New business is all , right? False!
While new business is obviously important, there is something else you should be laser-focused on to generate more income in the long run: retention. ensus
One of the most important (and often overlooked) things to focus on when growing an agency is retention. The obsession with building new business is understandable - and to some extent necessary - especially when you're just starting out. But you need to factor in lifetime value right from the start.ut to make sure your growth is sustainable.
So what can you do to increase and maintain your retention rate?
These are some of the things we do at Flaunt Digital to make sure this is a priority in our day to day, as well just a few more tips that you can implement that will put your agency on the right track for better customer retention.
10 Helpful Tips to Improve Customer Retention
Find out how to measure retention.
Make it a habit to track your retention rate. This will help you stay on top of your efforts and see how your agency is performing. Measuring progress doesn't have to be too complicated. You just need to set up a system to indicate and assess your customer retention rate.
Here is a simple way tocalculate your agency's customer retention rate:
((Total number of customers at the start of the month - New net customers) / Total number of customers at the end of the month) = Customer retention ra te
This simple formula will give you a good overview of your progress and will allow you to quickly identify any issues. To level up, you can include individual customers and billings to show the growth of each account. It is a good practice to start measuring these. elements as early as possible. Measurement is what gets you noticed.
Keep everyone on the same page with project management tools.
From there are many elements that go into running a marketing campaign, and many people are responsible for doing so.e a success. Failure to extract this process in one place happens too often, and instead the pro ject is handled by email, Slack, phone calls, WhatsApp messages (yes, it happened), Facebook Messenger, LinkedIn Messenger, and even meeting clients and having an impromptu meeting. 'a half hour.
The best way to manage campaigns and projects for clients is to use a project management tool , which allows you to have a view centralized of all tasks and deliverables surrounding a project. Having one place where the client and your agency team can easily monitor a project's tasks and deliverables is invaluable, and it's also an audit trail for progress, feedback and the notes.
W we useLet's say Active Collab, but others like Basecamp, Zoho, Wrike, or even something as simple as Trello will dramatically improve the way you manage projects.
Maintain detailed client files for staff turnover cases.
No matter how hard you try to hang on to your best people, some people will inevitably leave the agency. For the sake of customer happiness and loyalty, it is in your best interest to prepare for staff departures.
Set up a CRM to track customers and keep profiles up to date, including notes on meetings and calls. This way, when a member of your staff leaves, you have a detailed history of their clients to refer the new account manager to.
These customer records are important for two reasons:
- In the event that a new manageraccount must take over, he can get to know the account even before speaking to the customer for the first time.
- The client team will recognize that making a smooth transition was a priority for your team, which will reassure them that you value their business.
Keeping records up to date may seem like a simple practice, but your agency will benefit greatly in the long run.
Create several relationships between the client team and the agency team.
In general, a client will only deal with their account manager. This can be fine, but remember that limiting communication to a single point of contact locks in a valuable relationship with one team member - not your agency as a whole.
Encourage other team members working on the account to build a relationship with the client. Don't force it, but try to create an environment where the customer talks to the members.es of the operational team as well as their account manager. This will make your customer feel a bit more loved, and if their account manager leaves, the relationship is less likely to leave with them.
Report on metrics relevant to the client's business.
It may not seem like a problem, but accept a reporting structure for clients based on parameters that are really important to their business. This makes it easy for the client to report back to their management team and show the direct value of your services.
Providing your clients with the right ammo to make them look like a rockstar to their board members is something that will cement your relationship, never underestimate the power of consistently strong relationships.
Show that you are really interested in the big picture.
Agency professionalsused to high client turnover or those who rely on project-based work know in their mind that a client will only be with them for a while. This can prevent them from developing meaningful customer relationships. The customer begins to be treated as a process - as long as all the boxes are checked on a project, the account manager and operations staff think they are doing their job.
This is not the right approach. When you ask your team to prioritize long-term retention over just the ongoing project, something wonderful happens naturally - your team will start to care about every customer.
But that 's not enough to care for a customer from a business point of view. You should also focus on developing a relationship on a personal level. If you really care about a client 's overall performance beyondand individual campaign goals he will take note and be more likely to stay.
Don't be afraid to socialize.
This is quite rare in the agency world, but it is still important to note it as a retention tactic. Interacting with your customers on a social level is great for building relationships. It doesn't have to be a huge event - maybe just having coffee or lunch every now and then.
Building a relationship on a personal level will not only strengthen your business relationship, but also more natural and comfortable interactions at the conference table.
Show customers that you are grateful for their business.
Weaving gratitude into everything you do is something that will help build customer loyalty, as well as retention Staff.
This is something I'm pretty optimistic about at Flaunt Digital, and I think it's one of the most important parts of an agency culture. You have to be thankful that your clients have chosen you over any other agency and continue to do so. Please feel free to show your gratitude.
Here are some ideas to show your clients that you are grateful for their business:
- Treat them to coffee or lunch at the office.
- Send them a holiday gift - even a simple card is good.
- Give them freebies eg t-shirts, mugs, pens, notebooks. Customers love to receive small gifts.
- Say it. Don't despair, but remind them every now and then that the relationship is important to you and your agency.
You can't go wrong if you show gratitude, and it livesnt from an authentic place.
Solicit feedback and act on it.
You can't grow as a business if you don't collect customer feedback. Use a tool such as Survey Monkey or Google Forms to create a customer feedback survey and share the results within your agency.
Most importantly, don 't be afraid to implement the change. If a customer survey reveals that something needs improvement, find a solution and fix it. Tell your customer that you find their feedback very valuable and that you are making changes to improve your service. The customer will be impressed that you value their opinion enough to implement changes.
What techniques does your agency use to increase customer loyalty? Let us know in the comments below!
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