What is the key to client retention?
Client retention is the unsung hero of business growth.
Imagine yourself walking the wrong way up an escalator. Every time you make a sale, you’re taking a step up. But every time a client contract expires or a client stops working with you, you will start moving backward.
And if you’re losing clients just as fast as you’re making those sales, you will either remain standing in the same place or keep moving backward.
In business, your goal is to retain more clients. Because when you do, you can grow more easily and be more profitable.
Can you imagine your business retaining clients so well that they stay with you and continue to pay for your services? All you have to do is make one or two sales a year, and you grow by about $100,000. That is the power of client retention.
Client retention, however, is not a guarantee of $100,000 a year. I’m trying to tell you that there is so much opportunity in client retention, making your sales and marketing much more effortless.
This is why a client success system is essential to have. It is the perfect solution for successful client retention.
As you grow, you cannot provide service to every single client, plus do the marketing and the sales of your business. You may think you can do it, but you don’t have the time.
The client success system’s goal is to enable your business to grow past you so you can reclaim your time and at the same time, guarantee your clients the results that they have been promised.
So what does this look like for your business?
One example is a social media management company that I work with. The end of the year is coming, and their business expects an influx of clients.
The problem right now is that they’re at full capacity. But still, they have to prepare for incoming clients.
Most people cross their fingers and hope and pray, either book themselves solid and burn out or miss out on the opportunity.
But if you’re smart and think ahead, and if you leverage the built-to-scale framework, then you could start working on your client success system.
And that’s what the social media management company did. They started building SOPs, so they could hire VAs to take some responsibilities off their plate and focus on the more critical parts of their business.
They’re putting together standards of excellence in systems and processes to meet the quality of service their clients deserve. And before they hit that influx of new clients, they have tested everything, ensuring that everything is prepared for their growth.
So when you prepare your business with a client success system, it will save you time and resources, plus ensure that you will deliver the results for your clients.
Another example of a company with a stellar client success system is the events industry. They run ads and help you run events that convert into sales.
Their client success system is just so impressive. They were halfway through a project with their client, and they decided to stop because they could see red flags that this client would not be successful. Using their system, they could identify problems even before they surfaced.
Imagine if you had that level of sophistication in your business. What would that look like if you could guarantee that all your clients will be successful and that you could stop problems before they even arise?
Imagine the rate of client referrals for you because of your client’s satisfaction levels. This is the power of the client success system.
If you want to dive deeper into the client success system, check out the built-to-scale book, it’s coming out on October 18.
This book has the power to change your life and the trajectory of your business so that you can get past that hump and build a thriving business.
Take some fast focus, imperfect action. I believe in you. I got your back.