Many businesses focus so much on acquiring new clients and customers – worried about SEO, updating websites, social media marketing plans, the *right* advertising and much more – yet they don’t have a program for keeping existing clients engaged.
It’s less energy, effort and money to keep a client than to constantly get a new one and the numbers prove it.
A study by Bain & Company has found that it costs between 6 and 7 times more to acquire a new customer than retain an existing one and that repeat customers and clients tend to spend as much as 67% more than new customers.
And, even more importantly, in today’s “always connected” world, it’s not only about a client’s individual value; it’s also about the value of their social networks. Happy clients refer. And, according to Forbes, referrals are 3-5 times more likely to invest than someone off the street.
3 Keys to a Solid Engagement Strategy
It’s all about Extreme Client Care™:
- Relationships first. One of the many blessings of being a small business owner is that you can focus on your clients’ through all aspects of their interaction with your business. Marketing, sales, customer service and fulfillment aren’t separate departments which rarely speak to each other.
- Attitude of Gratitude. Welcome clients into your business with handwritten cards, welcome kits, “how to” instructions and more. Anticipate their wants/needs and take care of them before asked.
- What’s Next. Always ask yourself “What’s Next?” for your clients. What are they looking for? How can you provide it? Then follow-up.
The ultimate goal of a well-thought-out and implemented engagement program is to maximize the relationships and lifetime value of your clients and customers.
What do you think makes for a solid engagement strategy? Please share below.