Saturday, September 23, 2023

Building trust and retaining loyal customers in a tough economy

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Shreya Christina
Shreya has been with for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Reid Rubenstein is the Managing Partner of RefiJeta leader in the auto refinancing industry.

Building a successful business that stands the test of time takes many elements, including having a solid product or service that solves a problem, an understanding of what the customer needs, the efficiency and flow of systems and, of course , marketing. But one factor is often overlooked: building stronger relationships with customers as soon as they walk in. It’s easy to get swept up in growing numbers, but what about retaining customers who put their trust in you?

My role as the leader of an auto loan refinancing company has provided an interesting perspective, serving both consumers and lenders as our clients. On the heels of a global health crisis and amid a surge in inflation, customers – whether individuals or companies – are much more cautious about where they spend their money and who they entrust their budgets to.

Here are three ways companies can build lasting trust with their customers, turning them into lifelong partners.


Block time to address your customer’s concerns and why they are in their current position. Remember, this isn’t just a trade for them. They come to you for help.

It is important to understand the main problem a customer needs to solve. For example, our company makes sure we know the goal of improving a borrower’s budget so that we can tailor loan offers to their needs. That can also help them to be in the best position to qualify for the right loan. You can only do this by appreciating a customer’s concerns and knowing that there is not always a one-size-fits-all solution.

In that sense, showing empathy is often an overlooked quality that can make or break a relationship. While listening to a customer’s concerns, compassion for hardship can help build much-needed trust while informing your service.

Offer simple solutions.

Break down the process in understandable terms. When it comes to people’s finances, they need to understand how your answer affects their daily and business bottom line. How can your solution change their lives for the better? For example, when we help our clients refinance car loans, it puts it all into perspective by showing them how much they will save per month or per year.

Show your customers the process—the how-is just as important. The sooner they can match a number to the equation and how that number is achieved, the more likely they will feel better about their decision to work with you.

Check in.

It’s easy to lose track of how long it’s been since you’ve interacted with your current customers. For example, while our business with borrowers ends with the refinancing, the business-to-business relationship with our lenders is one that requires these check-ins.

Stay on top of the details, especially by acknowledging how their needs have evolved since your relationship started. By tailoring your communications based on the services you provide, your company can show whether you’ve addressed their problems with simple solutions and achieved clear results.

Articulating a clear transformation from day one to the present is proof in which customers of all kinds can find comfort. That also helps your business fine-tune its customer service based on consumer needs. Consistent communication offers both your company and the customer a welcome opportunity to build trust.

By incorporating these three elements into my business strategy, my team has attracted and retained satisfied customers and built on our reviews. It’s as essential to retain as it is to win, so be an active listener, a strong communicator, and an effective problem solver with intent. Business Council is the leading growth and networking organization for entrepreneurs and leaders. Am I eligible?

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