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How The Number 1 Brokers Retain Their Clients

Retaining clients is essential for any business and can have a significant impact on the success of an agency. As it costs more to acquire new clients than to keep existing ones, it is important to develop a retention strategy that will help you maintain and grow your customer base. Here are some effective strategies that can help you retain your clients. 

“Customer retention rate = ((CE-CN)/CS) x 100

  • CE = Number of customers at the end of period
  • CN = Number of new customers acquired during period
  • CS = Number of customers at the start of period”

–Business.com

Cross Selling

Another tip is to encourage your clients to purchase multiple policies from your agency by offering discounts on additional policies that compliment their existing coverage. This will create a sense of ease for the client and increase the chances of them staying with your agency. 

“48% of consumers expect specialized treatment for being a good customer”

–Accenture

Inform Clients On Premium Increases

In the case of rising premiums, brokers / agents can use this as an opportunity to show the client that you have their best interest at heart. A tip is to get in contact with your client when you know they are about to receive a premium increase, and let them know what is causing the increase. Here you can offer changes in coverage or identify additional discounts to reduce the effect of the premium increase. Clients will not only appreciate your honesty, but they will also see more incentive to stay with your agency.

 

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Pre-Renewal Contact

Additionally, when it comes to policy renewals, it is advised to call up your clients long before their policy expires and thank them for their loyalty and trust. This is the time to answer and address any concerns the client may have and allows you to ensure your “flight risk” clients are on the road to renewing with you instead of looking elsewhere.

“A 5% increase in customer retention can produce 25% more profit.”

–Bain

Hire Someone For Retention

By the way, client retention can be a full time job, why not make someone responsible for this strategy. Putting someone in charge of developing strategies to increase retention and deliver results will only have a positive impact on your book of business.

 

Improve Customer Service

Of course customer service plays a huge role in client retention. If you are investing in strategies to retain your clients, but not improving your customer service, your investment and time spent can all go to waste.

Customer service is more than just the touch points where the client and agency come into contact, it is also about the relationship the company chooses to have with its clients.

You can build stronger relationships with your clients by remembering their names, sending them birthday cards, mentioning a client’s business on your social media and even simply remembering your clients children’s names.

“89% of consumers have switched to doing business with a competitor following a poor customer experience.”

–Nextiva Blogs

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Promote Loyal Customers

Client testimonials are a great strategy to get new clients, but they can also be used as a retention tactic. Showing your clients how you have helped other clients, boosts their confidence an supports their decision in doing business with you. 

Stay Available

Although this may be a no brainer tip, making sure you are available when the client needs you is extremely important for client retention. If a client is unsuccessful when trying to get in contact with you, they are more likely to consider other options. Clients want transparency, accessibility and the ability to learn from your expertise. Answering the phone is the easiest step in retaining clients.

“89% of consumers have switched to doing business with a competitor following a poor customer experience.”

 

–Microsoft

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