IT IS universally accepted that it costs around five times more to acquire a new client than it does to keep an existing one.
This fact has been written about by Tom Peters in his book Thriving On Chaos.
The Harvard Business Review has further reinforced the theory with its article, The Profitable Art Of Service Recovery.
So what are you doing about keeping those valuable customers that you already have?
Here are five simple steps you can take to ensure those valuable money-making machines – your existing clients – stay in the fold and don’t stray across to your rivals:
The personal touch
Do you want to make a lasting impression on your clients?
Then get personal with them.
Now I’m not suggesting that you take them to the movies (though that may work). What I mean is, find ways to show them you are personally involved in managing their account.
Take a moment to think about how you can personally impact the relationship you have with your key clients.
If you write to them, sign the letter personally.
Better still, why not call them up and have a conversation?
Better again, why not meet them face to face and buy them a coffee, lunch or dinner?
Get to know more about them and then surprise them with tickets to see their favourite sports team in action.
I found out one of my clients had a passion for American-style pork ribs. I researched the best pork ribs joint in town and took him there for lunch.
Do you reckon he liked me after that?
You bet! And while we were munching on those ribs, we negotiated next month’s bumper order!