For a business to maintain its flow of operations and income, there has to be a solid foundation of clients that would stick with you on a long-term basis. Of course, that could only be achieved if your clients are continuously happy with your products and services.
But how would you know exactly what they feel? Some clients are not used to giving blunt feedback, and some would just terminate a contract without giving any reasons.
Actually, it’s always their prerogative to stay or leave. But it’s your job to know why.
A good client retention strategy will keep your business alive. Many big enterprises have plummeted to failure because they failed to take care of their clients, both the loyal and most especially the unsatisfied ones.
Consider these points in coming up with a client retention strategy: Source
Determine Audience Segments.
Start with broad categories such as customer, prospect, influencer, and channel/reseller. Layer in additional qualifiers as you go. A rule of thumb is the more “adjectives,” the more precise the segmenting will be. This may be one of the greatest steps most companies take care of.
Segment and Clean Your Database
Build a clean database made up of e-mail addresses with information about each subscriber that identifies his or her segment. Existing database entries can be complemented by list-building opt-in strategies like marketplace prospecting and web site registration (in exchange for valuable downloadable content), subscription offerings, warranty/customer servicing, etc.
Share Your Thoughts
In today’s marketplace it’s not enough to have a great product or service, you also have to help educate your customers on how they can use your product or service better. Interviews with industry experts and video snippets of product managers or support folks sharing their favorite tips and tricks work well for this. Remember the online marketing guru Seth Godin has a mantra. Online content must religiously adhere to three criteria: it must be expected, valuable and relevant.
Poor customer service accounts for 70% of customer loss. Marketing can help with this greatly by working with the support team to deliver content that can help service folks do their job.
Campaign to Your Lost Customers
You are twice as likely to close business with a lost customer as you are with a new prospect. With close rates like that, you should be treating these folks like hot leads. Doing win-loss interviews can help you identify patterns around what went wrong in the first place and get clues as to what to offer them to come back.
Do it Again and Again.
Online retention programs are relatively easy to turn into a repeatable process. Start with one or two “beta” audiences and then scale up and outwards into more segments from there. Consistency is critical since developing a continuous, expected experience keeps customers and content aligned.