7 ways to understand your customers better
- 66% of customers expect companies to understand their needs1
- Authorised Representatives and brokers should gain a deeper knowledge of not just their customers’ businesses, but their community and purpose
- Use empathy to retain customers, tailor products and services, and keep your business thriving.
It’s vital that Authorised Representatives (ARs) and brokers understand their customers. Both sides want a strong relationship that goes beyond business, one that becomes a trusted partnership.
A 2020 survey of 15,600 consumers globally showed that 66% of customers expect companies to understand their needs, while 80% of customers consider the experience the company provides just as important as the products2.
“When a broker or AR genuinely cares about their customer, they go above and beyond so that the customer is protected with both the service and solutions they need,” says Harleen Bhasin, Broker Services Manager at QBE.
“It’s about properly understanding your customer’s needs, diving into the nitty gritty of their business and forming that connection. The customer will trust them – and brokers and ARs are more likely to retain that customer, especially when times are tough.”
So what are some tips to understand your customers better?
1. Make sure you do your research
“Have an open mind,” says Bhasin. “Be inquisitive, ask questions and have a genuine interest. Even if it’s an industry you know, chances are you could add knowledge that will help that customer.”
This means thoroughly investigating their business, their operations, their industry, the risks and even where you can add value beyond insurance.
“Don’t forget to lean on your partnerships,” advises Bhasin. “QBE is a great place to start as our team has years of experience. We also have online courses where you can earn CPD points and stay on top of the latest developments.”
2. Take time to understand their business goals
To become their trusted advisor, it’s important to know early on where your customer wants to take their business.
“If you understand their goals, you’re able to support your customer in achieving them,” says Bhasin.
Ultimately those goals then become shared ones that you work on together.
3. Seek out their purpose
Knowing your customer’s purpose can help you truly understand them. Is it a family or legacy business? Are they an entrepreneur new to the industry? Or are they focused on Environmental, Social and Governance issues?
“Knowing why customers do what they do is so important for an AR or broker,” says Bhasin. “It means you can adjust your approach and what support you give them.”
4. Use social media - carefully
Social media can be a great way to understand your customer. Many businesses now have an online presence and Bhasin believes they’re important to follow – but with boundaries.
“Social media allows you to see their operations live and to support them by following their Facebook or Instagram pages,” says Bhasin.
“But there is a line between personal and business. So make sure your interactions are well considered.”
5. Be proactive
Relationships are built on effort, so a great way to support your customer is to show up for them in unexpected ways.
This could be as simple as sending your customers an article that may be relevant, or reaching out to show that you keep them top of mind.
6. Don’t be afraid to get personal
“A personal connection is really important,” says Bhasin. “Showing you’ve got a customer’s best interests at heart can help so much.”
Do they like footy? Get some tickets for them. Do they have kids? Share funny stories about yours. Then you have common ground!
7. Ask for feedback
Feedback means you can focus on areas to improve, or even use it to promote your business.
Many people feel negatively upon receiving feedback, but it can be constructive! says Bhasin. “And being able to ask for it means that you have open, honest communication, seeking to always offer the best you can.”
Bhasin believes that the best feedback is timely, relevant, factual and open-minded.
Understanding is a two-way street
“At the end of the day, we’re all human,” says Bhasin. “Customers want to get to know and trust you, just as much as you want to get to know them.”
Take the time to listen and be curious - empathy goes a long way!
If you want to learn more about building relationships with your customers, talk to our QBE Partnership Managers today.
1 Source: “State of the Connected Customer”, October 2020
2 Source: “State of the Connected Customer”, October 2020