Are you clocking the lifetime value of your Customers?
In a world where everything is tracked, from our time of phone calls to spending habits and even the number of daily steps to monitor our fitness levels; there’s a vast collection of information recorded daily that contributes to our digital scores.
Many companies that you interact with, both on a business and personal level, are right now allocating you a score based on your Customer Lifetime Value and are tracking your activity and rewarding you in line with this activity.
If you were to think about the tracking of your customers, are you putting them to the Customer Lifetime Value test? How are your tracking their worth to your business and as such rewarding them for their loyalty?
If we were to look at it on the level of your Property Management customers, think about ways in which we can build their Customer Lifetime Value, to increase our rates of customer retention and keep them coming back into your business as well as referring others to do the same.
Some of the areas that you might like to begin to analyse are around the areas of communication and personalisation. Communication and the right type of communication is the most important tool in building loyalty to your business, now more than ever before. Delivering on your promises and transparency are key is developing trust in your brand as well as serviced tailored to the needs of the customer.
In terms of finding out how you can personalise service to the client, ask. Ask them what they want in a Property Management company, how often they would like to be paid, how they would like to be communicated with and even how they would like to be notified and budgets around repairs and maintenance. Work with them through their investment journey and communicate the importance of this with them to build a partnership that in turn leads to loyalty.
Another area to consider is the exclusivity of being part of your brand. How do they feel when they walk through the doors of your office, whether that be through the physical front doors or through various communication mediums? Do they feel like a valued member of your community or just another number? Is there a reward for their long-term loyalty to your business?
What makes your customers choose you and are there strategies in place to ensure that should they exit, there is a path for re-engagement at some point in the future to build in a long-term strategy for retention.