A Strategic Look At Client Retention From Your Strategic Thinking Business Coach
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One of the behaviors I continue to see in the marketing efforts of many companies is the extraordinary expenditure of resources to “chase” new clients and customers. Companies keep thinking up new marketing ideas, increasing their networking activities, and advertising in many non-effective places with the emphasis on gaining new clients and customers. Why? Because there are still many individuals and companies that have the “we have always done it that way” mentality and believe that gaining new clients is how they grow their business.
Well, Your Strategic Thinking Business Coach takes exception to that thinking and those strategies that only focus on gaining new clients. Instead, the real strategic approach to growing your business is by client and customer retention.
And why do I believe that? Do you know that it costs eight (8) times more to acquire a new client or customer than it does to retain an existing client or customer? Research also shows that once a client or customer has done business with you once, they are much more likely to do business with you again and become a repeat customer. I like to advise clients and coach clients to look for and work toward clients and customers “for life.”
Did you ever hear of the 80/20 rule? Well the 80/20 rule applies to marketing in that 80% of your profits will come from 20% of your clients and customers. That is an important thing to know. So, how does this impact the way we should be marketing? What is a more strategic approach to our marketing efforts? I suggest you look at client and customer retention as a key strategy to grow your business. And what are some of the proven strategic actions to achieve client and customer retention? Your Strategic Thinking Business Coach has learned many lessons from working with clients on strategic marketing. After reviewing those lessons learned from the business coaching experience, here are ten (10) strategic actions recommended to achieve a strong return on investment for client and customer retention.
Strategic Action #1: Be a strategic thinker and use the power of strategic thinking to identify the needs of your existing clients and customers.
Strategic Action #2: Develop a Strategic Marketing Plan that focuses on client and customer retention.
Strategic Action #3: Engage the power and advice of a business coach, mentor or other outside trusted advisor.
Strategic Action #4: Develop a strategic client and customer contact and relationship management system that keeps you in touch with your clients and customers and helps you achieve Top Of Mind Awareness (TOMA). This could include a newsletter, emailing them about new services, products, trends, tips, etc.
Strategic Action #5: Reach back to clients and customers you have not done business with recently and call them to see how they are doing, to update them about you and your business, and simply to let them know they are on your mind.
Strategic Action #6: Show appreciation to your clients and customers via thank you notes, special gifts, and other means of thanking them for continuing to do business with you.
Strategic Action #7: Commit to being a life-long learner. As you focus on gaining new knowledge, new skills, and new experiences, you will have more to offer your clients and customers. The more you have to offer, the more they will benefit. And the more they benefit, the higher your value to them.
Strategic Action #8: Seek feedback and suggestions from your clients and customers. By asking what they think, you are demonstrating that you value their opinions and ideas
Strategic Action #9: Be a resource for your clients and customers. Share ideas, resources and contacts that will provide value to your clients and customers.?
Strategic Action #10: Always follow through on the commitments you make to your clients and customers. You will earn their loyalty and trust by doing what you say you will do.
Your strategic thinking business coach encourages you to fully realize the benefits of business coaching to strategically market and grow your business. If you would like to learn more about how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.com
A Strategic Look At Client Retention From Your Strategic Thinking Business Coach - To learn more about this author, visit Glenn Ebersole's Website.
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