5 Steps to Client Retention
Updated: May 10
Client retention is crucial to any successful company. With digital media fuelling an increasingly competitive landscape, acquiring new clients is on average 5x more expensive compared to retaining a current client. In addition to losing out on recurring revenue, you’re spending more time on marketing, with a lower CAC (customer acquisition cost).
Taking action to retain your valued clients will encourage loyalty to your brand, helping to reduce overall marketing spend and boosting long-term profitability. Below are the top 5 steps to help your Business Development team maintain a top-of-class relationship with your clients.
Target the Right Clients
Review the data to understand your clients’ relationship scores, renewal dates and customer lifetime value (CLV), and then focus your efforts to strengthen relationships with those in the best position. This will ensure your team is spending their time efficiently, and that your business will benefit from outreach efforts.
In the world of social media, simply sending an email or a newsletter may no longer be enough to stay engaged with your clients. Connect often, loudly and clearly through every channel to make sure your message is heard. These communications also provide an opportunity for clients to share the message within their own networks.
Understand Client Behaviour
Using a CRM tool like SalesForce will help keep track of your clients’ servicing needs, and ensure your team is organizing effectively their activities in delivering an excellent customer experience.
When talking to your clients, have the data ready on how they are leveraging your services and how you are working with them. Have the pros and cons ready to discuss so they know how you can continue building and strengthening your relationship.
Send a Thank You Gift
Many businesses send a gift when acquiring a new customer to complete a sale, but it is equally important to recognize and reward the loyalty of existing clients to maintain and build on these relationships. Sending a Giftagram sends a message to your client that their business is important and appreciated.
Giftagram is here to help you create opportunities to retain customers and increase ROI. From bespoke gifts to customized programs, our team is committed to working with you to make your business grow with endless gifting opportunities.