31 Oct Retaining your existing clients: here’s what you can do
Retaining your existing clients: here’s what you can do
Do you know the churn rate of your clients? Have you got systems in place to spot the “danger moments” when a client could abandon you and strategies to prevent it? If the answer is no, you need to do something about it. Read on!
Different studies estimate that the cost of acquiring a new client stands between 5 and 7 times higher than retaining an existing one. It is therefore not surprising that improving client retention techniques has become a strategic priority for companies.
Here are some “danger moments” and what you can do to stop your clients from leaving.
1. End of the contract cycle
If your clients are with you for fixed periods of time (yearly, quarterly…) when the end of the contract is getting close you should take the initiative. Some ideas:
Send a survey about their satisfaction and understand how they perceive your product.
Send a reminder of why it is a good idea to continue doing business with you.
Send an offer. A good offer will always be cheaper than acquiring a new client.
2. The client has a complaint
A client who complains is a blessing in disguise for your company. This client is letting you know that something is wrong and giving your the opportunity to restore their confidence in your company. There are many things you can do with the right technological help.
Confirm that you received the complaint. Seems obvious but your client will be gladly surprised if you confirm that you are listening.
Inform about the status of the complaint. Nothing restores confidence as a good follow-up of a complaint
Send a final communication. It could be a satisfaction survey or a “we apologize” offer.
3. The client is inactive
A client who bought from you in the past but of whom you have not heard in a long time is a client you have all but lost. Depending on the data in your posession, you could do things like the following:
Offers to buy products based in previous purchases.
Offers based in the lead’s profile (gender, age, place of residence…)
Delio can help you automate these communications (for instance, messages go out for each client as their “critical date” approaches), select different profiles to follow different strategies (like making a better offer to your most valuable clients) and create as many automated communication flows as you wish, depending on the reactions of each client.
Originally published in our blog Delio