According to Harvard Business Review, it costs loan officers nearly five times as much to acquire a new customer as it does to retain a current customer. Increasing customer retention rates by 5% can increase profits by 25-95%. Keeping these points in mind, it should be easy to see that while building new business is important, nurturing current customer relationships to retain customers is equally if not more paramount.
Buyers who stay with your business over time allow you the opportunity to provide ongoing value to them. This means being able to nurture a brand advocate, and it also translates to more referrals and positive word-of-mouth marketing. These longtime customers can also introduce you to new prospective leads and business partners who have the potential to eventually become longtime customers and associates, thus repeating the cycle.
Mortgage Marketing Proven Plan of Action
Intent Home buying Marketing Intelligence creates a system to allow mortgage planners to build business and form relationships, as well as nurture existing relationships simultaneously. Intent provides a way for mortgage planners to stay in constant contact with their customers and business partners before, during and after the loan process. When the time comes for a past customer to purchase a new home or refinance their current home, Intent supplies the mortgage planner with the mortgage marketing tools needed to ensure they are top of mind for the customer.