• Content
  • Business
  • Social Media
  • Branding
  • Ads
  • How To

What Your Business Needs To Know About Client Retention


Customer retention is how well a company keeps their current clients. If you want your business to grow, you have to keep current customers while attracting new ones. Your loyal buyers are the ones who return and buy more each time, refer others and help build your business into a powerhouse in your industry.

If you don’t have good customer retention, you’re spinning your wheels. It’s almost like you’re trying to collect sand but you have tiny holes in the bottom of the bucket and the grains keep escaping. Keeping your current clients is worth the effort.

What Are the Most Important Aspects to Retain Customers?

According to Statista, Cable has the highest churn rate of any industry, followed by retail, financial institutions and online retail. The highest churn rate was 25% for 2020. The rate varies by industry and year knowing some averages gives you goals to strive for.

You can use a customer retention formula to see how well you're doing compared to competitors. Retention rate equals customers at end of fiscal period divided by customers at beginning of fiscal period times 100.

COPYRIGHT_MARX: Published on https://marxcommunications.com/what-your-business-needs-to-know-about-client-retention/ by Keith Peterson on 2022-08-08T14:01:15.441Z

While it’s good to have a strong customer retention rate, don’t just keep a client to not lose one. If you have a particularly troublesome one or they don’t pay invoices in a timely manner, it’s okay to let one go occasionally to make room for a better match.

What can you do to ensure you retain your clients and eventually scale up due to keeping old customers while bringing in new ones?

Know Where You Stand

Take the time to analyze your current churn rates. How many customers did you lose last year? Have you improved retention rates over time? You can’t fix a problem until you know the root cause.

Look back at any complaints your customer service department received. Do they correlate to a loss of clients? Have you fixed any reasonable issues and improved in those areas?

Improve Relationship Management

Customer relationship management (CRM) is one of the most important parts of keeping your clients happy. They should have a central point of contact if something goes wrong.

For example, if you run an independent K through 12 school, you may struggle to keep students enrolled all 13 years. Improving relationships and making families feel part of your school through activities and outreach can increase retention.

Nearly every industry can benefit from better CRM and improved communications.

Keep in Touch

Send out a company newsletter to update clients on big wins or new features added to your services. Mail a card on the person’s birthday or anniversary. Send them a thank you note when they refer someone new to you.

Look for little ways to let them know you aren’t just there when they want to spend money. The customer should feel you care about them as an individual. They’re much more likely to remain loyal to you if they feel a personal connection.

Focus on Dynamic Ads

When you create your marketing campaigns, consider your current customers as well as ones you’d like to attract. A dynamic ad looks at whether the person already visited a page on your site or clicked on a link.

Someone who regularly orders might be more interested in an ad for a new, related product rather than seeing the same ad as when they first bought from you.

Reward Their Loyalty

Send your best customers a surprise gift. In one loyalty report, researchers discovered about 61% of people feel the best experience they have with a brand is when they're sent a free gift they didn't expect.

Do you have a customer who sends multiple referrals a year and shouts your praises on social media? These clients are gold to your word-of-mouth marketing efforts. Invite them to lunch with you. Send them a free item similar to ones you know they like. Deliver flowers or fruit to them as a thank you.

Make sure you keep your most loyal clients so they don’t bounce away to a competitor. They are worth more than a small gift or two in the promotional value alone.

Find a Cause

Choose something you care about and stand behind it. If you want to improve the local environment, start your own nature preserve or cleanup program. Look for ways to improve the world around you based on what you care most about and what matters to your clients, too.

It’s probably best to shy away from highly controversial topics, as you don’t want to risk polarizing half your customer base. However, there are some things nearly anyone can get behind, such as protecting natural resources or feeding the hungry.

Ask for Feedback

One sure way to improve your products or services is by surveying your current clients. Ask them what they’d like to see you do differently. If you want complete honestly, let them submit the surveys anonymously.

When you get the reviews, try to look at them unemotionally. It can be hurtful to hear bad things about a company you’ve poured sweat and time into. However, if there is even a nugget of truth to any criticism, you can use it to improve what you do and keep your customers happy.

Keep Your Customers Happy

Happiness is tied into customer satisfaction. Train your employees to go above and beyond to keep a client happy. You’ve likely heard stories about brands that go out of their way to solve a problem for their customers. Repeat their efforts in your business.

It might require a bit of extra work but can result in loyal fans who sing your praises. Track your retention rates, make changes as necessary and watch your profits rise steadily.

Share: Twitter | Facebook | Linkedin

About The Authors

Keith Peterson

Keith Peterson - I'm an expert IT marketing professional with over 10 years of experience in various Digital Marketing channels such as SEO (search engine optimization), SEM (search engine marketing), SMO (social media optimization), ORM (online reputation management), PPC (Google Adwords, Bing Adwords), Lead Generation, Adwords campaign management, Blogging (Corporate and Personal), and so on. Web development and design are unquestionably another of my passions. In fast-paced, high-pressure environments, I excel as an SEO Executive, SEO Analyst, SR SEO Analyst, team leader, and digital marketing strategist, efficiently managing multiple projects, prioritizing and meeting tight deadlines, analyzing and solving problems.

Recent Articles

  • How To Fix The Samsung Logo Boot Loop (7 Possible Solutions)

    Tech Tips

    How To Fix The Samsung Logo Boot Loop (7 Possible Solutions)

    The Samsung logo screen is often an iconic symbol of reliability and performance, but what happens when a Samsung Galaxy stuck at Samsung logo screen? A frustrating and perplexing problem indeed!

  • Is Broadcasting A Good Career Path?


    Is Broadcasting A Good Career Path?

    Broadcasting, also known as mass communication, involves transmitting information and entertainment content to a large audience through various media platforms, including television, radio, and the internet. It is a dynamic and ever-evolving field that offers exciting opportunities for those looking to pursue a career in it. But is broadcasting a good career path? Let's take a closer look

  • Transformer Response Optimization - Techniques For Improved Performance


    Transformer Response Optimization - Techniques For Improved Performance

    The Transformer model has been widely used for response generation due to its ability to capture long-range dependencies and produce high-quality responses. Transformer response optimization is a technique used to improve the quality of generated responses.

  • Off-Page SEO Hacks - Drive More Traffic To Your Website


    Off-Page SEO Hacks - Drive More Traffic To Your Website

    If you are looking to improve your website's ranking on search engine results pages (SERPs), you need to focus on both on-page and off-page SEO. While on-page SEO includes optimizing your website's content and structure, off-page SEO is about improving your website's authority and credibility on the internet. In this article, we will discuss some off-page SEO hacks that can help you boost your website's ranking.

  • Understanding SEO Poisoning - Protecting Your Online Security


    Understanding SEO Poisoning - Protecting Your Online Security

    Search Engine Optimization (SEO) poisoning is a type of attack that involves manipulating search engine rankings to drive traffic to malicious websites. This tactic is used by cybercriminals to spread malware, steal personal information, and conduct phishing attacks. In this article, we will explore what SEO poisoning is, how it works, and what you can do to protect yourself.

  • Top 12 Proven Ideas To Make Money On TikTok


    Top 12 Proven Ideas To Make Money On TikTok

    Are you ready to turn your TikTok addiction into cold, hard cash? Well, you're in luck because today we're going to be discussing how to make money on TikTok! Yes, you read that right - you can actually get paid for scrolling through your For You Page and creating content that makes people laugh, cry, or dance like crazy.

  • What Is A Zero-Based Budget, And How Do I Utilize One?


    What Is A Zero-Based Budget, And How Do I Utilize One?

    Are you tired of feeling like your money is disappearing into a black hole? Do you find yourself struggling to make ends meet at the end of the month, despite your best efforts? If so, it's time to try a different approach: zero based budgeting!

  • What Do Transportation Jobs Pay?


    What Do Transportation Jobs Pay?

    Transportation jobs are an essential part of the economy, as they ensure that goods and people are moved efficiently from one location to another. Whether you're interested in becoming a truck driver, a pilot, or a railway worker, you may be wondering what do transportation jobs pay. In this article, we'll explore the salaries and job outlooks for some of the most common transportation jobs.

  • SEO Vs Web Developers - What Is Their Difference?


    SEO Vs Web Developers - What Is Their Difference?

    In the world of website development, there are two key players that are essential for the success of any website: SEO vs web developers. While both are important, they often have different goals and objectives, which can sometimes lead to conflict.

  • Entity SEO - Why Every Business Needs To Implement It

  • IPhone Speaker Broken Or Not Working? Let's Fix It With 8 Ways

  • Nintendo Switch Controller Not Connecting? How To Fix It

  • Is Data Entry A Good Career Path?

  • Enterprise SEO Trends - What You Need To Know