Client Retention – Keeping Hold of Those Precious Clients
A hard lesson I once learnt in business…
A few years ago I was working with a car leasing company. Some great work. And the transformation in terms of enquiries and sales was clear to see. The numbers were phenomenal.
And that’s where I made my biggest mistake. I continued to work hard, continued to drive those enquiries. I put systems in place to retarget anyone that hadn’t enquired. Loads of hard work in the background.
However, I wasn’t relaying all those efforts to the client. I mistakenly assumed that because they could see sales going up and the only change they’d made was working with us, that they’d put two and two together.
And then one day, the phone rang… “Hi Joel, we’ve been reviewing our business and to be honest with you, we’re too busy. We’re going to give the marketing a rest for a while.”
I was gutted.
If I’d have had a bit more contact with them, I could have advised they put their prices up, or helped them automate some of their processes, or even pivoted (ironically) into customer retention marketing. Instead, they’d made up their mind before even speaking to me.
It’s one thing winning new business, but it is an entirely different kettle of fish holding on to it. Even when you’re doing a great job for a customer, sometimes they don’t even realise. And worse still all of your competitors are chipping away at them.
Customer retention marketing is one of the most underutilised tools in business. It costs far less to sell to an existing customer, than it does to a fresh one. And yet, 99% of most companies marketing budgets goes on some form of prospect marketing.
So why are most businesses surprised when customers go elsewhere?
Don’t make the mistake I did. There are simple ways you can stay in front of your customer. Ways that make you feel good and that are good for business!
It can be so simple. Customer retention relies on two key points… providing a good product or service and the customer knowing that you care.
Let’s assume you’ve got the first part covered. So, how does the customer know that you care?
To an extent it is about vulnerability. Sharing stories like the one I just shared. Nobody is perfect and if you can teach someone something, so they don’t make the same mistake you did, they’ll value that. You must care, because you took the time to share something when you didn’t have to.
And you must also demonstrate how much you care by paying attention to the metrics the customer cares about. That could be sales figures, that might be weight loss, it might be time saved. Whatever benefit your product or service provides that most resonates with the customer. Show that you know what is important to them.
Feel undervalued? Struggling with your customer retention? Book a free marketing Q&A Discovery Call here.
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