You’re working hard to win new business, and spending significant time, money and energy advertising your Agency’s service offering. While you can’t control external factors that may be impacting your client’s business, (and thus the longevity of their commercial relationship with you), there are steps you can take to maximize their loyalty and improve your Lifetime Customer Value.
According to Neil Patel, Bain & Company research found that increasing customer retention rate by just 5% can increase profits by 25 to 95%.
I discussed the importance of measuring Lifetime Customer Value in this previous post, “Metrics: Which Should You Be Tracking?”, but in short, you’ll want to ensure that you are earning as much revenue as you can from every client that you do business with. Closing recurring revenue is far more exciting than a one-time deal, as it ensures a steady cash flow and opens doors to scale your business very quickly!
So, what are some steps you can take to earn this recurring revenue and improve customer loyalty for your agency?
Go Above & Beyond; and then Up-sell!
The number one key to improving customer loyalty is of course, happy customers; but did you know that you can actually leverage their happiness as a way to up-sell? Try going above and beyond; for example, by creating a short video or innovative PPC strategy, and present it to them as an additional offering. They will love that you took the time and energy to focus on their business, and may even sign up for additional services because of it!
Ask for Your Customers’ Advice:
None of us are perfect, and there may be things that your client is looking for that you aren’t yet offering - or processes that may work for them better than what you currently have in place. Taking just a few minutes each week to connect with your client, check in, and see what advice they have to offer you is a great way to improve customer loyalty over time. In doing so, you’ll catch any potential problems early, and will be one step closer to building a lasting, meaningful relationship.
Regularly Communicate Your Wins!
We all love a bit of good news; especially in this day and age. Using wins as a way to touch base with your clients will not only help you keep in touch, but will over time create positive associations with your agency. Try highlighting wins in reports, where applicable, and if time permits, share a surprise piece of good news every now and then! Your client may even let you share the success that you had with their brand with others, which can be fantastic PR for your agency!
Structure Your Deals in a Way That Makes a Recurring Contract Appealing to Your Clients:
One of the best ways to do this is to highlight the convenience factor of a recurring monthly contract, over say, sporadic invoicing. Putting together and approving invoices can take a significant chunk of time out of your day, and keeping track of which services to bill in which time frame can be cumbersome. Monthly automatic bank transfers can improve business efficiencies for both you and your client, so why not agree on a set amount and a set service offering! You can always adjust later on, but this is a great way to get a long-term contract in place right out the gate. Give it a go, and watch your recurring revenue flood in!
Communicate!
Above all, be sure that you are communicating with your clients. Let them know that you are accessible for problems, and are working hard for them. One challenging piece of running an agency is keeping up with each client and their individual needs, so regular communication will help you keep on top of everything and ensure that they are feelin’ the love!
If you’re struggling to stay on top of communicating with your clients, or are feeling swamped juggling their reports and posts, chat to the team at Cloud Campaign about how we can better serve you! Chat to our team directly through our website, or find us on Facebook, Instagram, Twitter or LinkedIn. We are always here to help!
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