Any business can grow through new client acquisition, but as a client-base expands, every business need to implement a client retention program. Every client you stop from leaving is a client gained. CES provides the insight to help you determine a foundational client-keeping strategy. If you don’t have one in place, it’s one of the first things we recommend you establish.
Why is it important to work on client retention?
Sustainability – Customer retention is incredibly important for growing a sustainable business. In 2013 the Harvard School of Business did a study on the effect of client retention on a business’s bottom line. Their findings boiled down to this statistic. Increasing customer retention by as little as 5 % increases business revenues by close to 25% within one year. This means, if you can work to retain 20% of your customers, you could double your revenues within 12 months.
Its time you develop a unique plan to show your customers some love. Great customer service is not just the right thing to do, it’s also good business sense.
Below you’ll find a list of our 10 favorite tips for retaining clients and building customer loyalty:
- Make your message genuine and personal. Then communicate with all of your customers often. Out of sight, out of mind. Don’t fall into that trap.
- Create an image for your brand. Figure out a unique message you can drive, and then drive it hard.
- Utilize social proof. Other people saying you are awesome always means more than you saying you are awesome.
- Identify what customers don’t like about you and fix those items immediately. Don’t know what they don’t like, ask them!
- Come up with a frugal wow to drive reciprocity. Examples of this would be annual open houses, customer appreciation parties, personal thank you cards, etc. If you really want to drive this home, consider doing it as a surprise. When you do something for someone when they least expect it, it builds an incredible amount of value.
- Set customer expectations from the onset. If a customer knows what he or she is getting up front, it tends to enhance the client relationship almost immediately.
- Create a loyalty program and elevate certain customers to VIP status.
- Create a calendar to remind you to reach out to all of your clients. This can be online, or a programmed sequence of letters, events, phone calls, “thank you’s”, special offers, follow-ups, magic moments, and cards or notes with a personal touch etc. that occur constantly and automatically at defined points in the pre-sales, sales and post-sales process.
- Develop a program to handle complaints. Every business gets them. If you have a system in place on how to handle them, you’ll be prepared for the next one when it comes along.
- Have the right people handling the program. Client retention needs to be managed by individuals who have a customer-centric attitude and are willing to go the extra mile.
For more information about our customer retention services, please feel free to contact us. We’ll gladly set up a time to meet with you and discuss a strategy.