Client Retention

THE PROBLEM

Retaining clients is a critical component to growing any business. It is easier and less expensive to retain happy clients. Without repeat business, you’re always looking for new clients. If buyers continue to do all their research on-line, finding those new customers is an arduous and expensive task. When you have a good relationship with your buyers, they will help you find new customers by referring you to their family and friends. Bad relationships, on the other hand, can spell doom with the negative word of mouth, especially if social media is the way they spread that bad press.

What are some symptoms of client retention problems?

Your client retention rate is very poor or falling and you don’t know why

We can help by...

  • Creating strategies that emphasize growing existing business
  • Identifying and developing what a good customer experience is in your business
  • Teaching your salespeople how to find out information that will help enhance the buyer’s customer experience
  • Training your team on how to deal with irate customers and come to a good and satisfying resolution
Client Retention Solutions

You have repeat customers but they aren’t willing to recommend you or your company

We can help by...

  • Identifying and developing what a good customer experience is in your business
  • Teaching your salespeople how to find out information that will help enhance the buyer’s customer experience
  • Training your customer facing employees on how to move your customers out of the Zone of Indifference
  • Training your team on how to deal with irate customers and come to a good and satisfying resolution
Customer Loyalty Solutions

You don’t have Customer Retention Strategy

We can help by...

  • Creating strategies that emphasize growing existing business
  • Identifying and developing what a good customer experience is in your business
  • Teaching your salespeople how to find out information that will help enhance the buyer’s customer experience
Customer Retention Strategy Solutions

You don’t have a clearly defined customer experience that everyone commits to providing customers

We can help by...

  • Identifying and developing what a good customer experience is in your business
  • Teaching your salespeople how to find out information that will help enhance the buyer’s customer experience
  • Training your team on how to deal with irate customers and come to a good and satisfying resolution
Customer Experience solutions

What is Client Retention?

Client retention is a company’s ability to turn customers into repeat buyers and prevent them from being stolen away by the competition.
Your client retention is highly dependent upon their experience with your company. Retaining clients is knowing your customer so well that you can provide them with an experience that is so good that they are not even interested in talking with your competition. It is about being professional, developing trust, and building personal relationships. It is about continually finding ways to provide additional value. It is the human touch component of your product or service that differentiates you from everyone else.

Why is Client Retention Important?

Gaining new customers is much more expensive than retaining your current customers - according to Harvard Business Review, between five and 25 times more expensive. Another way to look at this is that the probability of making a sale to a new customer is between five and 20%, while the probability of selling something to an existing client is between 60 and 70%. Profitability is also higher because you don’t have the client acquisition expenses connected to finding and selling new clients. Harvard Business Review also shared that a mere 5% increase in customer retention can increase a company’s profitability by 75%.

Retaining and growing repeat business is one of the key elements in growing revenue. Once someone has bought from you, and their experience was good, the chances are 25% more likely that they will buy again. And the more times they buy from you, the more likely they are to buy from you again and again. With each additional purchase, the chances go up; after two purchases it goes to 45% and after three purchases it goes to 54%.

In addition, loyal customers are a great referral source. The most influential element driving purchase decisions today is word of mouth, also known as marketing buzz. A loyal customer will provide that marketing buzz with a recommendation to a colleague, friend or family member.
To develop a loyal customer means developing trust between your client and yourself and your brand, and making sure they have good experiences with you.
83% of loyal customers will recommend your brand to others if they trust the brand. 92% of customers responded positively to recommendations from friends or colleagues.

The difference between companies that grow and those that don’t is client retention.

A mere 5% increase in customer retention can increase a company's profitability by 75%.

Harvard Business Review

How Can SEG Help?

Strategic Enhancement Group has been helping sales people learn the skills to be able to differentiate since 1984. We can help you and your sales team learn what they need to successfully retain customers.

Lets talk customer retention

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