According to Keller and his Customer-Based Brand Equity model, loyalty can be achieved in a number of ways. Here we look at some of these types of loyalty and how they apply to Financial Advisers.
This is where clients repeatedly buy from you. Perhaps you have found that clients test the water by securing your advice around small sums of money for investment initially, and the development of a successful relationship could lead to entrusting you with a much more significant pot in due course.
This is about customers loving your service or brand, viewing it as particularly significant in their lives. It not only relates to what they’re getting for their custom but how they’re getting it, in other words the whole customer experience. Make yourself and your team irresistible by being a delight to work with.
Sense of community
This is a sort of tribal loyalty, where clients feel connected to people associated with your brand, whether your team or other customers. You might consider mounting activities and events which tap into this community aspect: not only strictly work-related such as presentations from investment specialists, but also social functions marking special milestones in your firm’s history or cultural occasions that simply demonstrate the firm’s interest in its community. What you choose to do will be based on a good understanding of what your clients would like.
This is about your brand being part of the fabric of your clients’ lives, even when they’re not buying from you, and is a particularly important indicator of brand loyalty. In today’s online world, it’s especially evident in social media circles, where clients follow your platforms and engage with and share worthy content. At an even more active level, you could instigate a client committee or steering group which contributes to the direction of your organisation – a sure fire way of making people feel involved!