Every single one of your clients, at some point or another, will be asked at a social event or a BBQ about how they bought the house they live in or the business they operate, the loan process, the deal they secured and the broker they worked with.
If I told you their answer could mean more or less business for you, you would find a way to invite yourself to that social gathering.
Now that’s nearly impossible, but what is possible? Ensuring every single staff member and client is prepared to act as an ambassador for your business. The more your clients know about what you are doing and why, the more likely they will convey this effectively on your behalf – adding their experience to the story.
The ‘BBQ test’ can be seen as a simple way of ensuring the foundational element of successful client engagement.
There are several practical steps you can take, both internally and externally, to ensure the next BBQ ends with you at the top.
1. Call back and call often
The simple rule of thumb is that regular check-ins improve retention. Ever been placed on hold for an extended period of time? You probably got frustrated and hung up. The person on the other end of the phone may very well be trying to help you, but you didn’t know this. Contact your clients often and update them on the progress, even when things are taking too long.
2. Make contact after every interest rate rise
With the cash rate target and lender interest rates rising monthly, if you’re not calling your clients with a better deal, someone else is. Therefore, it is a sound practice to call them after every interest rate rise and ensure they’re still onboard. Waiting too long often results in clawbacks.
3. Happiness is quantifiable
Once your client has secured a home loan through you, they begin their process of mortgage payments, and renovations and work towards the next significant milestone. For you to be a part of that next milestone, you must work with them to evaluate their current circumstances and advise them on a variety of options available to them. After all, happiness and goals evolve, and the service you offer makes pursuing these goals a reality.
“It takes months to find a customer, but mere seconds to lose one”
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4. Affordability is one creative solution away
Nobody wants a loan; they’re after the home, equipment, business, or simply the capacity to buy. When affordability becomes a concern, your clients tend to knock on multiple doors and make a dozen enquiries. Showcase your specialist knowledge and excellent outcomes with a creative solution.
Empowering your staff and your clients as ‘brand ambassadors’ starts with a simple phone call and magnifies the importance of marketing, media and external communications. It all helps you pass that BBQ test.
If you’re looking for assistance on a particularly complex lending structure, Australian Financial can assist.
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