Customer experience is here to stay, so how can mortgage brokers turn it into a competitive advantage? Read on to discover ways for brokers to improve relationships with customers and make it a better experience for everyone involved.
What is customer experience?
Customer experience (CX) is the interaction between a customer and an organisation. This applies to single interactions, such as point of sale, as well as the consumer’s continued total relationship with you as a company.
Why is CX important?
With the dramatic increase in comparison and review sites, customers are able to shop around for services, particularly those of high value like mortgage brokers. This means that brokers are competing more than ever for customers and, other than price, the big differentiator is customer experience.
Customers who feel valued trust their broker and have an enjoyable experience working with them and are more than likely to return and even recommend the service to others. Used correctly, CX can be a powerful tool to create a loyal customer base. This base will also contribute to a great brand reputation and strong performance on review sites.
5 ways that your business can improve your CX
Have a clear CX plan
Creating a cohesive, customer-focused vision that can be communicated and followed by your whole team ensures a consistently high standard for your clients. A great way to do this is to put together a set of guiding principles for your company which highlight the needs of the customer.
Listen to your customers
Your customer’s demands can only be understood so far without communicating with them. Engaging with your customers to understand their experience before, during and after the broking service gives you a clearer idea of where your CX needs improvement. Make use of social media to address customer problems and ensure they feel heard. Review sites and questionnaires can also be a good way of gathering this information.
Take time to look at yourself as a business and what could be updated or incorporated to better fulfil customer needs. New training techniques or new software like CRM systems could help make your customer’s interactions easier.
Invest in data analytics
Gathering data and using advanced analytics to break down the information helps you to better understand your customer journey and what impacts customer decisions. It can help you decide whether to invest more in online contact or phone calls for example, giving you the tools to meet your customers where they most want it.
Understand customers who leave
Customers who leave your service do so for a reason. Discovering these reasons can help you to improve the service for others and in some cases even win back those you have lost.
Need help improving your customer experience skills? Get in touch and a member of our Business Development team will reach out shortly!