Ways To Increase Your Client Retention
Getting a huge client is something that many business owners dream about on a daily basis. The retention of these big clients can set a business up for success for decades to come. Millions can be made from short term clients but billions are made from long term clients. Long term clients are what separate the middle of the road companies in an industry from the juggernauts who have huge budgets and great perks. The following are some ways you can increase your chance for client retention.
Build a Personal Relationship
It can be quite difficult to form a personal relationship with a client right away but after years of interaction, it is almost hard to not have a friendly rapport. The more that this person knows about your personal life the harder it will be for them to not renew a contract with your company. Whenever you see a client is in your city it is important to take them out to dinner or at least offer. Being able to spend time outside of talking business can garner a relationship quite quickly. This hospitality will be appreciated and you might even get invited out if you are in their city next time!
Many business relationships struggle because of a lack of communication. The other thing that can happen is the flow of communication being too ambiguous can leave people confused. Dedicate yourself to keeping your client as informed as possible as this can minimize random emails and calls. Putting yourself and your client on the same online calendar can be a great way to chart progress and meetings that need to be had. Some online calendars just have an add to calendar button that makes this extremely convenient. Try to send out a weekly email tracking the progress of a project. Most of the time this can be templated and you just fill out what has been done to make this only take a few minutes. When having calls you should send a recap email just so everything that was said is in writing as well as everyone was clear about what happened on the call.
Offer a Long Term Contract at a Fixed Price
When a client is approaching their last few months of a multiyear deal they might want to explore other options for vendors. A great approach is to offer them a longer contract with a fixed price. The client might shop around but fixed prices for a company that does great work make budgets easy to figure out for years to come. This type of security and relationship allows companies to thrive as their energy can be put to work instead of resigning clients and figuring out budgets last minute.
It will take some work but retaining a client for life can make a huge impact on the bottom line. All that is takes is great communication and a willingness to connect with a client on a personal level. Everyone wants to be treated like a human being rather than a voice on the phone or signature on an email.