There is no doubt that brokers are facing a tough market at the moment, you’re facing off against rising interest rates and dramatically increased costs of living. These factors put pressure on your customers and ultimately make gaining and retaining customers more complex. 

Your customer's need for quality information and confidence in you as a broker has never been higher. The good news is that this is the perfect environment for smart businesses to gain market share. Research has shown that businesses that maintain their marketing focus during downturns can gain a competitive advantage, that persists even after economic recovery.  
 
It’s time to start thinking strategically about how you can differentiate yourself from the market and gain market share. Here are five priorities to consider: 
 

Evaluate whether your business heavily relies on demographics or industries that are particularly impacted by rising interest rates and increasing living costs. For example, the Reserve Bank suggests younger, recent home buyers will be hit hardest by rate rises. Seek opportunities to adapt and explore new markets and consider targeting groups with greater spending power at the moment. 

During times of high inflation, customers must see value in your offering. Showcase the quality of your services, for example, highlighting factors such as years of experience or expertise in serving specific scenarios like self-employed customers. 
 
Customer reviews and word-of-mouth recommendations play a crucial role in building trust and demonstrating value. Encourage customers to leave reviews and implement initiatives to promote recommendations. Display testimonial quotes prominently across all of your marketing channels. 

Improving your business processes is directly linked with providing an excellent customer experience. By focusing on delivering a seamless journey, you can increase the likelihood of exceeding their expectations. 

Review your workflows and assess your customer’s journey to implement convenient processes with regular communication. You may find it helpful to read our process mapping article or download our customer experience and workflow optimisation ebook to assist with this. 

Now is the time to analyse the return on investment for your marketing channels. Is your social media engagement converting to sales or are you reaching a lot of people without reaching the right people? 

Stay up to date with conversions by leveraging analytics available on platforms like Google and your other relevant channels. If you don’t know where to start, there are many online courses and guides you can use to upskill yourself or a team member. 

Once you know how your channels are performing it may be worthwhile for you to cut underperforming channels and focus your budget on those that yield the best results.  

Lastly, don't take your current clients for granted. While you are trying to get new business in the front door, be careful existing clients aren’t walking out the back door. 

According to some studies, winning a new customer can cost four times more than simply retaining an existing one. Tighten your focus to ensure you are keeping in touch with existing customers. 
 
By addressing these five priorities, your business stands a better chance of thriving amidst challenges and securing a stronger position for the future. 
 

Looking to automate your marketing? 
Our SMART marketing platform contacts your clients on your behalf and runs autonomously, meaning you can spend more time building your business. With 12+ campaigns running throughout your client’s lifecycle and the option to diversify between residential and business finance communications, SMART has you covered. SMART even has an automated Google review email campaign sent out to your clients upon settlement of their loan, making it easier to build trust and demonstrate your value with prospective customers online.