If you want to build a sustainable and profitable business, it’s not enough to land new clients and customers… you must also retain the clients you already have. In fact, research has conclusively demonstrated that it is much more expensive to go out and find a new client than it is to simply keep your current clients.
The obvious question this raises is simple: how can you retain your current clients?
And of course, there are many ways to do this—including offering superior value, an unparalleled customer experience, or reward programs that incentivize loyalty.
Today, however, we are going to focus on another approach… which is arguably the most powerful client retention strategy known to man:
To retain clients effectively, make your business indispensable.
This means providing such great products or services that your clients can’t imagine life without you.
Below are four ways to accomplish this:
- Build a relationship with your customer. People do business with who they know, like and trust over lowest price or even better product features. For more on this, watch Simon Sinek’s TED Talk, Start with Why – CLICK HERE.
- Anticipate their needs. Typically, as a business, you possess knowledge and expertise that your clients and customers do not. As a result, you are in position to provide them with unsolicited advice that may help them in the future. As a CPA, for instance, if news breaks that will impact tax returns for your clients—let them know. Take the opportunity to look out for their best interests. They won’t forget it!
- Never say “no”. Often, you’ll get a question or request that is outside of your area of expertise. When this happens, don’t just say “sorry—I can’t help you.” Either track down a solution for your client, or connect them with someone who can. If you do this regularly, your clients will think of you as the business that always has the right answer—and that’s a great reputation to have!
- Consistency, consistency, consistency. One of the most valuable services you can provide to clients or customers is simply easing their minds. You can do this by providing reliable products on services, day in and day out. Over time, your customers will grow completely comfortable with your business and will often stop thinking about it altogether. On the other hand, if you show up late or make mistakes frequently, they’ll never develop the same level of trust. If you can convince a client to stopworrying about the services or products you provide, you’ve likely found a client for life.
Is your business indispensable for your customers?
How have you pursued this strategy in your own business, and what results have you seen? Leave a comment and share your thoughts below!