Consulting powerhouse PwC (Pricewaterhouse Coopers) has done extensive research on why clients stay loyal, showing that while price does matter, consumers are willing to pay up to 16% more for a great experience. What truly makes for a good experience? Speed, convenience, consistency, and friendliness.
What does this mean to you in practice? Find ways to automate and be efficient in those areas where your clients would expect it, like ID cards, certificate of insurance and other simple areas of account servicing. But pay close attention to your automation, making sure it doesn’t fail to deliver and incorporate a process to create a real connection with you or your staff when appropriate.
PwC has also found that when clients feel appreciated, companies benefit, often opening up the opportunity to earn more business. Advising clients and making them feel appreciated requires a human connection. Try picking up the phone for an afternoon, thank your customers and clients for their business and ask if they have any questions about their coverages, find out if their needs have changed, or if there is anything you could do to be of better service to them.
Reaching out by phone may seem old-school, but it may uncover some areas where you could change your approach to doing business to reflect what matters most to clients.