New Year - New Clients?
It's true, it is a new year. What happens when the new year hits? Sales goals are reset, people are desperate for change and everyone is presented with a fresh start -- ready or not. If it sounds overwhelming, you're not wrong, but let's focus on the positives.
In this time of chaotic newness lies beautiful opportunity. This includes the chance to earn new business, as well as the opportunity to maintain current clients and win back former ones. It's definitely an exciting concept, so let's dive in!
The Loyalty Benefit
If you're familiar with sales, you're likely familiar with this old principle: loyal clients are the least expensive, best asset a company has (outside of its own employees, of course). But if you don't completely understand why, you may not appreciate them in the ways you should.
The Loyalty Benefit is the 5 advantages a company gets from its relationship with loyal current clients.
Loyal Clients...
- Are generally early adopters of new products because they already trust your brand
- Cost the least marketing-wise
- Are most likely to provide honest constructive criticism
- Are in it for the long-haul and are affected by your business decisions and overall strategy
- Are your brand's biggest cheerleaders, and are willing to:
- Follow/share your posts on social media
- Recommend your product suite to their friends, family and colleagues
- Act as a reference for you and your company
How, though?
The Loyalty Benefit sounds like a really positive relationship -- and it is. But how do you get the most out of this relationship and keep it going?
We've all seen this symbiosis play out successfully on a large-scale level with consumer goods companies like Apple, Nike and Coach, and their laundry list of steadfast followers. However, this misconception of loyalty applying only to consumer goods is where many companies fail in the retention category of customer relations.
Any company, regardless of industry, can develop its own dedicated, faithful followers. You can even argue that this is the only way in which a company is able to contend for relevancy in the competitive era of ever-evolving disruptive technologies. Banks have a particular advantage here due to a close involvement with their communities.
Yes, but how?!
The Loyalty Benefit Technique
5 Steps to Improve Client Retention
Step 1: Determine who your loyal clients are.
Step 2: Identify what they have in common.
Step 3: Figure out why they chose your company.
Step 4: Learn what makes them stay with your company.
Step 5: Maintain the same energy you had when recruiting them during the whole length of your relationship.
This means you need...
- A strong Customer Relationship Management (CRM) System
- An innovative and responsive marketing team
- Communicative sales, marketing and customer relations departments
- Strategies for loyal customer communications
- Loyalty and referral programs
Remember: It's easy to forget loyal clients if your marketing is solely focused on new business development! Don't let one of your most valuable resources slip through the cracks.
Learn how to apply this technique to win back business in my next article, The Loyalty Benefit: 5 Steps to Win Back Business.
