The difference between agencies that grow and those that don't is client retention. The more clients you can keep and continue to sell to, the more likely you will achieve your business goals.
According to a study, increasing customer retention by 5% results in a minimum 25% increase in profit.
Staying competitive in the digital era is not easy. Clients are constantly bombarded with adverts who try to convince them to jump to another agency. Without a customer retention strategy, it just might work.
Looking at the bright side, if you’ve already convinced a client to buy once, you’ve already done the hard part. All you have to do now is to follow these tips for them to stay.
1. Customer Relationship Management
CRM is about knowing your clients – who they are, how they've been marketed, and how they responded. It is advisable to use a CRM tool. While CRM tool does not manage client retention by itself, it can help you with the tools to manage client engagement activities to improve their experience.
CRM software is a technology for managing all your agency's relationships and interactions with clients and potential clients. It helps agencies stay connected to clients, streamline processes, and improve profitability.
Understand your client data with Statusbrew, manage it with ease, understand their queries, identify common patterns, and win them.
2. Sharing Product/Service Momentum
When a new product/feature is launched, or improvements are made to the current product/feature, everyone in the agency feels the excitement. But do your clients feel the same way?
They will not unless you take the time to share your work.
Create excitement within the current clients by showing them what your latest features can help them accomplish.
For example, Statusbrew prepared to introduce major addition to our services with Instagram direct publishing recently. We ran a series of articles (like this and this) to generate excitement about everything our clients would accomplish with this new feature .
Not only does this engage them for upcoming new product launches, but it also helps promote new features that existing clients might otherwise miss.
3. Reward Your Best Client
Information gathered in the CRM software can tell you which of your clients give you the most profit. These are the clients you should focus on first because you don't want to let them go. Knowing who brings in the most profit allows you to allocate your time and resources efficiently; also, it increases your cross-selling chances.
For example, let's say you have several incentives to give away. Use them to reward your most valued clients for increasing their loyalty.
It's easy. Just create a list of your most valued clients. Now, you can follow up and let them know about the rewards and incentives they will receive to make them feel special, and they continue to be your most profitable clients. Consider the 80/20 rule. This investment is bound to pay off!
4. Prove Success With Regular Reporting
A good report is easily consumable and relevant to the client. It's essential to understand the KPIs that matter the most to the client. Only then can you provide information that shows how those measurements impact them.
An example showing an easy and consumable report presenting engagement accross networks of a client.
There may be certain situations in which your client may not achieve the expected results. Account managers should be fully transparent in these circumstances and guide the client on achieving the result they are hoping for.
Retaining clients is like balancing a diet.
The bottom line is that, hopefully, the strategies mentioned above should give you some fresh ideas for approaching retention. Your services will do most of the heavy lifting for keeping clients loyal, and there are no shortcuts for that.
Manage multiple clients from a central dashboard with a unique workspace for each client and eliminate confusion with Statusbrew.