever asked your clients how you are doing? Check out our blog post “What’s your client’s experience?” for tips on soliciting feedback.
- Do more than expected. George S. Patton, considered one of the most successful combat generals in U.S. history,1 said, “Always do more than is required of you.” Take the time to add personal touches: Send hand-written thank you notes, acknowledge birthdays and remember the little things—even if it’s as simple as if they prefer coffee or tea.
- Listen. Principle number seven in Dale Carnegie’s famous book How to Win Friends and Influence People is, “Be a good listener. Encourage other to talk about themselves.” In the financial services industry, this seems especially important. We must understand what clients need (for example, income or legacy planning) before we can propose a solution.
- Keep in touch. Create a client nurturing program to make sure you stay connected with customers on a regular basis. Nurturing not only helps you maintain and build client relationships, but it helps move customers from point A to point B in the buying cycle. To learn more about nurturing, visit our blog post, Nurturing Dos and Don’ts for Sales.
1 “George Patton. biography.” bio. True Story.. N.p., n.d. Web. 17 Sep 2013. <http://www.biography.com/people/george-patton-9434904>.
2 Carnegie, Dale. “Golden Book Principles from How to Win Friends and Influence People.” Dale Carnegie Training. Dale Carnegie and Associates, Inc., n.d. Web. 18 Sep 2013. <http://www.dalecarnegie.com/assets/1/7/GoldenBook_English.swf>.