Are you educating your customers and prospects?
Well, if you build it, they may come…but will they stay? You’ve been successful at turning prospects into customers, but are you maintaining those relationships?
In any business, retention is important. In the insurance industry especially, word-of-mouth is an agent’s best friend. The more you nurture your relationships with your current customers, the more chance you have for getting their next referral. And the next one. And the one after that. And one after…well, you get the idea.
According to last month’s J.D. Power and Associates survey, insurance agents who educate their customers are more likely to see a higher retention rate. The survey concludes that “initiating proactive contact with customers after they initially sign on can help prevent them from falling into the at-risk category in the first place.”
How do you initiate proactive contact? Glad you asked.
1. Yearly insurance policy review. This tactic encourages customer loyalty because it allows you to address any questions or concerns your policy holders may have.
2. Direct mail pieces. You have a multitude of options when it comes to direct mailing your customers. Send a birthday card. Create a calendar with your agency’s information on it and send it to your customers before the New Year. Print a monthly or quarterly newsletter and include the most frequently asked questions by your policy holders.
3. Pick up the phone. Nothing says proactive communication like picking up the phone to “check in” with your customers. Ask how they are doing. See if they have any questions about their policy. Ask if there’s anything you can do differently to improve your service. (Most importantly, be genuine!)
4. Invest in a CRM (customer relationship management) tool. This is one of the most valuable investments you can make when it comes to organization and relationship management. It helps you keep track of the details for every single prospect and customer. No doubt, this is one solution that will help you conduct those yearly insurance policy reviews. Click here to read more about CRM tools.
Proactive communication = happy customers who don’t fall off your wagon = more referrals = better bottom line!
So thanks to Kevin Costner for today’s quote. Tell Shoeless Joe Jackson hello for me. *wink*