It’s well known that client retention is a key driver of profitability; in fact, research by Bain & Company found that just a 5% increase in a customer retention results in a 25-95% boost in profits. Creating stronger client relationships is the key to raising your retention rate, so we have compiled this list of six tips to help you keep your clients for longer.
1) Get to Know Your Clients
This may seem obvious, but it really is important. You shouldn’t view your clients as a box to be checked; instead, take time to get to know them. Each client has their own unique needs and preferences. Take the time to learn about these so that you can deliver maximum value and create a personalised service that makes your clients feel seen and valued.
Some key questions to consider are:
- Why did the client hire you?
- What are they looking to get out of the relationship?
- What are their long- and short-term goals?
- What are their fears?
- What is their preferred style of working?
- How do they like to communicate?
2) Set Expectations
Setting the right expectations from the start helps to create a strong foundation for a positive working relationship. It’s important to make sure that both parties are clear on:
- Pricing
- Timelines
- Boundaries
- Communication timeframes – do you answer emails on weekends? How long do you take to respond to non urgent emails?
3) Open Communication
Communication is the key to a successful client relationship. It’s important that you and your client feel able to speak openly and honestly with one another. Of course, successful communication may look different from one working relationship to the next, which is why it’s important to outline how you will communicate from the start. This could mean scheduling bi-weekly calls, in-person meetings or daily email updates.
4) Go the Extra Mile
If you really want to impress a client and ensure that they remain loyal to you, show them that you are willing to go above and beyond. You need to be the business they can always count on to deliver in order to become their ultimate go-to.
Ways to go the extra mile include:
- Finishing a project ahead of time
- Sharing your expertise beyond the scope of the project. This may open the door for future opportunities.
- Providing additional training or education so that your client can get the most out of your work.
5) Add a Personal Touch
When it comes to building strong client relationships, a little thoughtfulness goes a long way. As well as delivering excellent results, you should strive to create a warm relationship with your clients by adding some personal touches. This could mean checking in to see how another project or launch is going, even if it’s totally outside of your remit. It could mean congratulating them on personal milestones and achievements, whether that’s a birthday or the completion of a marathon. Thank you notes are also a great idea – bonus points if they’re handwritten.
6) Use Feedback to Improve
Asking for feedback is a step in the right direction when it comes to showing your clients that you care, but actually implementing it is what will take you the rest of the way. Putting feedback into action is the best way to show your clients that you value their input and are dedicated to providing the best service possible.
Summary
Client retention is a key driver of profitability, so put these tips into action to create strong relationships and ensure that your business thrives. Great client relationships aren’t just about delivering impressive results – although of course, that is key – but also about making them feel valued and creating a fantastic, tailored experience that they just can’t get elsewhere.