A legendary agency is one who rarely loses customers, and has a regular, measurable flow of referrals. Does this sound like your agency? The key measure of being legendary is Customer Retention. How many 2015 customers will you have left at the end of 2016? Any percentage above 95% is excellent. Any percentage below 90% should alarm you. If you do lose a customer, the most important information you can obtain is WHY. The Lost Business Report is simply that . . . an account of what business and who was lost and why they were lost. Be wary of “I needed a cheaper price” answers because most customers who value a relationship with their agent will not move for a small percentage change. If the premium change was large, perhaps you did not do a good job on selling the increase or you could have missed a market opportunity for a cheaper product line.
A legendary agency measures the number of unsolicited referrals that are provided by customers as well as a “hall of fame” list of customers who consistently refer others to your agency. An acknowledgement note or call is appropriate here because these customers are worth their weight in gold.
Legendary agencies also ASK clients for referrals. Be proud of the services and your reputation by freely asking for the names of friends or family, e.g., “I’m glad this worked out well for you. Anyone else that might benefit from my services?”
Rick Roberge at http://www.rainmakermaker.com says don’t be afraid to ask early, e.g., “If we end up working together and I deliver . . . would you share it? With who?” Legendary agencies have a good attitude about customers. A customer call is never an interruption. When problems occur, the legendary agency knows people in the pipeline to fix it. *Excerpted from “Creating A Legendary Agency”.
Read the entire article in our Free Agents Guide To Better Sales.