Client Retention – The More Time You Waste; The More You Lose

You get into business to make money. In order to make money, you have to have clients. However, “getting a client: and :retaining a client” are two totally different things. Clients are the life blood of any successful business. So it seems to make sense that you would want to build a relationship with your clients that will last for years to come.

If you look at it from a financial perspective, you spend a lot more money trying to obtain new clients then it would be for you to market your products and services to your existing clients. In these tough economic times, client retention is more important than ever. Why do clients stay with a company? Research has shown that clients remain with a company for the following reasons:

  • Superior Products
  • Superior Customer Service
  • Friendly, Knowledgeable Staff

If you waste time in marketing to your existing client base, then you are playing Russian roulette with the success of your business. How can you work on client retention? Below are just a few things that you can do to insure that you retain your clients for the long haul:

  • Market to Current Clients – Set a specific number of current clients to market to each week. Setting a goal will keep you focused and goal oriented. Your goal could be to market to 25 current clients this week with an additional goal of selling new products or services to 10 of those 25.
  • Always Keep Your Word – Your word is what customers will hold you to. Never promise what you can’t deliver. You want to be seen as reliable and trustworthy. If a client knows they can rely on you then they are more likely to remain with you.
  • Personalize Your Service – Get to know your clients. Who are they? What are their interests? What drives them? Knowing more about them will allow you to personalize your delivery to them.
  • Longevity – Your customers want to know that you’ll be there long after the sale. There’s nothing worse than a company gaining your business and then dropping the ball after the sale. Clients are more apt to stay put if they know you’ll be around for them if they need you in the future.
  • Get Comments – Your clients are the main source for gaining feedback on the positives and negatives of your business. The way to make your business better is to get feedback from your clients. They can assist you in areas that may need improvement or letting you know areas that exceed their expectations.

Positive client relationships equal long term clients. Remember the old saying “you get what you put in it”? Well this is true in business as well. Customers can make or a break a business. So the time you invest in them will insure that they are around for years to come. It’s never too late to work on client retention

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