Creating and Retaining Customer Loyalty
Loyalty is a funny thing. You think you may have it, but there is no way to really gauge it until an event happens to test it. It might be a personal crisis or need that causes people to step up and show us how they feel about us. Or they may just tell us they are loyal to us and their actions prove it.
But what about professional loyalty? Even though we are friendly with clients and sources of business, we often times don’t really know if they are loyal, until you realize they aren’t. Here’s an example: According to the 2020 NAR Member Profile Report, 91% of consumers say they love their Realtor and many have already referred that agent to other individuals. But when it comes time to buy or sell again, only 13% of consumers actually use the same Realtor. Wow. That’s a painful statistic. I would guess that about 91% of real estate agents actually think their clients are going to be loyal to them, because they love them, right?! Nothing worse than seeing the sign of our competitor in the yard of a past client to bring the question of loyalty to light. Because a great amount of time may pass between transactions, real estate agents are often focused on seeking out new clients instead of nurturing past ones.
Apparently love doesn’t equal loyalty, at least in real estate it doesn’t. I could say the same for relocation. We don’t have any statistics in relocation that tell us how loyal a corporation or relocation management company is to a broker. We typically don’t know when or why they don’t call us. It can only be measured based on year over year activity from that source or by finding out somehow (often by accident) that they used someone else. Having many different contacts in an organization can make it challenging to create loyalty.
When we see our industry ‘friends’ at conferences or engage with them on social media, we may get a false sense of loyalty. But earning professional loyalty takes work. Our friend may not be the one who hands out the business. Friendship and loyalty doesn’t always go hand in hand. Why does this happen? It’s because we take it for granted and time fades memories.
Just because someone likes us, doesn’t mean we pop into their head when they have a need. The key is to create a top of mind awareness that is so strong, we and our company are the only thing that comes to mind when the need arises.
As far as client communication goes, there is a difference between seeking out new sources of business and nurturing past sources. The dialog is different. When we are seeking out a new customer, we spend a lot of time convincing them why we are the best choice to provide that service. We are typically shoving someone else out of that spot, so be alert that someone may be doing that to you as we speak.
When we are nurturing past clients, we are building upon a past experiences and an existing relationship. This is why it is so important that our customers have not just a satisfactory experience, but a stellar experience. One that will stick in their memory. We must remind them regularly of our relationship and there is nothing wrong with asking at the end of a transaction for their loyalty. Just because one person in their organization is happy with us, doesn’t mean they tell others. That’s our own job to spread the word to ensure more opportunity.
By providing relevant and timely information about the community, the industry or just fun stuff, we stay at the top of their minds which puts us at the top of the ‘go to’ list. It’s ok to mesh in some personal information in there to reveal a little more about us. Building relationships, builds trust. By continuously reinforcing the relationship and providing professional and relevant information, we make it hard for a competitor to squeeze into their brain.
But as time passes, memories fade. That’s where email drip campaigns, newsletters, holiday treats and social media can keep you top of mind. But the most successful relationship builder is the ‘just checking in on you’ call or text. Particularly in light of all of the challenges in this past year. Building loyalty in relationships needs a personal touch. Regular check ins gives you the opportunity to directly ask if you are the preferred choice and if not, what can you do to change that. I like our tax guy, but I don’t feel any loyalty to him. I speak with him maybe once a year. If someone came along that made me feel more special at the same price, I would easily jump. I think most people and companies feel that about a lot of their service providers. It’s just a transactional relationship.
Now more than ever in mobility, vendor and supplier partnerships are critical in delivering a reliable and consistent service. Having solid partnerships means one less thing to worry about in the complicated maze of providers. We must create a consistent display of dependability, authenticity and relevancy. It’s all about creating trust and using our expertise to guide them through the process now and in the future so we are always the obvious choice.
“Customer satisfaction is worthless. Customer loyalty is priceless.” ` Jeffrey Gitomer, Author, Speaker and Business Trainer
