It’s amazing how many companies are spending hundreds of thousands of pounds on marketing campaigns that are aimed at attracting new clients, while simultaneously not looking after their current customers correctly. Don’t get us wrong – new customers are essential for continued business growth, but that doesn’t mean that existing customers should stop being treated like they are equally as important (which they are)
The benefits of customer loyalty in the real estate industry can’t be stressed enough, and these are the reason why you should strive to keep your current clients as happy as they can be:
They cost less than acquiring new clients
It’s pretty much common knowledge that keeping existing customers happy is cheaper than going out and getting new ones. One of the benefits of customer loyalty is that you don’t need to create any important marketing strategies or big money advertisements to attract them. They are already in your fold and if you only treat them as well as they deserve to be treated then they are bound to repay you.
If you need a little more evidence rather than just hearsay, Invespcro has this great blog that explains the figures and why retention of loyal customers is more beneficial than acquiring new ones. It’s easy to see why having loyal customers is essential rather than constantly relying on getting new ones.
If your customers are loyal to you, the chances are that they like your brand. This opens a unique, free advertising service that only comes from happy, satisfied customers: word of mouth. This is an indispensable part of a great marketing strategy and one that is likely to get you many more new customers and sales – without having to market for them.
Loyal customers will tell friends and family about the great experience that they had with you. And should they overhear someone looking for property or seeking to get in contact with a real estate agent – then you are going to be the first that they recommend. Word of mouth advertising is undoubtedly one of the best benefits of customer loyalty.
One of the greatest benefits of customer loyalty is that if they actually love your brand, they won’t be too bothered by price increases. They will be so loyal that they almost become immune to changes in pricing. Take Apple for example – their products have increased steadily in price with each new release, but the customers that are loyal to the brand don’t care. In fact, many of them line up hours before a new product is released, just to get their hands on it even if it’s grossly overpriced.
The thing is that if you manage to retain customers that actually love your services – the chance of them repurchasing or buying more through you is incredibly high.
“The longer a customer stays with an organisation; there is a high probability that they will place their business share with that organisation, even to the extent of single sourcing” (Payne, Christopher, Clark, & Peck, 1995).
Loyal customers are bound to come back to you when they are looking to acquire another house, be it in the local area or even abroad. You may find that even if they don’t purchase through your company for some reason, that they will often come to you for advice – and this is when you know you have got a loyal client.
If your clients have been coming to you for advice about purchasing property overseas, then perhaps it’s time to diversify your portfolio and invest in some property in another country. Spain is one of the most popular countries for Britons to buy property abroad. Have a look at our fantastic property for sale in Costa Blanca and don’t hesitate to get hold of us for advice about entering the property market in Spain.