What does it really take to keep a client for life? It depends on who you ask.
For loan originators, earning lifelong clients is a career goal. Most loan officers and brokers aspire to reach a point where they can quit hustling for new leads and live off repeat and referral business.
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For mortgage executives, lifelong clients mean bigger profit margins. The MBA estimates that 46% of total retail origination costs for banks and credit unions are attributable to sales, and the number is even higher — 58% — for independent mortgage banks. Since the cost of customer acquisition is five to seven times that of customer retention, by growing their repeat and referral business, lenders can spend less on cold prospecting.
For Top of Mind, keeping clients for life means keeping in touch. It sounds simple, but it isn’t easy — if it was, everyone would do it.
If you’re not yet taking advantage of our “Client for Life” workflow, you’re sincerely missing out.
Kind regards,
Bill Hayes
CEO, Top of Mind Networks