Defined simply as a means of retaining or holding onto customers over a period of time, this concept differentiates brokers in the financial services industry, separating the cream from the crop. Being unique in a positive sense and very hard to replace can be a brilliant strategy for customer retention. After all, it is easier to hold on to customers when they understand that they cannot easily replicate their positive experience with your brand elsewhere in your industry. When you offer customer service that is empathetic, easy to navigate and direct, it can go a very long way to helping you create a lasting, positive relationship with consumers. For instance, a customer hears from a friend who repeatedly buys from you that they are happy. Once you know your customer retention rate, developing long-term strategies to increase its percentage becomes easier.

Customer Retention for brokers

Customer feedback is one of the most valuable tools you have in order to increase customer retention. Customers feel frustrated when they have to explain an issue over and over. Exhausting, repetitive interactions make customers more Customer Retention for brokers likely to leave. Give support agents the tools they need to easily pull the customer information and elevate the conversation. Zendesk’s streamlined workspace gives agents customer context to deliver a personalised experience.

Improve customer service

When businesses manage to convince customers to stay and purchase repeatedly, they experience great benefits. Organizations can get on board and enjoy the benefits of having a loyalty program with the help of leading gamification software. Through a gamification tool, businesses can tailor loyalty schemes and keep track of points and rewards. When they have done business with a brand, some customers like to share their experience. Moreover, 94% of consumers would recommend a company with whom they had a good experience.

Customer Retention for brokers

To boost customer retention, companies will implement various tactics to reduce the number of customers lost in a period and better their experiences to ensure that they remain loyal to the business. Dave realized the users who added recurring expenses during the onboarding process showed a higher retention curve than the ones who didn’t. So they revamped the onboarding process to focus on adding recurring expenses, and three months later they had 5.7X higher retention rates. Focus on combining the insights of your customer service team with direct feedback from your customers. Gather direct feedback from your customers through surveys, the comments they make on social media, and what they’re saying about you on online forums.

Offer Exceptional Customer Service

Do keep in mind that while not listed in the graphic, the customer retention formula is incomplete without knowing customer churn. As you embark on this journey of customer retention, allow us at Broker Solutions to assist you. We’re committed to providing resources and insights to help your brokerage business thrive. In other words, take the time to evaluate your digital options and make each product a smooth experience at launch.

This approach provides a good reason for a shopper to become a repeat customer; the money they spent yesterday becomes the discount for tomorrow’s purchase. Critical data comes when a customer purchases or tries a service, as well as from the billing platform — for instance, the customer’s plan type, MRR (monthly recurring revenue) or billing cadence. This involves creating strong client connections in order to increase customer loyalty and brand affinity. It avoids the transactional nature prevalent in traditional and many e-commerce marketing activities, which prioritizes growing company revenue over improving the customer experience.

Repeat Customer Rate

These startling facts reveal that, while new business is important, retention is perhaps even more vital. But with the right mix of strategies, using the right tools like CRM software, and by paying attention to customers’ needs and increasing the level of personalization, customer retention is possible. The customer retention statistics below show how the experience and service that organizations provide can impact retention. This is in addition to your retention rate, which serves as your overarching customer retention metric.

  • When you offer customer service that is empathetic, easy to navigate and direct, it can go a very long way to helping you create a lasting, positive relationship with consumers.
  • By creating personalized special offers and offering discounts to loyal customers, you motivate people to keep transacting with you and improve retention rates.
  • And 50 per cent say that customer experience is more important to them than a year ago.
  • Or perhaps a merger will expand business in new territories for both companies.
  • It tells you the last time that a customer has reached out and alerts you when existing customers haven’t interacted with your brand.

Creating a strategy that reduces churn while also raising customer retention rate requires insurance brands to think outside the box. Specifically, they can make two major changes to the way they present, offer, and market products and services. Customer retention refers to customers who deliberately pay for your products or services more than once over a period of time. A single loyal customer making several purchases over a year is ultimately more influential than several shoppers that buy once and never again. You can rely on the business of a retained customer far more than a new one—if you make the happiness and loyalty of your existing buyers the priority.