Loyal Clients Keep You in BusinessBy Don Farrell

For immediate and long-term sales results, you must inspire loyalty in your clients, and that requires more than providing the same basic services your competition offers. Here are some tips on how to drive customer loyalty.

Exceed expectations. A gas station owner knows that the net profit margin is slim, so he can’t afford to lower prices or offer freebies. So how can he create more loyal customers? Most gas station customers are looking at price and location. If his price is comparable to the next guy’s and his station is on the customers’ way to and from work, more people will stop there. However, this is not much of a loyalty-driving proposition. What if the lighting at his gas station is weak, the window cleaning solution is always dry, the pumps are dirty or the receipt doesn’t come out as it should? Is that enough to chase customers to the next station? Probably.

What if the owner or manager ensures that these lighting and operational fundamentals are in place, and he makes a habit of walking the pump area, picking up trash and talking to his customers? Customers would probably be blown away because they wouldn’t expect such service.

What are you doing to exceed your client’s expectations? Are your competitors doing more?

Make an emotional connection. A 25-year-old woman is planning her wedding and she wants the day to be perfect. How many caterers will the bride-to-be meet with to determine which one wins her trust? She more than likely will have a conversation with an experienced wedding planner who focuses on three things: rates, dates and space. The caterer wants to know these three things before determining whether she even wants this bride’s business. She fields many such calls, so she has learned to streamline the conversations to save time. However, this prohibits a customer-centric approach to selling or driving loyalty with the bride.

Consumers are looking for more than satisfaction. They want personal perks, surprises and value-added goods and services, as well as that emotional connection. What if the wedding caterer made the bride feel special by saying, for example, “Let me just say congratulations to you and the bridegroom for your upcoming wedding. My staff and I are absolutely committed to making this wedding day one of the very best days of your life.” If the bride believes the caterer understands the importance of her wedding day, she is more likely to engage her services.

When you pitch your financial services and products, are you making an emotional connection with your prospects’ needs and dreams? Do they believe you are committed to them?

Delivering the basics creates satisfaction but does not drive loyalty. No matter which business you’re in or what you’re selling, caring more, doing more, putting the customer’s needs first and communicating that you care will keep them coming back.

Bio:
Don Farrell conducts training workshops and helps clients create a unique sales-and-service culture. For more information, go to www.FreshRevenues.com or call 731-514-1589.

African-Americans See Value in Life InsuranceBy Julie Britt

A recent study provides revealing information about African-Americans and their financial habits that you can use to market your services to this niche group, which comprises 13.5 percent of the population, according to the 2010 Census.

For example, African-Americans seem to be more aware of the value of life insurance than other groups and they prefer to get information on life insurance from financial advisors than from a life insurance agent or broker, states LIMRA’s Understanding Today’s African-American Consumers.

In other findings, all but the youngest African-American adults want to accumulate adequate retirement savings. The younger group is more interested in paying off debt such as student loans and credit card debt than saving for retirement.

The fact that this group wants life insurance information from a financial advisor indicates that they are looking for life insurance advice based on an assessment of all their financial needs, LIMRA says.

Also, African-Americans, according to the study:

* Place greater emphasis on buying adequate life insurance than other groups.

* Are more likely to consider life insurance more important today than in the past.

* Are twice as likely than other consumers to plan to buy life insurance coverage for themselves or for someone else in the household.

* Have more positive attitudes toward life insurance companies and their field representatives.

Actions to take
Based on this report on the state of the African-American market, LIMRA recommends that financial advisors take several actions to engage with this group of consumers.

First, realize that any steps taken to reach African-American prospects will also help you reach all consumers. For example, an online interactive program that explains how an annuity works can benefit all of your clients and prospects.

As with any niche marketing efforts, your outreach and messages should be communicated with sensitivity. Keep in mind that the African-American population is a diverse group.

To help prospects achieve their financial goals and retirement dreams, offer at least some basic financial-planning services to assist them in managing their income and reducing debt. In addition, there is a need for retirement-related education among African-Americans. Provide ongoing workplace education, webinars, seminars and information on how to use retirement tools on your website, LIMRA says.

In light of this study, advisors should introduce or reintroduce their practices and brands in African-American communities, as the desire for life insurance is growing.

Keep in mind that many African-Americans live in multigenerational households because adults may have returned home after losing a job or home, or because someone needs caregiving services.

These consumers want life insurance advice based on all of their financial needs, but they may not realize that insurance agents can provide such advice, so highlight your practice’s experience in budget management and debt-reduction plans.

Advertise your products and services in African-American-oriented media, including information about budget management and debt-reduction information, retirement-planning tools and calculators, and other services and tools you and your carriers offer.