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Keep up-to-date and know your clients, good CRM practice
Michael Veitch, Noble Financial Services

Building credibility and trust among clients goes beyond just getting the deal done.  It’s maintaining a relationship post settlement, showing a genuine interest that you care in helping them with their ever changing financial needs throughout their client lifecycle.  A CRM strategy is most certainly needed to help retain clients.

With that, in maintaining regular ‘touch points’ with our clients, we send personalised birthday cards, the Mortgage News quarterly newsletters, offer annual reviews and reinvest approximately one month’s trail, into a Christmas gift that is mailed to all our clients the first week in December.  

It makes sense to invest in our existing client base as to acquire new ones can cost two to five times more. We do not proactively contact clients with a ‘courtesy’ call as we believe the various touch points we are currently using is sufficient. 

We are also strong advocates and users of PLAN’s Client Relationship Management system. Our database stores information from interactions with clients during pre- and post-settlement meetings, annual reviews to telephone conversations that we’ve had. 

We also ensure that client details are kept up-to-date.  For instance, if letters, Birthday/Christmas cards or emails are returned/bounced we contact the client to check their contact details and update our CRM accordingly.  Having current information about your client is always crucial and is one way to mitigate the risk of losing your clients.  It also helps reduce the cost of wastage i.e. mail outs, gifts and emails being returned.

Our ‘client for life’ strategy has worked to date with our various touch points in place and segmenting of our client database.  Prospective clients are also not forgotten and contacted via the Birthday or Christmas card and the Mortgage News quarterly newsletter to keep our brand top of mind.

We are also looking at segmenting our clients based on their loan size, in order for us to allocate appropriate time and investment according to the client’s net worth.

I believe the key to having a good CRM strategy begins with understanding how to use your CRM system to your advantage; be diligent in populating and maintaining your client information; and segment your client database to target them with appropriate communications sent at the right time.