All too often, people in the mortgage and real estate industries measure success and the value of their customer in terms of the immediate sale. The focus is usually only about one thing: How much house is this customer going to buy right now? And it stands to reason that many of us think this way. After all, we all have monthly sales goals to meet. Every customer is a source of continuous, lifelong value, and then we strive to keep them as a customer for life.

For many, the logic behind this idea isn’t readily apparent. After all, how many people buy a house more than once every five to seven years? But that’s precisely where the error in thinking occurs. Imagine if, instead of having to beat the bushes for business, your old customers simply called you when it was time for a new home, refinance or second mortgage. And imagine if all of your business came from previous customers and their friends and family. It is possible. But it takes a serious commitment to your customer, a long-term approach and an understanding that the value of each customer extends far beyond the immediate sale. It all starts with the four key areas where every customer holds value for you.

Immediate Sale - Obviously the current sale is of value. It brings in income, but more importantly, introduces you to this person and positions you as a resource for them.

Referrals - We all know that people buying a new home often have friends and relatives the same age who are purchasing a home around the same time. They also have coworkers and other relatives of varying age groups and demographics that may also benefit from your services. For example, you could finance a new home for a newlywed couple, and then finance a condo for their grandmother. Additionally, if we have done a good job for our customer, what can we do to extract other referrals from them such as their CPA, financial planner, attorney or employer? How much are we leveraging the valuable referral sources with our customer?

Future Sales - Even if it takes a couple of years, the fact is, most people will have a use for your services in the future. A job transfer can happen within weeks and an entire family may need to move. A baby can come into the world and a new home with more space may be needed. Repairs may need to be made and a refinance may be the perfect solution. If you've maintained your relationship with your customer, chances are good you'll be the first person called when the need arises.

Future Referrals - It may be months or even years down the line, but if you've maintained the relationship, your customer will likely refer people to you over and over again. Many people feel better dealing with someone who's been referred to them, and people love to refer professionals who've treated them well. It's a two-way street.

Airlines and hotels have long understood the lifetime value of their customers. Frequent flyer programs and hotel reward programs are the norm. These days people plan entire vacations around their preferred airlines and hotels, often using miles or points they've earned to pay for them. And that's no accident. Its by design. Even packaged goods companies and grocery stores have gotten into the customer retention game through loyalty programs and frequent shopper clubs. Many large banks, investment companies and even hospitals and other health care providers have begun to develop more lasting customer relationships because they, too, recognize the continuing value of a loyal customer base.

So how do we do it? How do we maintain a relationship with customers who have no real use for our services in between home purchases or refinance booms? There are certainly a lot of ways to do it. But the key is to do it right.

A lot of people approach retention programs half-heartedly, or they simply don't understand the marketing process enough to pull it off properly. Regularly sending a mass mailing to your past customers, for example, is the wrong way to do it. In fact, sending any one thing to your entire customer base is wrong.

Your customers are all very different, and their needs are different. If you don't recognize that and demonstrate to them that you recognize that, you could do more harm than good. After all, you may see hundreds of customers in one year, but a customer only sees one loan officer. And they want to think that you understand their needs, and that you'll remember them. If your customer is a 65-year-old widow who recently sold her house to move into a smaller condo, she won't feel like you know her if you send her a mailer that says "Moving into a bigger home?" The key is to tailor your messages to your customers' needs. And it can be done in two distinct ways; buying cycle and demographics.