What is more important to a business, finding new customers or keeping old ones? Sure acquiring new clients is how businesses grow but it is not how they stay in business. As important as it may be to move forward, it is key to build relationships for the long run.
Relationship marketing is easily one of the most underrated and under used strategies in the business world today. Companies spend all their time and money in bringing in new clients, when in fact they are sitting on a gold mine the entire time. There are many different numbers that are thrown around, but the general consensus is that it cost roughly 4-10 times more to acquire a new client than it does to retain a valued customer. Keeping this in mind, it is crucial to be able to have ideas and strategies to maintain these clients.
1. Getting to Know Each Other
Every professional relationship needs time to develop and learn the nuances and quirks that makes working together both challenging and effective. Not every company is the same in certain industries, so avoid the one size fits all approach. Become on a first name basis with the customer. The more cordial the relations are within the relationship, the more likely business will be returning.
One-and-done accounts are a nice little boost, but farmers don’t milk their cow once and then part ways with her. Stay in contact with your clients. Even if it is just a “Hey, we were just calling to check up on how things have been going?”. As a local business, you can even go as far as meeting up with your clients and building the relationship over a meal or drinks. The point is to show your client that you care. They are not just dollar signs in your eyes, but rather an integral part to your company and its success.
3. Communicating Results
As important as it is to be cordial and dedicated to your customers, being able to prove why the relationship should continue is what business is all about. Through your relationship and the two steps above, a communication of results should be provided. The selling process does not stop when you sign them on as a client. There will be opportunities that give you the ability to show them that they have made the right choice. Your point of difference, or what makes you different from other companies in your industry, should shine brightly during these times. Whether that is a higher success rate on ads, a cheaper price than your competitors, or the quality of a product or service, it should be showcased whenever you and your company have done well for your clients.
These 3 crucial ideas and strategies of business will not only increase your capital, but save you money. You will notice both higher income and higher retention rates without spending money on advertisements and costly programs to keep clients on. At the offices of Kearns, Brinen & Monaghan we have taken these steps and proven them time and time again in the field. If there is anything on further newsletters you would like to see, please contact BrinenL@kbmcollect.com.