Become an (Even Better) Relationship Builder

As a commercial broker, you know the importance of building relationships. Gaining the trust of a business can have a big impact on your ability to sell, with Salesforce research showing that 79% of business buyers find it absolutely critical or very important to interact with a salesperson who is a trusted advisor.

The Harvard Business Review is another outlet that knows the importance of building relationships.  In an article describing how to keep clients loyal even when face-to-face contact is impossible, the publication described some interesting ways salespeople can build relationships.

Of the five points, we thought the following three were particularly valuable:

Get Personal

The first point we liked is one that references a study in which participants were told to negotiate a deal.

Half the students were given no further instructions other than to “make it happen” while the other half were told to share personal information and photos. According to the study, the second group had a 94% success rate, while the first had a success rate of only 74%.

While this is just one study and by no means a conclusive result, it does suggest that in a controlled environment, sharing personal information as well as business related information helped build relationships and, ultimately, close deals.

Take Advantage of Quiet Moments to Check-in

The article also gave an interesting tip about how to keep in contact with clients, even when you’re busy, namely, using spare moments throughout the day to check-in.

Next time you’re waiting for the train, or have some downtime between meetings, instead of checking the news on your phone or browsing Twitter, it may be more useful to send your clients a friendly note. Perhaps by sending a link to a story you know they’ll be interested in or following up on a previous conversation.

Send Out a Regular Newsletter

The final point we liked was the idea to send an email newsletter out regularly to remind clients that you exist.

The key, according to the HBR, is to ensure the content is helpful and not just promotional, and that you send the newsletter out on a frequency that isn’t too demanding of the client’s time. An example would be on a monthly or bi-monthly basis.

The Best Brokers Reparo Works With Have Great Client Relationships

At Reparo we deal with brokers regularly, and the best ones we work with are those that have great relationships with clients. The importance of relationships in commercial finance broking is crucial due to the sensitivity of the problems clients are facing.

Namely:

• There are many moving parts to a deal, and clients need to trust that the broker has their best interests at heart. The client also needs to know the broker has the knowledge of their business required to get them the best deal.
• Business finance deals often come at important times for the business. They may be helping entrepreneurs save their business or raising the funds required to take it to the next level. Getting the wrong deal could have a serious impact on future success, and clients know it.

When it comes to building relationships with clients, there is no exact formula. However, here are some things we’ve noticed the best finance brokers do:

• The best brokers are always looking for ways to make the deal work. Those that have a better relationship and more knowledge about the client can offer multiple solutions to get deals completed. They are also committed to their clients; nothing is too much trouble.
• The best brokers check in with clients when necessary, keeping them updated with the progress of the deal.
• Some brokers have told us that they systematise communications. For example, sending out a newsletter on a certain date, or by using a CRM with reminders that tell them when to make contact. Very few brokers have automated this process, although we think there could be potential in doing so.

Reparo is the Perfect Partner for Finance Brokers

At Reparo, we know the importance of a personal connection. We build great relationships with business owners, and that helps us provide the best possible solutions.

We appreciate that behind every deal is a human being looking to make their business a success. We always try to deal with that person first, before looking to the business.

Reparo is a great solution for brokers with clients that have been overlooked by traditional lenders. We offer loans of up to £1 million secured against assets, typically with a 70% loan-to-value ratio. We also offer loans up to £50,000 with a personal guarantee. We can make decisions within hours of receiving an application, and deals can be completed in days.

If you’re a broker that wants to discuss a loan for your client, please get in touch on sales@reparofinance.co.uk or 0161 451 5710.