How do I get more clients/customers? 

That’s the question every business owner aims to answer. Even though acquiring new customers is an essential aspect of growing any company – what good is it to spend all the money and effort if all you’re getting is one and done clientele? Think of the money that could be saved if you weren’t constantly spending on customer acquisition. Repeat customers is the name of the game. We need to broaden our focus to include keeping customers coming back. 

Customer Retention Rate (CRR) Formula

             CRR = ((E – N) / S) x 100

How do we do this?

According to Harvard Business Review – “Acquiring a new customer can be five to 25 times more expensive than holding onto an existing one.” 

There are numerous methods for customer retention. We’ll include some of the most effective strategies to maintain a lasting relationship with the customer(s). 

The 3 S’s: Speedy Service & Support 

We’re all well aware that customers expect fast service. If they can get what they want from you faster than your competitors, then you’ve increased the likeliness they’ll stick around. Everything from oat milk to a new muffler can be delivered to your door with surprising promptness. 

Your goal as an entrepreneur is to always review and improve the customer experience. Simplify it. Increase engagement. Make it easier for customers to get support. We recommend having multiple support lines. This could include any combination of the following: phone, social media, chat feature on your website, email, etc. 

If you only have one or two lines of support, you could be missing out on the opportunity to engage with your customers before issues arise/escalate. The more opportunities you have to speak with your customers – the more likely you are to get ahead of any of their complaints/concerns. Not having enough lines of contact available can bog down your response times which can further escalate customer upsets. Speed is of the utmost importance when it comes to support. 

Speed is of the utmost importance when it comes to support. 

There is no way around it – someone needs to pick up the phone and follow up with unhappy customers or anyone not given the level of service that is representative of your business at its best. These things could greatly impact your company’s reputation depending on how you handle them.

Rapport, Build it and They will Come 

How do you become a better friend?

You get to know the person you wish to befriend, you get them gifts, you check in on them. These things don’t happen by accident; you have two be intentional about them. The same goes for your relationship with customers. 

When you have a rapport with someone, you like them, you trust them, you are more likely to consider their ideas and opinions. This is why relationship building is so important. If you invest in your customers, they’re more willing to get into business with you. 

Correspondence should include their name, ask them questions about themselves. Ask about their interests and well-being. Genuinely treat them as someone you wish to form a friendship with and you will find the rest comes naturally. 

You might also find it helpful to keep notes on all your clients in a centralized place where all employees can access and update after each correspondence. If you offer a membership service, having that established rapport will go a long way when it comes time to reach out to customers for renewal. 

People Love Presents 

Why not send flowers with a handwritten card from your team, to clients with upcoming birthdays or anniversaries? You’ll find that some of your clients will be so pleasantly surprised by the gesture, they’ll take a picture and share it with people on their social media. This shout-out stands to boost your reputation – and at the very least, it’s FREE advertising. When someone mentions you in a post, what they are saying (explicitly or otherwise) is that they like your business and in a sense, they vouch for your product or service. 

At Grow Pro Agency, we send cards, care packages and sweet treats to our members as a way to celebrate and thank them for trusting us with their business. Their success is our success and we want to acknowledge our joint victories!

Relationship building is an investment of time that will benefit your business’ bottom line. Conversation > Conversion. You’ll find more on this topic on the Grow Pro Agency Blog: Personalized Relationship Marketing. 

Ask your customers to rate the service they received from your business. Incentivize them (coupons, discount codes) to complete surveys where it gives them the chance to share their experience. You should be utilizing customer feedback to improve your product/service. From these surveys and feedback you will be able to compile a collection of customer success  stories.You can post these on your website and social media. Check out our FREE Webinar: Triple Digit Google Reviews.

The feedback you get from your customers is like the ultimate cheat code. Even their criticisms are an opportunity for your business to improve. Don’t shy away from the chance to make the necessary tweaks in your low ranking areas. You might get ideas for small changes you could implement that could prevent client losses and increase overall satisfaction. Satisfied customers come back, and sometimes (with the right incentives) they bring their friends too!

The Perks of Loyalty: Membership Discounts, Referral Incentives

Pretty self explanatory; people love to be acknowledged, rewarded, and they love REASONS – why they should stay, why they should tell their friends, why you value them more than your competitors. So give them the REASONS, and don’t be stingy!

Give them a reason to take pause before switching services or canceling their membership. I’m sure you’ve paid a little more for a product or membership because they gave you a free month or their customer service was really good, right? Make sure you’ve got those reasons handy. What makes your business better? Why would you choose it over a competitor? You should be asking yourself these questions, and if you don’t have good answers – you better get some. If you don’t have a reason you’re superior, how can you expect your customers to? 

Reward customers who renew, refer their friends/family, and just because. A little appreciation goes a long way. Often, it’s not the monetary value of the gesture, so don’t go thinking you’ve got to break the bank. Hey, we appreciate you being a loyal customer, here’s $5 off your next purchase – BOOM! It’s that easy. 

Benefits of Improved Customer Retention

• Saving money in Customer Acquisition 

• Improved Credibility/Reputation/Ratings

• Happier Customers

• Increase Engagement 

• Referrals 

• Increased revenue

Some of these retention strategies may work better for certain business models than others. The important thing is to try some (perhaps utilizing some A/B testing) to see which methods yield the greatest benefit for you and your company’s goals. 

Not seeing the growth you want from doing your ads in house? Grow Pro Agency offers a wide range of digital marketing services at competitive rates. Google and Facebook Ads, Social Media Management, Database Reactivation, step-by-step Video Marketing, FREE Webinars and more! Consider us your partners in marketing!

For more on growing your business, visit our website and schedule your FREE Marketing Audit; then, join the community of Martial Arts Entrepreneurs on Facebook.