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Existing clients are a broker’s “low hanging fruit” that should be proactively nurtured, sales coach Abbie White has said.
Speaking to The Adviser amid the Better Business Summit 2023 — which kicked off in Brisbane on 2 March — Sales Redefined founder and chief executive Abbie White said that while most brokers focus on generating new leads in their sales process, they could be neglecting existing clients.
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“There’s no proactive behaviour with existing clients,” Ms White told The Adviser.
“Most businesses don’t think about their nurture strategy. I don’t know many people who could tell me their nurture strategy, and that’s where it goes wrong.
“Brokers may get new leads but then they’re letting them go cold.”
Referring to existing clients as “low hanging fruit”, Ms White advised brokers to mine their databases to identify dormant clients and reconnect with them.
Those clients may have expressed interest in the past but eventually did not purchase property because the timing was unsuitable, she pointed out.
“Can you revisit them and find out if now is the right time for them to buy a home?” Ms White asked.
“We always throw out a reconnection challenge to people and ask them to reconnect with 20 people. I will pay money if they don’t come back to me in 24 hours and report that at least one person said they were thinking about contacting them or considering buying a property.
“I would bet money on anybody reconnecting with existing clients that you would have brand-new conversations within a week of doing these things.”
Ms White’s comments came amid the Better Business Summit 2023, where she is presenting sessions on the future of sales in broking, how brokers could redefine their sales strategies to drive hypergrowth, and the tried-and-tested methods brokers could use to increase their sales.
Blending traditional with digital
Alongside this strategy, Ms White encouraged brokers to adopt a multichannel approach that incorporates both traditional and digital tools to cater to different types of clients.
“You don’t want to get left behind as the new wave of buyers with different preferences come in, and you’re only serving a small fragment of the market,” Ms White cautioned.
For example, Millennial clients might prefer communicating digitally via the chatbot on the website or WhatsApp rather than talking on the phone.
“We want that ability to have an e-commerce option available so we can buy how and when we want 24/7,” Ms White said, citing the availability of self-serve counters at shops as an example.
“I think mortgage brokers need to look at how they can incorporate digital technology that supports clients and their new buyer preferences, particularly Millennials who want to get on the property ladder but would prefer digital self-serve platforms rather than picking up the phone.”
Relationships are at the heart of it
Conversely, transitioning to a digital-only offering may alienate older clients who prefer human interaction, Ms White warned, and advised brokers to adapt strategies that suit their client base.
“One of our clients does homes for aged care and elderly,” Ms White said.
“They probably don’t want the chatbot on the website, but their children may want it. So, it’s about having the appropriate channels for the client base you’re trying to speak to.”
Brokers have been encouraged to avoid the “spray and pray approach” of incorporating numerous strategies at once and instead integrate one new tool or strategy at a time.
“Pick two or three growth strategies and do them well,” she said.
Ms White concluded that while a multipronged approach is essential for a modern brokerage, traditional sales processes will stand the test of time because clients value relationships with their mortgage broker above all else.
“I would encourage brokers to blend the best of both worlds. Build relationships and trust with your clients while embracing new digital tools and new ways of communication into your brokerage,” she said.
To hear more from Abbie White about how you can increase your sales in quick and authentic ways, come along to the Better Business Summit 2023.
It will be held in the following locations:
- Perth, 9 March 2023 at Crown Towers
- Adelaide, 16 March 2023 at the Adelaide Convention Centre
- Sydney, 23 March 2023 at The Star
- Melbourne, 30 March 2023 at Pullman Albert Hotel
Click here to buy tickets to the summit and don’t miss out!
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For more information about the 2023 Better Business Summit including speakers and agenda, click here.
[Related: Why high-net-worth clients want broker partnerships: Coach]
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