Page 5: Improving customer relationships
It is the fine detail of an organisation’s relationship with its customers that helps to form lasting impressions. For Independent Insurance, customer relationships involve a triangle between the Company, its brokers and its customers. Good relationships through this distribution network help to convert one-off purchasers into regular customers and finally into advocates, or committed supporters, of the organisation.
Attracting new customers has been the traditional focus of companies’ marketing budgets. However, numerous studies have shown that this is very expensive compared to the cost of retaining existing customers. More and more customers are concentrating budgets on retention of customers. This requires research into customer satisfaction and involves talking to customers to see if their expectations of a particular good, service or product have been met.
Inviting brokers who specialise in high net worth insurance to the Fair allowed Independent to reinforce its relationships with them. It also provided cross selling opportunities.