Not understanding the power of client relationships as a form of personal marketing can impact your business considerably. It’s what gives you the competitive edge in any situation.
1. One of the biggest mistakes that sales people, sorry, Financial Advisers, make is that they settle into complacency – stop providing different ideas to create value. Because of the result clients can feel taken advantage of. It’s written that over 70% of clients who have changed Advisers after a period of time, did so because they weren’t given attention.
2. Here are the statistics on why businesses lose clients
3% move away
5% Friends lead them some where else
9% Competitors provide a better offer
14% Product Dissatisfaction
68% Indifference towards clients by owner/ employee
3. Not much can be done about points one and two – only 9% switch because they get a better deal. Imagine how much money is spent on unnecessary marketing
4. Product Dissatisfaction is the responsibility of the supplier and still quite low
5. The 68% is where the gold is!! How do you make your clients feel they are important?
6. You must have a contact management system in place and a retention strategy and use it to maintain your existing clients
7. Business is all about attracting & retaining the right clients
What are you doing to retain the clients you want? Perhaps you can share just one idea now? Thank you.