Evan Polin, a member of The Training Resource Group, one of our networking partners who I have been fortunate to meet through our membership with Business Clubs America, has valuable advice on how to retain your clients that we wanted to share with you. Please see below.
It's a tough market out there - in Philadelphia and everywhere. It is becoming increasingly difficult to find clients in the first place, let alone keep them over the long term. It's 11x more expensive to find a new client than it is to keep an old one. That's why companies both large and small need to focus as much effort on retaining clients as obtaining them. Here are a few tips.
First, treat every client like a prospect or lead. Unless you have locked a client into a long-term contract (which is rare these days), each one will always have the option to leave if the company sees (what they perceive to be) a better offer. In a cash-strapped economy, everyone is looking for the best value at the cheapest price. Each time that you interact with a client, you need to show your value to them.
Second, stroke their egos. Everyone likes to know that he is liked - even clients in a business setting. Give positive feedback (or at least constructive criticism, when warranted) on their ideas. Compliment them personally. Make them feel good that they choose your business - people make decisions with their brains and hearts.
Third, get internal advocates. Companies have all different types of people and personalities - some will like you, and some will not. Try to nurture the internal person who seems to like your company the most, and try to have him or her serve as the point-of-contact between your two firms. The person will be the one most likely (and most naturally) to defuse any bad situation that may arise without you needing to do a thing.
Fourth, always be on the same page. Communication is always key - make sure that the client knows what you are doing, how you are doing it, and when it will be finished. And, most importantly, tell them why. By addressing each task in this manner along the way, you will minimize any misunderstandings. And when the clients are knowledgeable about and comfortable with what you are doing, they will be much happier in the long run.
Fifth, determine what will lose the business. Everyone has priorities - what are those of your client? What are his red lines that cannot be crossed or the deadlines that cannot be missed? What is the absolute maximum that he will likely pay? What may competitors be offering? Once you know exactly what you cannot do - you can often "fudge" anything else.
The general point, of course, is always to treat clients like they may fire you tomorrow - because in this economy, they can. The best way to retain them is to offer the best service that you possibly can while incorporating these five tips.
Evan Polin is Vice President of The Training Resource Group in Philadelphia. The company provides business solutions to companies and professional-service firms that are looking to increase sales, profits and productivity. Evan conducts free seminars at American Executive Centers locations, please contact us for more information.