| If you are a lender, in insurance, offer mortgages | | | | to do some basic R and D otherwise known as |
| or are a bank you are well aware of the | | | | research and development. What do consumers |
| competition in the market, what other businesses | | | | want? What are people buying? |
| can offer clients as well as what they cant. But | | | | - Get some research numbers from a consumer |
| do you know what the market wants right now? | | | | data base surveys that can tell you where people |
| Are you aware of consumer trends and how | | | | are going to spend their money or who they are |
| consumers choose financial services? Investing in | | | | talking to as well as trends over several years. |
| a little research and development of customer | | | | - Think like a consumer and try and understand |
| acquisition and retention will put your financial | | | | what is most important to them when they are |
| services ahead of everyone else. | | | | deciding which provider to use. |
| Most people will tell you the secret of customer | | | | - Use your research to plan a distribution strategy |
| acquisition is relationships. | | | | for customer acquisition and retention. |
| And those people are right. Think about what | | | | - What can your company offer that no other |
| makes you come back to a company? Honest, | | | | company can offer? How are you |
| hardworking and helpful people right? Right. | | | | “like” them? What similarities in your |
| Insurance is a hard business to sell, not only | | | | company, from huge to small town can relate to |
| because so many people sell insurance, but | | | | new customers and what are the perks that you |
| it’s a gamble for people. When people buy | | | | can offer to retain them? |
| insurance, they are gambling against themselves. | | | | Maybe it's coffee shop cards you can persuade |
| Will they get in an accident? Will their house burn | | | | them with if you cannot offer rock bottom rates. |
| down? How can one company, besides those | | | | Maybe it’s building a deeper relationship- like |
| companies that sell mandatory insurance- like car | | | | potlucks or going golfing that can retain their |
| insurance- make other insurance really exciting? | | | | customer relationship. Remember that junk mail is |
| But- if your company is one of the thousands | | | | a waste of your company’s money- junk |
| selling mandatory auto insurance- how can you be | | | | mail advertising is being recycled before potential |
| sure to consistently get new customer acquisition | | | | customers are opening the envelopes. As well as |
| and retain those customers over everyone else? | | | | internet ads are considered SPAM. Getting up |
| If you live in a small town, it may be easier to | | | | close and personal with new customer |
| spread your company’s word with your | | | | relationships will keep your customers around |
| good looks and charm at the local grocery store, | | | | longer and they will spread the word for you- |
| high school football games and Fourth of July | | | | saving your company money as well as making it. |
| picnics, but in a larger busier city you may need | | | | |