By: Kristen Gray • 08 July 2022

3 ways for builders to improve customer loyalty (and increase revenue)

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Negative reviews drive away new business

Today’s homebuyer has the internet in their pocket. Before even contacting a sales center, potential buyers search for reviews and referrals looking for proof that the builder can provide a quality home without too many hiccups.Nearly 9 of 10 customers read reviews while making a decision to purchase, and 79% of customers trust those reviews as much as personal recommendations.Still, many companies focus more on new customer acquisition than customer retention, and it’s hurting their revenue and their reputation.Reviews from existing customers carry significant weight, reaching hundreds or thousands of potential buyers.  When homebuyers are satisfied with their experience, they’re highly likely to recommend their builder (95%) or build with them again in the future (98%).This makes a negative customer experience that much more impactful – several negative reviews can put a builder's reputation on the line.

CX is an investment that pays off

Did you know the likelihood of selling to an existing customer is 40-50% higher than selling to a new one?Companies are leaving revenue on the table by not investing in customer experience. According to Bain & Company, companies that are dedicated to improving their CX can increase their revenue to 4–8% above their market.Great customer experience is an investment that pays off because customer loyalty drives repeat and new business. It's much easier for customers to justify a purchase from a trusted brand, and creating a delightful experience for customers is all about building that trust.

Build trust first, loyalty follows

Forward-thinking home builders are using technology to create more trust and transparency along the customer journey. Here’s how they’re doing it:Video communication. Sharing updates over video builds stronger relationships than over phone or email. Service teams using solutions like ICwhatUC can show up prepared by reviewing previous video interactions and resolve 60% of customer concerns remotely.Micro-surveys. Surveys allow builders to keep their finger on the pulse of their customer relationships. With surveys collected after each video session, they get new insights into what's working and what isn't, at every step of the customer journey. The data and feedback captured during ICwhatUC video sessions can easily enable data-driven CX process improvements.Continuous feedback loops. Rather than asking for feedback after the homeowner has moved in, builders should create more feedback opportunities along the customer journey. Video sessions allow builders to create a continuous and actionable feedback loop so buyer concerns don’t have a chance to fester.

Technology can help you reach your CX goals

The world is constantly changing and so are customer expectations. Service teams need to evolve with them, which is why listening to and applying their feedback is so important.This holds especially true in an industry like home building where customers need a high level of trust in their builder to match their investment.Solutions like ICwhatUC help builders strengthen customer relationships, capture and act on feedback, and positively influence their brand sentiment.
To learn more about how ICwhatUC helped three of the top 25 home builders in North America improve their customer experience, get in touch with our team.

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