A lot of effort, time and money is spent on finding new leads. But looking after and nurturing your current leads, your past clients and new clients they could refer you to, could be a lot more valuable to you and more profitable to work with than any brand new people.
You’ve probably thought at times why is my bank giving a better deal on a mortgages or savings accounts to new customers than me when I have been with them 20 years? A lot of companies still put new clients first at the detriment to their current clients. It’s the leaky bucket syndrome – however many new clients you bring in, if you don’t look after them once you have them, they leave and go elsewhere. Better to fix the leaks first and make sure you have a good client retention programme. Have you?
Companies are starting to realise this and pay attention to retention as well as new clients. Trusted selling rewards loyalty – clients who are currently with you as well as new ones should benefit too.
But let’s assume you have done everything you can with your current list of ideal clients and you’d like more people to know about you. When the referrals and the word-of-mouth business starts to dry up, that’s when a lot of clients come to me for ideas on how to drum up new business. [Read more…]