I touched base with a client recently to see how their KPI’s had been tracking since our last meeting. The metrics were rising and the client couldn’t be happier with their result – despite the great news, I picked up a problem. A problem that I see all too often that creates unnecessary work, stress and financial loss. Another words, this business could have been doing so much better with much less effort. But, how?

 

This problem isn’t just isolated to this local client, I have been closely watching a hugely successful entrepreneur in the fitness industry make this very same mistake. These two businesses have forgotten about the power of client retention.

Businesses can find themselves putting in so much time, effort, resources and money into attracting new clients, but they often forget (or don’t even realise) the incredible value their existing clients bring to the business. And, I’m not just talking value in terms of money. Firstly, by keeping your existing clients happy, you ensure they either become or remain your business’ biggest advocates, creating an incredibly strong network of word of mouth referrals. Secondly, your existing clients already love, know and trust your brand. Look at what other needs they have and how you can help them. Create a product or service that can accommodate that. They will be so thrilled your brand has come to the rescue and will only strengthen that relationship and trust even further.

 

So, what if a client has left you and gone elsewhere? Do you know why? Is it important to know why? Absolutely, yes. By recording attrition and identifying why clients leave, you will be able to identify holes in your product, service or processes and help fix any breakdowns that are potentially hurting your current clients – you know, the ones who are too polite to tell you? You may even win back a valuable lost client.

 

Low client turnover is so important to the success of every business. The easiest way to grow your revenue and loyal client base is to keep your existing clients happy whilst gaining new ones.