While it might seem like finding new clients is the aim of your marketing department, the really valuable clients are the ones who stick with you over time. Finding new insurance clients take a lot of effort, and keeping existing ones does too. However, working with people who are already sold on your business makes a lot more sense than trying to go out and find new business.
According to Market Metrics, "the success rate of selling to an existing customer is 60-70%, while the success rate of selling to a new customer is only 5-20%." Keeping your clients is worthwhile for your business, but how can you best retain your insurance clients? Here are the top three ways.
1. Increase Clients' Connection Through Customer Service
What happens when you really show care toward your customers? According to NG Data, "passionate, engaged employees can deliver personal customer experiences that create customer loyalty."
Give your employees meaningful insurance jobs where they feel valued and connect with your company's mission, and in turn, they will develop more outstanding customer service experiences for clients.
When you are working with clients, treat people like your own friends, showing personal concern for them. Learn more about who they are and what they need from your business. Treat each business transaction as a point of connection, not just an opportunity to make a sale.
Consider how you can make accommodations too, particularly for your ongoing clients. Are there ways that you could be a little more flexible with them if they need you to do so? Becoming more flexible could help you retain that client.
2. Appreciate Your Clients
Think of your client relationships as long-term relationships. They require effort because if you put them on autopilot, you'll never know exactly why a client leaves. How do you thank your clients for continuing to be in a relationship with your business, rather than another one? This could be a call or email of thanks, a discount for being an excellent customer or a discount for a referral. All of these simple steps can help your clients feel that you appreciate them being your clients in the long term.
3. Listen and Gather Feedback
People also appreciate having a voice at your insurance agency. NG Data suggests that you "proactively reach out to your customers on a regular basis to find out what they like and what they think you can improve on." By the time you hear negative feedback about your business, people could already be leaving and discouraging others from visiting your business. Get to people before they become dissatisfied so that you can improve upon your connections with your clients by listening to their needs, their positive feedback, and challenges they may have.
Don't grow beyond your ability to listen closely to your clients. Often, when business is booming, it's easy to find more and more clients and ignore the needs of your existing clients. However, listening to your existing clients is what will keep you in business for the long term.
Are you trying to improve your insurance business and your insurance jobs? Connect with us at American Agents Alliance. We'll help you find the resources you need to help your insurance business thrive. Contact us today and learn more about our membership benefits.