Have you thought of this customer retention tool?
“When a family uses a broker to buy their car, you’ll often get a flow on effect. When their kids need a car, they’ll come to you. When it’s time to trade in, they’ll come to you. You can use asset finance as a customer retention tool.”
Brett Richardson is a broker with a different customer service strategy. His Loan Market business not only sells home loans, it also finances anything with wheels. And he doesn’t just do it for a second revenue stream, he uses asset finance as a client retention tool.
“I’ve always worked with vehicle finance so when I joined Loan Market, I built asset finance into my mortgage broking business. It’s become an intrinsic part of my customer journey and has led to retained clients and repeat business,” Brett explains.
What exactly does it take to establish a business like Brett’s? Well, we spoke with him and found out that a little strategy can go a long way.
Know your service offering
“The key to successful car finance is to beat the dealerships. I get a base rate from the lender and I try to make 2 per cent on each transaction, because I know a car dealer wants to make 4 per cent.”
Don’t keep it a secret
“Remember that asset finance is another way to work your database. Don’t be afraid to promote the fact you do more than just mortgages. I send a settlement letter to my clients and I tell them, after they’ve moved into their new home, about our asset finance division. At my five-week follow up call with my clients, I always discuss asset finance with them. When I send newsletters to my database, I’ll always mention asset finance. Never miss an opportunity to talk about it.
Send a strong message
“If you want to achieve a successful asset finance stream through your existing database you need to send a strong message to them. I have developed a simple statement that focusses on the two things I think consumers value most: time and money. My rates are always sharper than dealerships, and I can get you a car loan within 48 hours.”
Simple, yet effective. Brett’s tactics around communicating with his clients has led to customers for life. Understanding it can be tough to get into asset finance, Brett is part of a mentoring team at Loan Market that trains fellow brokers on how to do it successfully.