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We all know that it costs far more to find new clients than to retain existing ones. So what does your customer retention strategy look like?
Hint: if it includes over-servicing, constant discounts and a blasé acceptance of scope creep, your strategy needs some work!
Building customer loyalty in a time when customers often just look for the lowest cost option is tricky. How do you do this?
One way is to demonstrate tangible results - offer real ROI to them. However, this is a challenge for many agencies, as significant aspects of their work deliver intangible returns. For instance, how do you measure the ROI of a great logo?
To solve this problem, you should agree up-front what would constitutes success with the project. Determine what the optimal outcome is, how it will be measured, and who will be responsible for measuring it. With this criteria established, you’ll be able to get buy-in from all parties involved.
Another piece of advice: if you don’t have a customer development plan (a top-down view of all your best clients, illustrating your steps to retain them and grow their business over time)... you’re going to miss out on new opportunities with existing clients. If you’re too busy working on client projects and putting out fires to complete this valuable work, you need help!
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