One of the easiest and most profitable ways for service-based businesses to make money is to retain your current clients. There are no marketing costs, no funnels to build or lists to grow, and less time spent making sales calls. On average, a current client is 60%-70% more likely to purchase from you than a prospect and it costs you less. So, it makes sense to spend some extra time with your current clients, making them happy.
Here are some things to consider:
1. Be a great listener. Take the time to listen, and ask questions to be certain you fully understand their challenges and needs. Don’t start thinking about your response and your offerings until you have heard them completely.
2. Clients often come to you with something they want and you recognize that they really need something else. It is important to keep both in mind – help them with what they need, and make sure that you also deliver what brought them in the door.
3. When onboarding a client, make sure you have an agreement on the expectations of the relationship. That is true for a new client as well as a renewal client.
4. Treat the renewal process as seriously as you would a new client – give your client the time and respect that they deserve. Remember that their needs may have changed, so be sure to listen for what they need now.
5. Build into your business ways to capture regular feedback from your clients so you are certain you know that you are meeting or exceeding expectations. Don’t wait until the end of an agreement to get feedback – by then it is too late to resolve any issues.
6. Be careful of what you say to a client. If you say “I’m tired, busy and stressed,” what the client hears is that you are too tired, busy, or stressed to support them.
7. Look at the qualities of your clients who renew with you – then look for those same qualities in potential clients.
It is worth the time and effort to support and follow up with your current clients. What processes or procedures do you have in place to ensure that your clients are getting outstanding service from you and will want to retain your services? Do you have a retention strategy?