Did you know that it costs five times more to acquire a new customer than it does to retain an existing one?
Competition is high within the commercial insurance sector, with the cost of premiums for policies within the car sector continuing to rise in particular. As a result, it’s never been more important for your business to have a solid customer retention strategy – but as a Director or Broker within the industry, how can you ensure you nurture your existing customers and make them feel valued in order to retain them?
Within the insurance industry, policy renewals and enhancing customer relationships are key. So with that in mind, in our latest blog we take a closer look at three things you should consider to grow your brand loyalty and retain your existing customers. Read on to find out more and pick up some useful advice.
1. Offer rewards
Customers love to be rewarded for their loyalty – in fact research recently found that 55% of consumers say loyalty schemes are an important consideration when deciding whether to stay with a provider, a statistic that is certainly too large to ignore. So when it comes to developing a loyalty scheme, what do you need to keep in mind? Well simplicity is definitely key, and if you decide to offer a points based scheme you need to make it as easy as possible for your customers to see the financial rewards. In turn, why not consider giving customers a choice of rewards in order to meet their specific needs and preferences?
2. Don’t forget to cross sell
It might sound like a no brainer, but if your commercial insurance company offers a wide range of insurance products then you should incorporate a cross selling plan within your customer retention strategy. This means taking a helpful, proactive approach and making your customers aware of other products which might also meet their needs during your interactions with them. In addition, why not make the incentive to purchase another policy from you even greater by offering them a special discount in return for their loyalty?
3. Be human
With the amount of different communication options available in today’s world (such email, post, phone or social media), there is no excuse for a business’ customer interactions not to hit the mark each and every time. And when it comes to communicating, it’s so important to be human. No one likes speaking to a robot, so make sure you interact with customers in an authentic, empathetic way and in a style that is conversational - let your brand’s personality really shine through!
Brand Biology are running our next "Insurance: Sales and Retention Masterclass" on Tuesday 17th July at the Bristol Harbour Hotel. Taking place from 9:00am to 4:30pm, the day has been specifically designed for Directors and Brokers working in the commercial insurance sector. It will showcase how your people can retain your customers and increase loyalty, and promises to help them adapt their sales techniques based on a customer’s specific needs.
To find out more about the event and book your place, visit our website or contact our team of Brand Biologists today by emailing firstname.lastname@example.org or calling 0117 922 1500. Places are limited so book soon to avoid disappointment - we hope to see you there!