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Every time our company brings on a new customer, it’s cause for celebration. But, in my mind, it’s just as satisfying when we get the green light from a current client saying they want to sign on the dotted line for a renewal or extension.
In fact, client retention is what builds the foundation for a company’s growth. When you make client relationships your priority, as I have throughout my career as vice president and co-founder of New Level Radio, it leads to more revenue and increased market share — not to mention a more fulfilling and meaningful feeling of purpose. As a result, satisfied clients lead to more referrals and glowing testimonials, and that leads directly to — you guessed it — more new clients.
I’m proud to say that New Level Radio has a 90% client retention rate since our inception in 2007. I say this not to be boastful, but to drive home a point: Client retention is one of the best avenues to client acquisition.
But it doesn’t happen by chance or by accident. Retaining clients is a diligent practice that must be a core value of your business mantra. You need to have specific strategies in place, but at the same time, every client is different and requires different attention.
Here are four foundations that we practice on a daily basis that can help you reach similar success:
Customer Service
This sounds so obvious, but at the same time, it’s crucial. One of the great benefits of being a smaller company is that it allows us to be nimble and agile in all areas, especially customer service. Unlike when you call your cable company or try to reach a real, live person at Amazon, our clients hear a familiar voice or see a name they know in their inbox when they reach out to us. It’s not uncommon for me to be the one who responds to one of our partners if they have a question or concern. And no matter what that question or concern may be, we always have an immediate answer. Trust me, this is absolutely crucial when it comes time for a client to renew.
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Flexibility
As mentioned above, every client is different. No matter what industry or business you may be in, there’s a pretty good chance that one size does not fit all. That means you have to adjust as needed when it comes to your service and/or product. Accommodate clients’ needs — within reason. Find solutions that work on both ends and adapt as needed to special requests. In the short term, this may mean putting in some extra time or making a few after-hours phone calls, but in the long term, it can help lead to keeping that client.
Be Present
If the only time you are ever in touch with a client is when something goes wrong, that client isn’t very likely to be around for the long run. No matter how busy your schedule may be, try to find the time to be in touch with your clients on a regular basis to check in and see how things are going. Even better, make a visit to the property and set up a face-to-face meeting, which is often more effective than a Zoom or phone call.
If you’re attending an industry conference or event that may also attract some of your partners, find out who may be in attendance and set up a meeting or, if at all possible, make a reservation for dinner and/or coffee or cocktails. When you speak with a client, ask for direct and honest feedback, whether you know it’s going to be good, bad or indifferent. This can help build trust, and learning more about your customers’ needs can make you a better all-around company.
Another way to “be present” with a client is via social media or a company e-newsletter. While it’s not nearly the same as a one-on-one meeting, these are strategies that help you remain “front of mind” with a client.
Build Relationships
The most important aspect of client retention is to build true and lasting relationships with your clients. The more you interact with your clients, the stronger the relationship will be. I absolutely love hearing about my clients’ personal lives, if they are willing to share. Never forget that we are all human beings with real lives outside of work. Most people enjoy talking about their family, their kids or their hobbies. When you have meaningful conversations with people about non-work matters, it can help build a strong bond. Your goal should be to become a “business partner” — not a “business transaction.” People want to do business with people they like.
To conclude, client retention is essential for any business that wants to not only succeed but flourish. By executing and employing these four foundations, you can build a strong foundation of long-term client loyalty, which can then organically open avenues for new business and increased revenue.
