Consumers are more impatient and demanding than ever. They lack loyalty to providers and are increasingly likely to shop around and buy based on price alone. What is needed to combat this trend is a carefully crafted customer relationship strategy that cultivates trust and loyalty, and gives customers an outstanding experience so they don’t hesitate to sign, renew — and happily pass you on to their friends and colleagues.
6 ways to build customer-centricity into your business
The first step toward making your business positively customer-centric is understanding what customers really want. These 6 customer relationship tips are based on lengthy surveys that dig into exactly what insurance customers want and expect, and what affects their buying decisions.
1. Be responsive and available
The trend toward digital has made a lot of things self-service. Customers can find information online and compare rates in seconds, but since insurance is never one-size-fits-all, they are often left with questions unanswered. Exceed their expectations for prompt and knowledgeable service by getting back to them within hours. If they’re looking for a quote, they are in the market to buy.
2. Tailor your offers
Around half of insurance customers say they would be willing to pay more for insurance products that are relevant to their needs. Your service will outshine others if you are able to rapidly create, modify and launch simple, affordable products and packages built expressly for your customers. A quick quoting tool, like our MOUSTM instant indication service, will give you a big leg-up.
3. Be a risk management partner
The insurance market is splitting into standardized, low-cost products and more customized, advice-driven products that win higher premiums. Customers may prefer the former for things like auto insurance but definitely appreciate your expertise and attention for more complex, hard-to-place risks. This also opens the door to easy cross-sells. Be someone they count on over time, and you’ll win their trust, sustained business and referrals.
4. Stay in touch — for no reason
When your insurance provider calls, it’s usually to give you a) bad news or b) a sales pitch. Why not pleasantly surprise them with a how’s-it-going call? Don’t underestimate the impact of this kind of personal connection on your business. In this digital day and age, people appreciate humanity. Create a schedule with touch points throughout the year. Ninety percent of clients who have been touched three or more times during the policy period will renew with that agency!
5. Go social
Social media is not only essential to establishing an online presence, it’s also a great way to engage regularly with customers. Connect with them on LinkedIn. Create a Facebook business page and post once or twice a week. What to post? News related to risks, 30-second how-to videos. One great relationship builder is to feature a customer a month. Interview them about their business, their customers, what inspired them to start, challenges along the way, et cetera.
6. Leverage customer feedback
Add surveys or requests for feedback right into your touch points. Use surveys to find out what they want and need so you can better target them and customers like them. And don’t hesitate to get a testimonial just after they buy. Ask them directly what adjectives they would use to describe you, what they like about your service. Get permission to use their words on your website or on social media. Potential customers are much more likely to buy your service if they know their peers are satisfied.
Implementing these simple — and even enjoyable — relationship-forging practices will most certainly help you win over the 75 percent of potential customers who think there’s no significant difference in the products and services offered by insurance companies!