When you win that new client, go ahead and pop some bubbly, but don’t forget your job isn’t over when the contract is signed. In fact, in some ways, your job is just beginning. Your existing clients or customers are so incredibly valuable to your small business. Let’s treat them like royalty! Are YOU laser-focused on client retention? If not, what are you waiting for?

We’re about to hit you with advice that is not new at all, but we think too many people are ignoring it. Customer retention pays. It literally pays. 

A Harvard Business School study from two decades ago told us that increasing customer retention rates by 5 percent can increase profits by 25 to 95 percent. And yet, the customer churn rate in 2020 for seven top industries varied from 11 to 25 percent. 

Have we all missed the memo?

You can’t prevent all churn, but you should be doing everything you can to provide the best possible client experience. At the end of the day, existing clients/customers cost less to keep, they tend to spend more on your products and services than brand-new clients, and they can be your best marketing tools! 

Here are 5 ways to boost your CRR (client retention rate):

1. Communicate. Clear communication with your clients is super important, and it will lay a foundation for a great client experience. For instance, at NEAT, we provide meeting agendas and call recaps to make sure all parties are on the same page. 
2. Meet expectations. Speaking of a great client experience, it’s essential to boosting your CRR. Most people will bail on you if you don’t meet their expectations in terms of a quality product/service and in terms of support. For example, 72 percent of people will move on after just one bad experience with a brand.
3. Make it easy to stick around. Alongside consistent, clear communication and excellent customer service, look for ways to make it easy for existing customers to stick around. At NEAT, we don’t punish our clients for monthly payment plans and offer extended payment plans with no additional fees.
4. Surprise and delight. Beyond meeting clients’ expectations, you also want to find opportunities to go above and beyond. For instance, a beautiful onboarding gift really makes an impact and will start relationships off right or help keep them going strong. It’s important to show clients you appreciate them—don’t just tell them, show them!
5. Ask for feedback. Give clients a chance to have their voices heard and it will boost your CRR. If you address a client’s concern, you’re more likely to keep that client onboard than if you’d never asked for feedback in the first place. Knowing what you’re doing well and where you can improve is incredibly helpful for client retention. Make sure you’re acting on your data and not just collecting it. 

Winning new clients is so exciting, but your ability to keep clients around is worth celebrating as well. Churn happens! Don’t get yourself down. If you’re communicating, meeting expectations, making it easy to stay, surprising and delighting, and asking for feedback, we believe your churn rate will shrink and your client retention rate will surge. 

Would you like more specific advice about CRR for your industry or business? Book a call with us!