Why Satisfied Clients Bolt

The sale merely consummates the courtship.  Then the marriage begins.  How good the marriage is depends on how well the relationship is managed by the seller.”

That was written by Theodore Levitt – Former Editor of Harvard Business Review

The key is not how satisfied are the clientsits how many satisfied clients you keep.  And in today’s competitive marketplace, providing great service isn’t enough to produce a lifetime of referrals.  if you are not getting all the referrals you deserve, keep reading and discover why satisfied clients bolt, costing you an ongoing stream of business.

Why Great Service Isn’t Enough

Recent consumer behavioral research shows satisfied clients don’t always make loyal clients.  Satisfaction is necessary but not sufficient for loyalty; its loyal clients who stimulate referrals from promoting your services to others by word-of-mouth.  There seems to be confusion between satisfaction and loyalty.  When you consider loyalty, there are two facets.  First, your client is satisfied by your service and secondly, they express to others their satisfaction (word-of-mouth).  It’s when both facets are present you have loyalty.

Client Experience Management

Loyal clients provide ongoing business, are more profitable and cheaper to serve, and are willing to promote your services to others.  Simply put, loyal clients are completely, not merely, satisfied.  Of course, satisfaction begins with delivering exceptional service and managing the client’s experience.  it’s why it is important to establish a relationship with a loan officer who can meet and exceed your client’s expectations because it will in part reflect on you.

Client loyalty increases when you positively surprise clients.  For instance, I send a gift basket to a client when his or her loan is approved and again when the loan closes.  Many times the client treats the first basket as their closing gift and then they arepleasantly surprised when the receive another, larger basket when the loan closes.

Additionally, client loyalty increases when there is more than just an economic link.  Many Realtors and Loan Officers stop servicing the client after the point of sale, yet there’s your opportunity to extend the client’s experience and develop an affective link.  I create an affective link with clients using my after sale campaign – Because I Care.  This includes Birthday Cards, Anniversary, New Years, etc.  Its an affective link that creates an attachment between the client and me.

Client satisfaction isn’t enough to generate a lifetime of referrals.  Surprising clients positively and managing their experiences during and after the sale is what’s necessary to produce a steady stream of business.  But you can’t do it alone.  Vendors, such as loan officers, play an important role in the home buying process that affects the quality of your client’s experience.

Some of you may feel that this is a way for me to solicit myself as a loan officer.  Although I am a loan officer, I am merely pointing out some things that should be on your mind.  Before you refer your next customer to your current LO, tell them to search the net, or tell them to choose between the 3 or 4 LOs you know, ask yourself these questions:

 

  • Does this individual take care of your customer from beginning to end with very little hiccups?  This does not mean that every deal runs smoothly.  We all know that a completely smooth transaction is hard to come by.  I am talking about things like forgetting steps, always running behind, etc.
  • Does this individual wait around for your next deal or are they helping you attract more buyers/sellers and helping you retain loyal customers?
  • Is the individual available when you need them?  Within reason.  In today’s environment, you should be able to reach your LO outside of 9-5, if needed.
  • Is this a person that you would trust and get a loan from?

 

I have found that many agents will actually stick with their LO because their office uses them and they have not looked around.  Or, they work with someone that is has their flaws but at least they knew what to expect.  I am not knocking my industry.  I love what I do and there are a LOT of great LOs out there, but let’s be honest – it is not difficult to receive your LO license.  There is more to this career choice than just running numbers to calculate a mortgage payment.

Do you ask your customers to look into several lenders and compare rates/price?  Then you should do the same.  Know who you are doing business with and relying upon to get your commission paid.  You should feel confident that the customer is being referred to an individual that represents you.

Advertisements