Your past mortgage clients are a huge asset to your business. Now more than ever, it is essential to maintain strong relationships with your past and existing client so they not only stay loyal to your business, but also become advocates for referral business.
However, many mortgage businesses spend most of their marketing dollars on finding new clients instead of nurturing the ones they already have. It is an ongoing struggle as you think about your business goals.
Not convinced? Check out these client retention vs client acquisition stats:
- Acquiring a new client can cost five timesmore than retaining an existing client.
- Increasingclient retention by 5% can increase profits from 25-95%.
- The success rate of selling to a client you already have is 60-70%, while the success rate of selling to a new client is 5-20%.
In an Entrepreneur Magazine column, Ryan Holiday of Brass Check Marketing said, “Typically [client retention] has not been part of the marketer’s job: to figure out not only how to bring in customers but to keep them.”
Holiday discusses the concept of growth hacking, which focuses on maximizing ROI by expending energies and efforts where they will be most effective. For mortgage businesses, focusing on retaining existing clients by offering new services or advice past the initial closing will help stay top-of-mind and help retain clients in the long-term.
To find out how Stikkum can help mortgage businesses reconnect and retain your past clients, click here.