The R words: relationships, rapport, retention

Your business grows by attracting new clients. However, retaining existing customers may cost less and yield greater returns. The Harvard Business Review (https://hbr.org/2014/10/the-value-of-keeping-the-right-customers) found that acquiring a new customer may cost five to 25 times more than keeping an existing customer, and that increased customer retention can enhance profitability.

Develop a robust retention strategy with strong client relationships:

• Identify common ground

• Ask questions, listen and build rapport

• Make clients feel welcome

• Establish trust, under-promise and over-deliver

Train your team so that customer care is consistently excellent.

It’s easier to build trust when you’re face to face. Online touchpoints need to be consistent too. Consider ease of use, responsiveness and follow up. Is the path from automated contact to personalised contact and service delivery seamless from the customer’s point of view? Dig into users’ experience to see how they perceive interactions with your business.

Back up service delivery with:

• Social media presence, putting a face to your business

• Email personalisation

• Rapid response. Show clients you respect their time because it – like yours – is valuable

• Data analysis. Different demographics may have different preferences for how they connect with your business. Some are comfortable with chatbot interactions while others may be turned off, valuing personal contact they perceive as authentic.

All this helps your business stand out, so people remember you and tell their friends and colleagues. Great client relationships help your business attract new clients as well as repeat business. The three Rs are key to long-term success.