We get calls on a daily and weekly basis about clients wanting to come to us and finance a deal directly to them. It is usually not about wanting to skip the broker in the process, it is usually the applicant does not know who to contact and how their last transaction was done. Since we pull payments – they call us.
We then contact our broker associates and let them know that their client is looking for new financing on new collateral. Sometimes we get the opportunity to do the deal here, times we do not see the deal and then there are times that the applicant refuses to do the deal through their broker. We still pay the broker a commission and the deal still stays close by. The broker/lender relationship continues to be a great one.
This article is more than making sure our brokers keep their clients – it is more about how marketing and building relationships helps everyone keep their clients. Here is a Marketing story – told by our printed Newsletter publisher (Shun Buck – The Newsletter Pro) It goes like this –
“I wrote an article a few years ago about a client of mine — a law firm — who had a pretty bad day. A client of theirs (who was also a friend) mentioned they’d just won a multimillion-dollar lawsuit with another firm for an injury case.
“I would’ve had you take it on, but I knew that wasn’t your specialty.” “Oh man, we do injury law,” my client said. “I didn’t know!” their client replied.
Now I don’t know about you, but that situation right there would’ve been cause for a grown man to cry in my book. There is nothing worse than finding out you could have booked a large account or made a big sale, but your clients didn’t know you could provide what they needed.
Or even worse, we had another client who started doing follow-up calls with his clients and found out one of them had just hired someone else because — even though his company had won a large case for them a while back — the client couldn’t remember their name.
This is why nurturing campaigns work. The fact that so many companies honestly believe that if a client purchases once and has a great experience, they’ll just automatically come back for life is laughable.
And yet, so many business owners spend almost their entire marketing budget on trying to attract new leads instead of nurturing current and past clients, even despite knowing that the second sale is the easiest one to make! (and costs 75% less than getting the new client)
I understand why they do it; the messaging is everywhere to attract new leads. But if we think about it critically for any period of time, we’ll realize that’s madness.
Building relationships with our clients (and prospects) pays dividends over only spending money to attract new ones. The higher our customer lifetime value soars, the more profitable our businesses become, and the faster our companies will grow.
Now look, I’m not saying to stop pursuing new leads at all. Obviously, that’s still important. But if you don’t have a nurture system in place that is at least as robust as your lead generation systems, you need to work to bridge that gap.
You have to communicate via multiple media sources with existing customers and quality leads by providing a combination of education, entertainment, and sales pitches — with calls for referrals thrown in.
You’ll be shocked by the growth you see when you do this on a mass scale and ensure your clients and prospects know, like, and trust you. “
The team at the Newsletter Pro is great to work with. They are the ones to call to help keep your clients – your clients. https://newsletterpro.com/blog/