In sales, retaining a happy customer is much easier than finding new business.
Conventional business wisdom contends that it costs 10 times as much to obtain a new customer as it does to retain an existing customer.*
Further, approximately 20% of your customers bring you 80% of your revenue (the old 80/20 rule, which is generally true in a number of ways, from time and effort to sales results).
Therefore, it makes sense to spend proportionately more time and energy with people you know than with complete strangers.
Developing lasting customer relationships is an ongoing cycle:
How to plan for retention:
1. Identify your top 5 activities that help to build strong relationships.
2. Diarize these activities into a routine “best practices” retention plan for EACH new customer.
3. Focus on providing VALUE at each stage.
Top Five Retention Activities:
Planning the Touch Points – BOOK NOW:
Examples of Retention Activities:
o Post-sales check in
o Mid-contract check-in
o Updating credit card for accounting purposes
o Sending pictures, affidavits, reports, results
o Recap / case study
o Creative check
o General customer service call
o Renewal call
o Gifts and cards (personalized cards, GC’s, appreciation basket, etc.)
o Take to sporting or cultural event (hockey game, golf, theatre, concert, etc.)
o Celebrations – bring gift of wine or champagne, take out for beer, etc.
o Awards, recognition at special events
o General gratitude for their business
o Sending articles relating to their business
o Business recommendations
o Category / industry studies
o Market updates
o General research findings
o Lunch and learns
o New info about upcoming products/services/stats, etc.
o Social media mentions, reviews, shares, likes
o Email hellos and introductions
o Forward news articles, instructional videos, etc.
o Brand mentions in social media, posts, blogs
o Images of their business logo, location, product, or service on your website or social platforms
o Tickets to an event
o Take to a sporting event (baseball, hockey, golf, etc.)
o Social media (personal friend, if appropriate)
o Provide passes and GC’s relevant to their hobbies and interests
o Invite to a fun networking event
o Acknowledge special occasions (birthdays, new baby, etc.)