Not Focusing on Client Retention Could Be Costing You Time and Money

There is a standard principle in business that applies to a significant number of applications, including talent, clients and customers. It always costs more money to attract new talent, customers or clients than it does to retain the valued ones you have. Client relationships are key to saving time, energy and money in the long run.

Did You Know?  It costs business owners 7x more to attract new clients 

Yes, you read that right - it costs 7x more to gain new clients than to get more business from already established clients. The relationships that you keep with your clients are extremely important as they are your source of business, and keeping them happy is a key to a successful business. A lot of time, it isn’t only about the product or service, but you’re selling the relationship and brand you will come to establish with that client. 

Main Mistakes

One of the main mistakes that entrepreneurs tend to make is to offer an abundance of free and exciting deals to new clients and neglect the relationships they have with their current clients. Try flipping it, and treating your current clients like gold and offering them all the great deals to stay with you, and do more business with you. Relationship building with your clients is a fundamental and key step to long-term business success, you are selling yourself, values, morals and character to the client. Having mutual trust among clients and yourself is important when it comes to the strength of a business relationship. Your current clients will still need a reason to stay with you, and without prioritizing client relationships you can be losing face with valuable and long-term clients. Treat all your well-established clients as well as you would treat new or potential clients, show them that they have made the right decision working with you, and do not give them a reason to doubt it. 

For more business tips and tricks, check out some of our other posts on Build and Grow Business. 

Credit to Money, People, Deal by Stefan Aarnio for source information.