Did you know that when you increase client retention just 5%, your profitability can increase an average of 75%? There’s no greater incentive than that for focusing your mortgage marketing campaigns on getting repeat business from past clients. Here’s why:
- Repeat clients spend a whopping 300% more than new ones and are more likely to trust you with refinancing or handling their new home mortgage.
- Repeat clients are easier to sell to because you already have an established history with them.
- Repeat clients cost less than new ones; in fact, it’ll cost you five to seven times more to acquire a new customer. It costs even more to bring new customers to the spending level of your past ones – 16 times more.
- Repeat clients are loyal, promoting your business to the new customers you’re looking for, meaning you can spend less on mortgage marketing that targets new business.
Past Client Mortgage Marketing
If you’re not seeing the volume of repeat business you desire, your marketing strategy may be lacking some key aspects. Are any of these features missing from your past client mortgage marketing campaigns?
- Personalized e-mails and mailings form an important connection between you and past clients, strengthening the existing bond and increasing loyalty. Better than ever access to data makes it easy to create emails that keep past clients engaged with your company. Info to include: mortgage rate updates, home improvement messages, and local real estate news.
- Checking in with clients keeps you top of mind until the next time they need your products or services. Ask how they’re enjoying their home, send holiday cards, and drop them a line about a new product.
- A mortgage specific CRM helps you provide an exceptional client experience and retain loyal customers. From automated client communication to referral partner marketing, a CRM solution also increases your competitiveness and profitability.
Past clients are your lifeline to generating repeat business and referrals. If you want to create lasting connections, remember to make your mortgage marketing personal and take advantage of today’s software solutions that make it easier than ever to do so.