Paper, paper, read all about it. Product maturities are peaking!
Did you know that 2022 will see the largest volume of product maturities for years, with over £39bn of remortgage business set to mature in January alone? Well, now you do!
And, we’ll tell you this for free: if you haven’t been in touch with these clients they are most likely already speaking to someone else or they’ve gone direct.
Time to ask yourself: Do I have a clear-cut client communication strategy already in place to win back these clients and stop losing them out to the competition?
Or are you a ‘wait until the deals within 4 months’ kinda-mortgage-broker… Or worse, are you a one-night-stand-mortgage-broker? Confess your sins, we’re listening… And more importantly, here to help.
Keep customers engaged: Don’t be that broker
Newsflash: consumer expectations are changing. Well, they have definitely changed over the last 18 months, but that’s not new news.
You’ll know that many have experienced changing circumstances, they’ve had to adapt to working from home – just like you. And some might not have been so lucky to even keep hold of their source of income, so naturally may be worried that they can’t remortgage.
Hopefully, you’ve been keeping in touch with these clients whose product maturities are on the horizon- even at one point, they could have been the ones who saved your bacon back in March 2020 when the pandemic hit the UK hard.
If you haven’t, there’s no doubt that there will be worried borrowers out there unsure of what to do next. Here is your opportunity to do what you do best!
Proof is in the (data) pudding
We hope you’re hungry, here’s a little data snack that might help you realise how important it is to have your client contact strategies signed, sealed, delivered:
Our own data shows that January 2022 is the biggest month for product maturities, see below for a top 5, to give you a view on how far in advance you need to plan:
Top 5 months (and years) for product maturities*
- Jan 2022
- June 2023
- Sept 2022
- Oct 2021 – here’s hoping you lapped these up!
- Dec 2022
Now you’ve seen the wider picture, it’s time to make sure you’ve got a longer-term strategy in place.
Think about it, as rates have been so low, there’s been a rise in 5-year fixed rate deals being taken out. This means getting in touch 4 and a half years later just isn’t good enough, a lot can happen in that time.
So, what can you do to keep those clients warm?
Stay in touch
Consistency is key here. Staying in touch with your clients throughout their initial term will help them think about you whenever they think about their mortgage or other financial products they may need. It’ll decrease your chances of losing them if you’re front of mind.
This communication is a key driver in keeping client retention high. Remember, your clients are your business’s most valuable assets and they shouldn’t be forgotten, else they will definitely forget you too.
Customer Engagement: Go digital
You might be thinking, how can I keep in touch with all these clients all the time?! In an ideal world, you’d love to consistently keep in touch with your clients. But, the reality is you just don’t have the time to do that and generate more business.
The solution, go digital. Embrace technology to help you stay front of mind with your clients, especially when it comes to product maturities. Anything that can help you automate part of your communication strategy will save you heaps of time and deliver value to your clients.
If you’re struggling, we’ve pulled together a list of 19 ways you can use tech to keep in touch with your clients.
Add value
Add value with every client interaction and it’ll help boost your client retention – we promise!
By doing this, you’ll give clients peace of mind that they’re getting the best service and advice possible, which eliminates the need to look elsewhere.
So, how do you show your clients that you really care and that you add value? We’ve included just a few examples below that we think fit the bill:
- Personalise the customer experience
- Share testimonials
- Leverage competitor comparisons
- Collect and apply feedback
- Provide a positive experience/service
- Gather and share social proof
- Provide valuable content just for your customers
- Be relevant. Deliver the right message at the right time.
- Reward loyalty with a referral scheme
Be that broker
No fear, borrowers – here comes Super-Broker, they’re on top of your remortgage and financial needs. They’ve been communicating with you consistently, sending you relevant content about your financial needs and just popping up to check in now and again. They even wished you a happy birthday, which made you think about a friend who needed some advice, so you referred them across.
Super-Broker has always been front of mind for you because they’ve kept you in the loop and made you feel supported. Most importantly, they didn’t forget about you, so you didn’t forget about them either.
But, Super-Broker here didn’t have to do this all manually. Super-Broker has a long-term client retention strategy that helps them keep on top of product maturities. They use automated technology to complement their existing process and to help keep in touch with clients throughout their lifetime.
Super-Broker is smart. Be like Super-Broker.
Need some tips? Check out what we do, we might know a thing or two about this… Just saying.
[FREE DOWNLOAD] Remortgage Timeline
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