The work you do for your clients makes your business go ‘round. Obvious? Probably. Less obvious, though, is the stage of your client lifecycle you should be focusing on. While attracting new clients is exciting, the real metric you need to prioritize is client retention. Here are a few reasons why:
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61% of small business owners report over half of their annual revenue comes from repeat customers.
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Customer retention costs significantly less than acquiring new customers.
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Customer acquisition costs rose 222% from 2013-2019 for businesses in the e-commerce space.
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84% of customers prioritize the experience a company provides as much as its offerings.
Creating an environment that makes clients excited to work with you, makes collaboration effortless and fosters meaningful relationships is crucial for sustained business success — for both of you. Here are five key strategies to help you serve your customers well and keep them onboard for the long-term:
Prioritize Communication
No one likes to be left in the dark, which is why communication is the cornerstone of any successful client relationship. Regular updates about projects status, timelines, and any potential challenges builds trust and allows clients to feel confident in your ability to deliver.
Additionally, your clients expect it. 71% of customers expect companies to communicate with them in real time. Here are a few tips to bolster your communication with those you serve:
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Have regularly scheduled connects: Whether it’s twice per week or once per month, having dedicated time with your clients to run through updates and simply touch base is helpful for keeping good communication flowing.
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Send recaps: After meetings, send an email recapping what was discussed, what takeaways there are and any timing. This helps keep everyone on track and manages expectations.
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Establish a go-to: Whether you’re a solopreneur or have a team, clients need a dedicated person to reach out to when they have questions or need something.
Embrace Technology
Leveraging technology to streamline processes and enhance efficiency generally leads to happier clients. AI tools can significantly reduce turnaround times, minimize errors and provide clients with a seamless experience.The less friction, the better. Here are a few examples of how technology can make life better for your clients (and for you!):
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Project management: Software/programs that allow you to keep all projects in one place from start to finish help with time management for you and your team and ensure projects don’t get lost in the shuffle.
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Customer relationship management (CRM): CRMs automate the processes associated with staying in front of your customers. From new launches to company updates, housing all customer info in one place allows you to stay on top of how you show up for the people who are invested in you.
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Streamlined billing: Jumping through hoops to make a payment is just painful. When you need things from your clients (like payments), make it as easy as possible for them.
Emphasize Flexibility
The foundation of a positive client experience lies in having a deep understanding of their needs. For service-based businesses in particular, these needs typically vary by client, and adopting a strict one-size-fits-all approach is going to stifle the value you bring.
By intentionally aligning your operations with client goals, you not only deliver better results but also show that you are invested in their success now — and as time goes on. This customization enhances the overall experience and strengthens the client-provider relationship. Here are a few ways to incorporate a flexible framework:
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Stay attuned to market trends: Knowing what’s going on in the market your client operates in demonstrates your commitment to delivering solutions that keep them ahead of the curve.
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Perform regular audits: Within the services you’re providing, routinely peek under the hood to go beyond surface-level metrics. Has your marketing client been crushing organic tactics, but would benefit from incorporating a paid approach? Taking a holistic view of what’s working and areas of opportunity makes you a trusted resource for those you serve.
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Be proactive: Inevitably, challenges will arise. The key is to address them proactively. Taking the lead in problem-solving demonstrates accountability and reinforces your commitment to delivering exceptional service, even in the face of challenges.
Invest in Employee Training
Your operations team is on the front lines of client interaction. Investing in training programs that enhance interpersonal skills, problem-solving abilities and industry knowledge is money well-spent. Well-trained and motivated teams contribute directly to a positive client experience and are empowered to handle client interactions with confidence and professionalism, further solidifying your organization’s reputation.
Here are more reasons employee training supports client retention:
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People like to work with people they like: When your team members who are interfacing with your clients are set up to succeed, it makes the working relationship that much better.
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Additional knowledge means additional value: The more your employees know about the industry, wants and needs of your clients, the more value they can provide.
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Happy teams lead to happy clients: When your employees are fulfilled, they will turn that positivity and motivation into excellent client experiences. Everyone wins.
Celebrate Successes Together
The beauty of working with others is being able to share in wins together. Celebrating the good fosters a sense of achievement and strengthens the bond between your organization and your clients. Successes you should acknowledge include:
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Business milestones: From the anniversary of a company to 90 days of staying committed to a new process, milestones both big and small deserve recognition.
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Significant revenue or operations changes: Product launches, new services and refreshed business directions are all worthy of being celebrated.
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Benchmarks: Hitting a certain follower number on Facebook, completing an onboarding process overhaul or finally hiring for a certain position are big deals worth taking a moment to acknowledge.
