September 13, 2021
Never Lose a Trader Again – How to Mitigate Client Churn
One of the most persistent challenges in every broker’s operation is customer retention.
Why? Because even the slightest change can have a dramatic impact on how your business performs, from profit, margins, and even branding.
Defined simply as a means of retaining or holding onto customers over a period of time, this concept differentiates brokers in the financial services industry, separating the cream from the crop.
For example, a customer who’s stuck or lost on your website or mobile app, isn’t going to wait around for a response that comes hours later. If anything, a late response often results in a negative reaction from customers, even if it’s personalized.
Intuitively, customers tend to hold brands they are loyal to in higher esteem and trust. In the retail brokerage space, this bond is extremely important.
For this reason, brokers are investing large amounts of resources in customer retention, as one of the most pertinent to operations and growth.
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