When you win that new client, go ahead and pop some bubbly, but don’t forget your job isn’t over when the contract is signed. In fact, in some ways, your job is just beginning. Your existing clients or customers are so incredibly valuable to your small business. Let’s treat them like royalty! Are YOU laser-focused on client retention? If not, what are you waiting for?
We’re about to hit you with advice that is not new at all, but we think too many people are ignoring it. Customer retention pays. It literally pays.
A Harvard Business School study from two decades ago told us that increasing customer retention rates by 5 percent can increase profits by 25 to 95 percent. And yet, the customer churn rate in 2020 for seven top industries varied from 11 to 25 percent.
Have we all missed the memo?
You can’t prevent all churn, but you should be doing everything you can to provide the best possible client experience. At the end of the day, existing clients/customers cost less to keep, they tend to spend more on your products and services than brand-new clients, and they can be your best marketing tools!
Here are 5 ways to boost your CRR (client retention rate):
Winning new clients is so exciting, but your ability to keep clients around is worth celebrating as well. Churn happens! Don’t get yourself down. If you’re communicating, meeting expectations, making it easy to stay, surprising and delighting, and asking for feedback, we believe your churn rate will shrink and your client retention rate will surge.
Would you like more specific advice about CRR for your industry or business? Book a call with us!