Keep Existing Clients While Building Relationships with New Ones

Financial professionals are often focused on what they can do to attract new clients, but it’s important that they not forget about existing clients, as studies have shown personal relationships are a huge part of retention.

This means advisors need to stay on their toes to please their clients both new and old. There’s no surefire way to guarantee the retention of existing consumers and the attraction of new ones, but sticking to a few key areas can be an advisor’s best bet.

Personalizing your approach

Forming a bond with clients is important across a number of industries, but perhaps none more so than insurance. Producers are responsible for providing not just a valuable service to clients, but a roadmap for their futures. From life insurance to long-term care, advisors offer products that move past financial concerns and strike at the heart of clients’ needs regarding their lives and the lives of their loved ones.

It’s only natural that success in this regard requires feelings of trust on the part of clients. However, forming that bond can be easier said than done, especially in the beginning stages when advisors are marketing themselves to potential clients.

Building client relationships with email

relationshipsEmail remains one of the best ways for advisors to reach out to clients and create relationships. In fact, email users continue to grow with the number of users in the U.S. expected to reach 254.7 million by 2020. Personalized email messages can increase open rates by a little over 5% – a notable jump for any campaign. However, an email that seems irrelevant to a potential client is much more likely to find its way into the garbage bin. This is why it is essential for insurance professionals to avoid boilerplate newsletters and instead tailor emails to the specific needs of the client. Age, gender, geographic location, personal preferences – these factors and more will all play a role in what kind of services a potential client may be after.

Just as important as relevancy is the quality of the information provided. Clients don’t want platitudes and fluff – they crave usable information that lets them know a producer understands their needs and will be able to serve them. From relevant facts and figures to specific products and their benefits, producers need to ensure their emails are not just personalized, but valuable.

Putting client information to work

Technology and client data are key to providing insights into the wants and needs of clients. This is one area where insurance professionals have a leg up over the competition, as they’re in a uniquely qualified place to receive detailed information about client behaviors, preferences, and personal circumstances. However, making the most of this information requires a little investment of time.

Editor’s Note: This post was originally published in April 2014 and has been reviewed and updated.

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