Why Do Agencies Need To Keep Their Clientele For A Longer Run?
When it comes to being successful, agencies either think about getting more clients or retaining the old ones. Though the question is which one is more prosperous and the answer can be none other than that the client retention system wins it all.
If you want to ensure stable business and regular flow of income, think client retention strategies because it is what matters in the struggle for survival.
To prove our statement, let’s dig in some facts and figures. According to Harvard Business Review, if you are successful in increasing customer retention by 5%, you can enhance your business by a whopping number of 25% -95%. Moreover, it costs five times the cost to acquire a new customer than to keep the same old, but a loyal one. This all comes to the fact that client retention is indeed much budget-friendly, effective, and most of all beneficial for any agency.
Now that we are all on the same page, let us explore our options to set a strong customer retention plan.
Pick Up Your Clients Smartly
First things first; how to choose the right clients to work with?
Well, you need to think wisely before you consider your options. Look at your previous work record and search for the common trends. Notice whether there were any canceled customers or some who brought you in a lot more revenue, and get to work on set criteria. Although every client can’t be perfect for you but try to be highly selective to pick out the right clients.
Communicate Well To Learn Your Client’s Goals
Many of the agencies tend to lose contact with the clients during the working period and only communicate in case of absolute necessity.
That’s a definite no-no. You have to remember that communication is always a key to success. You have to indulge the clients now and then with small talks on the progress of the work. Furthermore, you have to ensure that you are working in the right direction and the end product will completely comply with the client’s goals, and that can be done with communication only.
Don’t Overcharge Your Loyal Clientele And Reward Them Timely
One of the worst things you can do to your loyal clients is to overcharge them. You have to understand that small money now can cost a much larger amount in the future -in the form of a lost client. Similarly, it is also essential that you don’t forget to appreciate your old customers timely. Send in an email of goodwill and offer them special discounts and packages on holidays, and we are sure that they will be in for a long ride.
Be Authentic And Set Only Realistic Expectations
One of the most important things you can do for your clients is to deliver exactly what you promised. This includes setting only achievable goals for yourself and communicating expectations with your client in loud and clear words right at the beginning of the project. This will not only help you in building up the most effective marketing strategies for your project but also establish an environment of trust and authenticity.