Generally speaking, in B2B, it is cheaper and more effective to keep the clients that you have than it is to seek out new ones. There are plenty of industry statistics surrounding this statement, such as “Existing clients convert at 60-70% compared to new prospects at 5-20%”–Marketing Metrics or even a statement by Bain and Company indicating that “Boosting client retention by 5% can raise profits by 75%”.
Some may say that in addition to being cheaper and more effective, client retention can be easy. We have put together some tips on how to improve your customer retention rates which, when done correctly, can help increase your revenue, save your sales teams time and of course, keep those clients coming back for more!
1. Set client expectations
When you start to work with a client, set the expectations early. Remember at this time, your client may be nervous and not really know what to expect, especially if they are new to the type of services you provide. Or, the client may have very high anticipation at the beginning and can cause them to question your methods right from the start. Set targets and let your client know what is happening, keep communication open and meet those targets – even better: if possible, exceed these targets, wow your clients and come out on top of those expectations – your client would be more inclined to stay for longer.
2. Show your expertise
Prove to your clients that you are the best in your field and also, the best fit for their company. Know your clients’ industry, know their market, and know their competitors. This will give your clients confidence in you and your ability to help them achieve their own goals and objectives.
3. Build Trust
The relationship you have with your clients will really come down to trust. Gaining the trust of your clients, whether it be through achieving targets or understanding their needs and goals and helping them achieve them, is a key pillar for long-term client loyalty. Lose that trust or never quite build it in the first place, they will more than likely look elsewhere.
4. Be Proactive
Try to avoid any negative experiences with your client. Anticipate any threats that may come your way and have a proactive solution to offer. Communication comes into play here again! No project is challenges-free but it is the way you deal with them and communicate them that will matter. Check in with your client frequently and should you see a problem arising, nip it in the bud with a solution!
5. Set internal targets for Client Satisfaction
Keeping your clients happy is not just down to the team that works closely with them. Client satisfaction should be in the minds of every employee in your company. Build in house targets or KPI’s for customer retention, measure these targets and offer incentives on good performances.
6. Obtain feedback
Regardless of whether a client stays with you or goes elsewhere, it is important to understand why that happens. Create a client satisfaction survey. This will help you to understand areas to work on to help your client retention rates. And for those happy clients, it can also give you the opportunity to get some great statistics for your sales team and website proving why you are good at what you do.Bottom of Form
Considering the above will help you increase your customer retention rates. When aligning your marketing strategies, growing your customer retention rates may be one goal. Don’t be unrealistic and set yourself targets such as 75-100% increase in client retention. There are times when continuing a relationship with a client may not be possible. There are factors outside your control that can cause a client to leave. Don’t take this personally, keep the above tips in mind, wow your clients and keep them coming back for more!
Aligning your 2016 marketing strategy soon? Why not download our Marketing Scorecard to help you keep track on those important metrics! Download here.
