An aggregator has announced a new marketing tool to combat the “longstanding industry challenge” of investing in relationships with existing customers while simultaneously pursuing new leads.
Loan Market has launched an automated post-settlement email tool entitled ‘Stay-in-Touch,’ intended to sync with the behavioural trends of customers and bring them closer to their broker at key points in their financial journey.
Chief marketing officer Lisa Phillips said, “Now more than ever, brokers need to stay in touch with their clients. With the increasing regulatory demands creating time pressures, efficiency is key.”
She continued, “Servicing existing clients while prospecting for new ones is an industry challenge and a major reason why 20-22% of the typical broker’s book turns over every year. If a broker settles 50 loans a year and has a loan book of 175 active clients, they could have close to 40 clients walk off their books every year — a staggering number that can be avoided.”
Stay-in-Touch can address everything from pre-approval and term expiry reminders to birthday messages and annual check-ins. Brokers are able to select the communication touchpoints they’d like to be distributed and opt out of others, as well as schedule when they are sent out.
More than 35,000 automated emails have already been sent to customers with Stay-In-Touch since its launch last month, with average open rates between 60 and 80%, triple the industry standard.
“Automated Stay-In-Touch doesn’t replace the all-important face-to-face and phone communication; rather it has been designed to complement it by offering brokers a prompt to check-in with their clients,” Phillips concluded.