One of the most important focuses for any company is generating new leads and enquiries. It’s an area of business that is valued but inevitably occupies a large amount of people’s time.
While attracting new clients will help your business grow, it shouldn’t be your company’s sole focus. You should also be focusing on effective client retention. This ensures that you have a strong foundation for the future of your business.
Having a large number of clients is a great thing – it demonstrates to prospective clients that you produce valuable work and that you have a positive effect on your clients – but often business overlook the importance of client retention. Having to continuously generate new enquiries and leads in order to expand, or simply stay afloat, can use up a lot of time, resource and money. If you take the time to nurture current client relationships and up-sell them on what you offer, you will save money, increase your chances of referral and still grow your business.
JTN’s marketing manager Kristen says,“It’s vital that you maintain a good relationship with your current clients, their value can often significantly outweigh that of new ones.”
This is not meant to dissuade companies from generating new clients, but instead encourage them to take the time to nurture their current ones.
If you already have a comfortable number of clients on retainer, generating new leads becomes a bonus rather than a necessity.
Working on existing relationships is very inexpensive, yet it can bring in a substantial amount of revenue for a company. Even if you already have a long term retainer agreement with a client, don’t assume they don’t need attention…
“71% of B2B customers are not engaged” (source: Gallup)
Companies often get confused by the difference between client trust and client complacency.
Many businesses don’t change suppliers even if they’re not happy with the service or product. This is often due to either the person in charge not being aware of the issue, or it being too complicated to change.
Don’t become complacent yourself – it could be costing you (a lot)! If a client isn’t engaged they’re highly unlikely to increase the amount of work they need from you. This not only means less revenue for you, but it also means that marketing via word of mouth will no longer apply.
Avoid this situation and build up the foundations of your client relationships by:
- Keeping them in the loop and checking in often
- Showing them results, frequently
- Always being transparent with them
- Making sure you deliver what they want
If you stick to this list, you’re more likely to see an increase in work coming from your current clients. You will also find that they will stay with you longer, meaning that you won’t need new clients to survive, but instead to simply excel further.
We have been working with some of our clients for many years now and know how to retain them. Let us help your business establish techniques to reengage your current clients so you can focus on taking your business to the next level.