Build Customer Loyalty for Stock Broking Companies

One of the most effective strategies to develop your business is increasing customer retention. The greatest part is that you've already done the groundwork to get the customers onboard. They know your identity and what you do, understand the value of your product/service, and see how that value can benefit their business. In other words, they've already gone through the buyer's journey and are ready to do so again, but this time they're more informed. Regardless of whether you're trying to re-sell, cross-sell or up-sell, the most significant point to remember is how to maintain and enhance your existing client relationships. This helps in strengthening your bond with them, further resulting in greater value of the rewards obtained. So your marketing automation platform should be a go-to source for nurturing such partnerships. Stockbroking companies are growing at a very high rate and are expected to boom in the coming future. In FY2023, sales growth is predicted to slow to 5-7%, with a total industry turnover of Rs 28,500-29,000 crore.

Redeem Customers with Marketing Automation

Identify and Support Brand Advocates

Aside from cost savings and improved sales that retaining customers provide, they can also act as brand ambassadors for your company, reducing the time and effort required to bring in new customers. Marketing automation will help you uncover brand advocates by tracking their projects, and after you identify them, you can trust them to advocate for your company even more.

End-to-End Customer Experience

Allowing clients to fade away once they've made a purchase is never ideal. It comes down to missed opportunities for a business along with a bad experience for the customers. As a result, you must maintain engagement even after the conversion. When executed meticulously, your buyer's journey should repeat itself, and those efforts should begin as soon as a transaction is made. In this way, you must actively communicate with clients to keep your brand at the top of their minds. You may, for example, provide proactive support and offers to entice them to return. A user-friendly UI, for instance, allows the user to understand whether a stock has been labelled as illiquid or not. In addition, it also informs if any corporate moves are expected in the near future and if there has been any recent industry news.

Determine Readiness with Lead Scoring

How active or passive should a brand be while communicating with the audience? By consistently assigning lead scores to customers as they progress in their journey, you will be able to adjust your outreach exactly where they are and uncover opportunities to push them further down the funnel. Remember that even existing clients need to be nurtured for future prospective investing opportunities.

Continue to Personalise the Experience

What kind of material are your customers interested in? What sources are they using to find this information? Understanding how various users interact with your business in the light of what you already know about them is critical to personalising their experience. Customer relationships should become stronger over time, and one of the steps you can take is providing increasingly personalised experiences that offer value. For instance, HDFC Securities employs artificial intelligence to crunch the numbers of all listed firms on many fundamental characteristics and provide a score to customers so they may make more educated decisions.

Ask for Feedback

What are your customers' true feelings about your company? What do they think you do well, and what suggestions do they have for how you could improve? Develop a frequent feedback loop where your loyal customers and new ones can express their opinions and become actual consultants for your business, instead of making inferences. After all, who better than your clients to tell you exactly what they’re looking for in the market!

Grow Your Business by Building Customer Loyalty

It's all about business relationships when it comes to gaining customer loyalty. To build trust, as with any connection, it takes time and work and constant investment to keep your business market afloat. Loyalty and retention cannot be purchased, they shall be earned. Emphasise on your customer experience to promote client loyalty, and do everything you can to make their lives easier and simpler. Enhance client retention with Mtalkz's marketing automation by tracking user behaviour and interactions and modifying how you communicate with those users accordingly.