Indeed, top originators set aside time to regularly contact past customers in a way that deepens their existing relationships. While these producers use CRMs to raise brand awareness, they understand that truly connecting with clients requires something more than a generic email. Many high-performing sales professionals reach out to their client base by calling, texting or sending video messages.
Personal Connections vs. Generic Outreach
Recent advances in marketing automation have made it easier than ever for sales professionals to keep in touch with past customers. With a single click, producers can send out emails, newsletters and social media content quickly and efficiently. Unfortunately, even the most targeted marketing messages are not enough to persuade a borrower to give a LO repeat or referral business.
Top originators are masters at nurturing their relationships with former customers. These sales professionals recognize that establishing a personal connection with borrowers is worth the effort, especially when it comes time for clients to purchase a second home or investment property. A personalized selling approach helps ensure that originators remain top of mind for borrowers shopping for home loans in the future.
While borrowers have access to unlimited information about home loans, they still want to work with people they know and trust. Need proof? According to recent research conducted by Stratmor, a whopping 87% of borrowers make a lender decision based on a referral or existing relationship.
Producers who make the time to personally contact their former customers are able to establish rapport and credibility that can’t be generated by an email or social media post.
While lenders and originators look ahead to the big-picture strategies that will sustain them in the year ahead, focusing on creating lasting connections with customers should be on everyone’s radar.
Why is this so important? Each borrower represents an implicit long-term value for the organization and the salesperson. Customer lifetime value is the customer’s total worth to an originator over the entire period of their relationship. It’s a critical metric because it costs less to keep existing customers than it does to acquire new ones. So, increasing the value of existing customers is simply a great way to drive growth.
Considering that a consumer uses a lender between 7 to 11 times in his or her lifetime, the stakes are too great for originators to ignore former clients.
Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.
