4 Ways To Boost Customer Saves in 2022
As you’re winding down the year and planning for 2022, I want to discuss your existing business. We all know that growth is critical for agency success, but often too much emphasis is put on driving net new business and not enough on keeping your existing customers.
At CWC, we talk to our members about four key ways to maintain and grow your existing business with a dedicated Customer Save Program. We hope you take advantage of these opportunities and implement them into your agency for 2022 and watch your revenue grow!
Customer Save Process & Resource Allocation
Five key questions to ask yourself when thinking about customer saves at your agency:
What happens at your agency today when a customer calls to cancel?
Do you have an existing customer save process in place?
How much time is your agency willing to spend on keeping customers?
Who is responsible for customer saves?
Do you take this opportunity to “grow” as seriously as writing a new customer?
Most agencies we talk to process a cancellation call as if it were an address change or an insurance card request. It’s just a 2-minute phone call, and then your customer is gone!
Recognize Your Team For Customer Saves
We all know that we have to write enough new business to replace what we are losing to grow. You probably have aggressive comp plans in place for new business production, too. But what about customer saves, are you paying staff for those? Have you considered how you’re recognizing your team for saving a customer? We all celebrate and pay-out new policies with commissions, bonuses, and recognition. But how do you celebrate customer saves?
Accelerating your growth is about writing more new business AND saving more existing business. Think about incorporating policy saves into your comp plan and employee recognition programs. Incentivizing your team to take customer saves seriously can seriously pay off.
Tracking Policies Saved and Lost
You’re likely tracking all sorts of data on the new business side. But do you have a revenue report on policies saved or lost?
So many agencies we work with spend thousands of dollars each month on marketing and new business generation. But once again, don’t think about what they should “invest” in for policy saves. If the data shows increased revenue growth with your customer save process, that means you should continue to invest in resources and staff to hold on to your hard-earned customers! Or if you are disappointed by how much revenue you are losing when customers do leave how would more effort in saving them affect your bottom line?
Training Staff on Policy Saves
How do you currently train your team to handle customer saves? Many agencies role-play new business talk paths and common objections, but role-playing a customer cancellation call? Hardly!
Talk with your team and discuss the most common reasons and objections they hear on cancellation calls. And then leverage your existing success stories on how you’ve saved a customer, and implement that talk track on future cancellation calls.
CWC agency owners that implement a Customer Save Program with dedicated processes, recognition, reporting, and training are seeing a significant difference in their bottom line. Try it for yourself, and watch what happens to your growth and profitability!
Need help moving from giving minimal to a maximum effort on keeping a customer? We have the training and expert guidance for you! Schedule a demo with our team to learn how our on-demand training can be just what your agency needs to scale in 2022 and beyond.