Part 4:
In Part 4, we explore with Matt Joy how to maximise the valuation of your business through Customer Retention.
Which of the following can you relate to? Watch the video below.
1. The Business Challenge | Which of the following can you relate to?
- “We’re only focused on acquiring new clients and not doing enough to keep existing ones”
- “We don’t have a clear onboarding process to make a great first impression. to ensure clients get immediate value from us”
- “We’re very reactive when it comes to our client —customers only hear from us when there’s a problem”
2. Marketing’s Strategic Impact | What is the role of marketing?
Improving retention metrics and strengthening life time value of clients.
3. Risk Assessment & Mitigation | Matt’s Suggested 3 Questions to Ask Yourself
- Do I have a net promoter score strategy, and what feedback and enrolment opportunity does this create with my customer?
- What strategies can I create to deepen my customer relationships and contact points, and broaden my conversations?
- What do they value that is not currently offered as a service, that I can provide? (think market intelligence and opportunity generation for them both personally and for their business)
So, where to start?
4. Execution & Practical Steps | Marketing Action Items You Need to Get Right
- Retention-Focused Communication: Email marketing, loyalty programs, check in meetings and re-engagement campaigns increase repeat business.These initiatives are also a great way of upselling or cross-selling clients into other services that might be helpful for them.
- Customer Experience Optimisation: Brand consistency across touchpoints builds trust and long-term relationships. This needs to start from before you sign the client so their experience is seamless from unawareness of your business, through to being a paying client. Interestingly, this will also increase retention rates.
- Community & Advocacy: Social proof like case studies and testimonials are important, as well as referral programs.
Have a question on how to put these steps into play?
All you have to do is Ask and we can help you.
Don’t forget to take a read of the previous chapters of this series.
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