cancellation rates where no MyAccount has been activated or CYD has been confirmed . From L & G DQM ’ s years of working with many businesses and business models , we see a direct correlation between those who have poor customer retention rates and transactional-based sales . What do we mean by ‘ transactional ’? Transactional sales are quick ( normally one stop / interview ), single-product-focussed and normally light of any relationship development between the adviser and the customer . We see CFOs much higher where there is little value being derived from the sale , and normally , it is a ‘ sell ’ rather than a ‘ purchase ’.
Where the customer has had time spent talking through the options and their personal circumstances have been reviewed and considered , plus , the adviser has been seen by the customer to invest effort into the various meetings to get to a concluding acquisition point , this can prove of value to all parties . So , be mindful that the more time spent cultivating the relationship really does prove to embed retention and engender loyalty ”.
I also took the opportunity to get his feedback on the work that SimplyBiz has been doing and how we are working to improve the support we offer our member firms :
“ The last 6-12 months has seen an even greater step forward , not only regular interaction but more focus on those intermediaries that deviate from the standard or average across measured business quality KPIs . With the addition of Emma to SimplyBiz , this collaboration and co-operation has been improved further . It is evident there is a new energy and interest , that is shared , in helping highlight and improve performance . At L & G , we have always wanted to maximise opportunity and risk management ; it feels that we are on the path to doing this . Regular catch-ups , sharing of best practice and stats , and an open door to share intelligence is very much welcome . Long may it continue ”.
I am sure you will agree that this is a massive step in the right direction for SimplyBiz , and we are continuing to build on this with all our provider partners . As we go further into the year we will be developing the protection proposition to ensure you continue to get market-leading support .
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