New client acquisition isn't the end of the process. Maintaining strong client relationships is what translates into long-term success.
“Do what you did at the beginning of a relationship and there won’t be an end.” —Tony Robbins
Many client relationships revolve around the state of the client's financial circumstances and life goals. Being aware of your clients' circumstances is critical so that you know how to most effectively meet their needs, and staying up to date with that information is your responsibility. Clients should feel comfortable turning to you for guidance and have confidence that they are well taken care of, rather than feeling like they need to look elsewhere if no relationship exists.
Ideally, strong client relationships should begin before they even become a client (see our blog post, How to Establish Relatability: A Marketing Secret Everyone Should Know). Once a prospect becomes a client and things are running smoothly it can be easy to become complacent and let the relationship run on autopilot—letting accounts run themselves. Account statements, birthday cards, and newsletters are all sent out without you ever having to think about it.
"People do not care how much you know until they know how much you care." —Theodore Roosevelt
A prime example of the necessity of strong client relationships is our current situation amid the Novel Coronavirus Pandemic. Some people’s lives have been turned upside down due to job loss and bankruptcy, while others may be financially unfazed, and some even involved in professions that have seen an increase in prosperity (and so many other scenarios in between).
Clients need you when times are difficult and strained, but they don’t necessarily need you when times are smooth-sailing. The good times are for cultivating strong foundational client relationships, making those relationships even more stable during challenging times. Your sincere efforts to develop a strong relationship over time will make communication easy. You'll be the one they want to turn to time and time again.
Concerns of uncertainty can lead someone to find a new advisor or agent if they feel their needs aren't being met adequately. Your client relationships need to already be strong before a crisis hits so you know how to help them navigate through important decisions. Your care and concern during times of crisis can even strengthen client relationships, catalyzing future loyalty.
Be a role model in your communication. Portraying your confidence and certainty with decisions that affect the future will help to quell concerns that clients may have.
So how do you get there? Like any other relationship, client relationships require effort through actions taken over time. It's the personal touches that stand out, not the automated and mandatory forms of communication.
Conducting quarterly client reviews is an excellent way to stay on top of how your clients are doing. These regular reviews set a clear path for future goals and give the client something to count on from you.
Once this dialogue is open, be open to feedback from your clients to know what you can do better for them, then act on the feedback. Take detailed notes with any interaction, and track them in your CRM for future reference.
Rather than simply sending automatic cards or emails for client birthdays, consider making personal phone calls. You may be surprised by how much the extra effort means to someone.
Little kindnesses and courtesies are so important. In relationships, the little things are the big things.—Stephen R. Covey
If you come across information related to your clients' career or hobbies, send it their way with a message saying, "I saw this and thought of you!" With this type of communication, there is no need to try and sell products and services, the goal is to show you care.
"Just having satisfied customers isn’t good enough anymore. If you really want a booming business, you have to create raving fans." —Ken Blanchard
However you choose to show gratitude, be sure it is carried out thoughtfully and with sincerity.
Many business decisions are based in logic, but not every situation's answer is black and white. Your calm compassion, concern, empathy, and courage will drive sincere human connections.
Try to see things from the perspective of your clients, and don't be afraid to follow gut feelings.
Once you've onboarded a new client, that's just the beginning. Small, consistent efforts are what strengthen client relationships, leading to confidence and long-term success—especially in times of crisis. Start implementing a few of these tips today!
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