Deena Janes from Your Client Matters talks about client retention
We all hear about it. We all know we should do it, but why is client retention so important to us as business owners?
We get a client, we want to keep them…for life! After all we earn trail income from them, we don’t want to lose that by letting them go to someone else.
Let’s have a look at some industry facts:
- Client loyalty is low
- Clients will jump ship for a better deal if they think they can get one
- Clients forget about us
- Fall off is increasing every year
So it makes sense then that we should do something about educating and keeping our business “top of mind”.
Have you ever worked out what your clients are worth to you over the lifetime of your business???
If you work it out, it can be anywhere from $15,000 to about $50,000 per client over a 20 year period.
So it makes sense to try and keep them coming back to us and referring all their friends and family to us as well don’t you think?
As business owners what do we want?
- Be top of mind
- To stay in touch
- Reduce drop off
- Increase referrals
- Educate our clients to come back to us, not to shop around
How do we do this and improve our client retention?
Here are a few ideas:
- Post out a quarterly newsletter to stay in touch and keep them educated
- Send articles of interest to your clients
- Keep them posted of interesting updates in the finance and property industry
- Sell other products to them. Did you know that by selling a 2nd product to a client improves your client loyalty by 69%???
- Get them involved in your business.
- Reward them for their loyalty and referrals
- Educate them through workshops and seminars. The more they see you the more they will remember you and refer you
- Do annual loan audits
Everything helps and it doesn’t have to cost the earth.
If you are interested in finding out more about increasing your client loyalty and referrals then call about the Finance Matters marketing program. For more information call Your Client Matters today on 02 9526 9999.
Thanks for reading this months tip, I hope you can use it.