Did you know that it costs six to seven times more to acquire a new customer than to keep a client you already have? With those figures in mind, you can certainly see the benefits of focusing on client retention instead of spending the bulk of your efforts on acquiring new clients.
Think about all of your past and current clients. When you examine how those connections were made, I’m sure you’ll find that timing, perseverance, personal and professional relationships, skill, and even plain luck factored into most of them. If you’re in the staffing field, for example, most of those connections probably meet at least one of the following criteria:
- The client was in a bind to fill the order (because of a time constraint, perhaps, or maybe because their primary vendor fell through) and called every staffing vendor in their rolodex until they landed on you.
- You just happened to connect with the right person at the right time.
- An unfilled position required a very narrow skill set, so the client opened up the opportunity to multiple vendors—which gave you a chance to get your foot in the door with them.
Now consider how many of your initial orders blossomed into longstanding relationships. If you see too many one-time-only arrangements on your staffing resume, then you need to reevaluate your practices. In any field, converting each and every order into a longstanding client relationship is critical for success.
Regardless of how the door to a client first opens, if you don’t maintain the client relationship beyond the initial order, you will lose thousands of dollars in repeat business. Even when you’re unable to make a placement the first time a client calls on you, keeping the lines of communication open can help ensure you get a call the next time the client has a need—and may one day lead to a long-term arrangement with them.
Luck doesn’t factor into retaining clients: for that you’ll need hard work and a good business strategy. Experts tell us that the bare minimum is to add clients to your marketing list and try to make personal connections with them through introductory meetings.
Both of those tasks are important, and you’ve probably done them already—and that’s great. But guess what? Your competitors have done those things, too. You need to figure out how to stand out from the crowd. You need something that gets potential clients to give you a first look—and holds their attention beyond that.
The answer? Branded publishing. The nature of this format and its distribution model are unparalleled at differentiating you from the competition. Magazines have staying power: they linger on desks—and on clients’ minds—far longer than other forms of print advertising. Mamu Media produces branded magazines full of content that is relevant to your clients and that positions your company as a thought leader in your field.
Do you want to keep your doors to clients open? Contact Mamu Media, and find out how we can help you retain your customers!