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177: Andrew Soss On The Lifetime Value Of A Client

by | Feb 25, 2018 | I LOVE MORTGAGE BROKERING, Podcasts | 0 comments

Andrew Soss is back on to the show to talk about the lifetime value of a client.

Check Out Andrews Last Interview:

163: Andrew Soss Shares 12 Questions You HAVE To Ask Yourself When Hiring

Timestamped Show Notes

(click the timestamp to jump directly to that point in the episode.)

    • [3:25] Where does your business come from?
      • 1/3 from past clients, 1/3 from Realtors, and 1/3 from online marketing.
    • [5:00] What have you done in the past year to improve your business?
      • I’m trying to go back to the basics and grow my Realtor base by 5-10 new referral partners.
    • [7:30] The lifetime value of a client’s formula is: How much do you make per deal + how often you sell the product x how many referrals are you getting from that product.
      • For brokers that equation will look like this:  Average Deal + Frequency x Average Deal+ Referrals X Average Deal  = Lifetime Value of a Client
      • How much effort would you put into getting a new client if you knew what you would get from them over the years?
    • [12:50] How do you keep track of all this information?
      • All of our new deals get sourced in our CRM.
      • Old data has to be done by using the most recent data.
    • [15:30] What is working for you with Facebook Ads?
      • Video is king. If you don’t use video it’s not worth it.
      • The devil is in the details with Facebook ads. I like using a narrow target.
      • Less pressured more personal.
    • [17:40] Because I know what a client for life is worth to me. I spend more time making a good customer experience.
      • Everything boils down to how it affects the equation.
    • [20:40] How much time do you give to your client experience?
      • It’s everything.
      • My focus is to do the best job possible.
    • [23:20] What is something you have done in the last 6 mths to improve your customer experience?
      • I created a new position of ‘Pipeline manager”, their job is to keep everyone up to date on processed deals and makes sure the ‘wheels are greased”. I used to do this myself and by creating the role it freed me up to get more business.
    • [29:45] Who do you use to contact your past clients?
      • Client Caller, I just started with them and got 2 deals that I would not have gotten otherwise.

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