Client trust: the rising commodity for brokers
How important is it for borrowers to trust a brand?
Globally-trusted brands - tech giants like Apple, Google and Amazon - have a common thread: consistent quality, innovation, and customer-centric experiences.?
Apple is recognised for its reliability and cutting-edge design; fast and user-friendly service is what drives search on Google; while Amazon is known for its convenience and customer care. These brands build loyalty by consistently delivering value and meeting consumer expectations, creating long-term trust and attraction.
Why do people trust Loan Market?
It’s obvious that customers trust and choose mortgage brokers for their home loans with the latest MFAA data placing broker share in the market at nearly three out of every four new home mortgages written.
Among this movement, national brokerage Loan Market is a leader in trust, with an industry benchmark +98 Net Promoter Score.
That means a near perfect number of respondents (clients) were loyal promoters of Loan Market and very likely to promote their service to their friends, colleagues and family.?
To put this in perspective, Roy Morgan recently released survey findings that showed the banking sector’s combined NPS was in negative territory in the six months to June (that being said, banks have received a lot of dissatisfaction in recent times as variable mortgage rates have risen).
Customers trust Loan Market for:
How trust is a precursor for success
Trust is a commodity. Loan Market has leveraged its reputation as the industry’s most liked and trusted brand through tools like Google Reviews.
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Loan Market provides an automated solution for customers to share their client experience on their broker’s Google page. Making the process easier for clients in a 43% uplift in new five-star Google Reviews across the brokerage in 2023. (This strategy was a small piece in the puzzle that awarded Loan Market the Broker Marketing Platform of the Year at the Australian Broking Awards recently).
Loan Market businesses around Australia have an average 53 Google Reviews each, for an average rating of 4.91. Loan Market’s volume of Google Reviews is almost double the average of other national mortgage brokerages.
Angela Tracey, Chief Marketing Officer at Loan Market, said it takes six to eight touchpoints to educate, inform and nurture a lead to an initial meeting with a new prospect. Google Reviews play a huge role in attracting clients who are in borrowing mode, with the social proof created by peer reviews proving compelling.
Displaying an interest in financial literacy - through a combination of education evenings, blog articles, social media tips, podcast content and more - is a proven way to develop trust in a brand.
“The more a brand is seen regularly and consistently, the more likely the potential customer will choose to engage with that brand when they are ready to, versus a brand they’re not as familiar with,” she said.
Brokers trust their brand, as well
The number of Loan Market brokers has grown 38% in the last 12 months through a number of reasons including the national brand’s promises to business owners:
Being part of a brand that is liked and trusted in the community has also been a major drawcard.
Just like the global tech brands attract people by consistently delivering on their promises - creating products and services that simplify lives and provide genuine value, earning them long-term consumer loyalty - so too has Loan Market built a reputation for trusted results amongst Australian and New Zealand consumers.?
If you’d like to learn more about how Loan Market brokers are the most liked and trust in the industry, contact our team today .