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For Plan2day’s managing director, Mamdouh Tawadros, customer service is about doing common things uncommonly well – and reaping the rewards
Mamdouh Tawadros and his team at financial advice and broking services provider Plan2day believe maintaining constant contact with clients will nearly always have them coming back for more.
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Their approach works – much of the company’s business has been secured and retained because of Plan2day’s emphasis on this aspect of customer service.
“We believe that fostering excellent ongoing relationships and always keeping in touch with clients, no matter whether they are in the process of applying for a new home loan or looking for life insurance is a great client retention strategy,” says Mr Tawadros.
A strong and sustainable relationship needs to form the foundation of any client retention strategy, Mr Tawadros believes, adding that the strength of that relationship will have a direct effect on how successful a broker can be in their use of other marketing channels, such as customised company newsletters.
He always tries to ensure Plan2day’s newsletters reflect what he has learnt about clients’ financial needs.
“The effectiveness of our newsletters is contingent on how good our relationship is with our clients,” he says.
“We try to tackle what we believe may be relevant to clients’ needs then design our newsletter accordingly.”
A diversified service
For Mr Tawadros and the Plan2day team, ‘customer service’ doesn’t just mean keeping in touch with clients, friends and referral partners; equally important is the company’s ability to offer a range of diverse services, which has undoubtedly boosted performance.
For example, rather than their having to seek the services of other professionals to obtain insurance against mortgage risk, Plan2day offers clients that support in just the one place.
Mr Tawadros’ business offering includes not just mortgage products but also mortgage and finance strategy development; financial planning and risk management services; home, investment and commercial loans; asset finance; and general insurance.
“I believe that having a diversified business portfolio model, such as the one we boast at Plan2day, enhances our overall professional advice [offering] and allows us to cater to the financial needs of our valued clients,” he says.
“The two different types of professional services we offer complement each other, as clients who are creating debt also need to be insured to avoid future risk and to be ready should the ‘unthinkable’ happen.”
Given the level of risk that goes hand in hand with taking out a home loan, Mr Tawadros is not surprised that home loans accompanied by building insurance and appropriate life insurance – plus consolidation of superannuation – have become the most popular diversified product for his clients.
Plan2day’s volumes have undoubtedly benefited, while the company’s biggest deal came from one couple who took out $7 million in residential and commercial loans along with a risk, total and permanent disability, trauma and income protection insurance package.
And it doesn’t stop there…
Having a diversified offering and constantly keeping in touch are certainly part of Mr Tawadros’ approach to customer service – but wait, there’s more. Once ‘the deal has been done’, Plan2day makes the effort to keep the company’s clients up to date on financial market developments, the national and global economies and other topics that might have an impact on their broader financial strategy.
“We host seminars which we invite clients and friends to attend and to discuss what’s been going on, where we are today and where we would like to be tomorrow so they can start planning today to secure tomorrow,” he says.
In 2011, Mr Tawadros was shortlisted as a finalist in the Best Customer Service category at the inaugural Australian Broking Awards. Despite being widely recognised as a leader in customer service, however, he is not content. Rather, he is always looking to improve.
“From here on, we will not be standing still. Rather, we will continue to reach new heights whilst meeting our clients’ needs and achieving beyond satisfactory customer service,” he says.
The secret of his success
They say that the secret to success is doing common things uncommonly well.
Mr Tawadros’ dedication to providing superior customer service has not gone unnoticed by his clients. More than 88 per cent of his work comes from repeat clients; a significant amount is referral business, coming off the back of indirect marketing.
“My valued clients are our best source of referrals,” he says. “They have experienced our services and passed around the ‘good word of mouth.’
In fact, Mr Tawadros now considers his more than 500 mortgage and financial planning clients as part of his referral partner network, which also comprises more than 20 professional firms, including accountants, solicitors and real estate agents.
“This proves that exceptional customer service is not only a key driver of successful business but also that it’s the most cost-effective marketing technique.”
