In this volatile economic climate, client retention has never been more important for businesses than it is right now. Each client is recognized as a critical asset that could make or break some companies.
Businesses spend millions of dollars to attract new clients, but retaining the ones they have is essential for the success of any business.
No one knows this better than Acello Media Solutions and that is why they are sharing their top 5 Client Retention tips.
Do your homework – learn about their business
Having a knowledge and understanding of your clients and their needs is crucial. Find out about each company’s vision and mission, goals and objectives and desired outcomes. Attend meetings and planning sessions with them. Find out what they want, what exactly is it they seek from you and how they want it given to them. Implement the ideas that works for you. This will establish a mutual connection and help you to cater to their needs more effectively.
Focus on existing customer’s needs – value them
It is crucial to focus your time and resources on better serving your existing clients. Go deeper instead of wider. Make your existing customers the number one priority and ensure their needs are catered too. Nurture your customer relationship by consistently treating all customers with respect and honesty; this will encourage cross selling, up selling and referrals.
Provide superior customer service and support
Customer service should be considered more of an investment than an expense. Companies that have had a reputation for outstanding customer service have achieved high successes in the past. Paying special attention to complaints and compliments of existing clients, helps provide a positive customer experience, loyalty and a long-term relationship. Customer complaints can also be used to bring about new ideas and ways to improve your product or service.
Not all customers are equal and providing profitable ones with a dedicated support line can be a good investment. Employees should be trained to meet the client’s needs by answering questions, receiving comments and handling complaints. Retention is the key – it’s cheaper to retain an existing customer than to acquire a new one.
Develop customer loyalty programs
Loyalty programs can be used for outstanding customer retention, where your long-term clients are rewarded through gifts, services or discounts. Clients like to feel as if they are being rewarded for choosing your company. After all everyone likes a special discount or free gifts!
Feedback is Critical
Feedback is a reflection of your product or service. Client’s feedback provides and excellent learning opportunity. Both the client and company can benefit from it if taken constructively. Companies should actively socialize with their clients and gather feedback.
Clients are always right even if they’re wrong. Therefore, take both positive and negative comments constructively. If a client contacts you with a complaint, ensure that they receive top priority. Troubleshoot the issue and try to reach a satisfactory agreement for everyone. Feedback can easily be done through the company’s website, blog, social media sites or through an email. Make the customer feel valued by involving them with every step and valuing their input.
In today’s challenging business environment, retaining your client gives you the competitive edge. If you don’t give them reasons to stay, your competitors will likely take them away from you. Client retention is all about keeping the client you’ve worked hard to acquire, maintaining a strong bond with them and make them come back to you again and again. It drives profits for the business and is far less expensive than attracting new ones.