Client retention is often overlooked as the powerful business strategy it is. In sales, we tend to focus our attention on client acquisition, but retention is fundamental for long-term business success, and it can be your secret weapon for maintaining profitability during the pandemic. It costs anywhere from five to 25 times more to acquire a new customer than to retain an old one, and even a 5% increase in existing customers can bring in up to 95% in profits. Is your business focused on client retention as a pandemic strategy?
Use Discounts Strategically
Random discounts don’t do anything to retain customers. Special offers targeted at specific customers, however, will help you retain customers. Try bundling products and services together based on a client’s buying history and offer them a “unique” discount on that package.
Right now, it’s also important to work with clients who reach out and say they need some help as they, too, navigate the pandemic. Work with management and leadership to provide guidance on hardship discounts and work out a plan that ensures profitability for your company while still providing relief and excellent service to clients that need it.
Reward Loyal Customers
We’ve all experienced frustration in our personal lives when we see a business that we’ve worked with for years offering new customer discounts that they don’t pass on to loyal customers. Surprise your clients by offering exclusive thank-you offers just for loyal customers. This will make them feel appreciated and valued and can help strengthen relationships.
This is a straightforward way to provide exceptional service and a great experience, but many sales reps fail at fast response. Their days are so busy that it’s easy for existing client emails to get lost in the shuffle. However, if you respond quickly – especially to complaints – it can help build the relationship because the client knows they have someone supportive “on the inside.”
Add Value For Clients
Rise above the transactional feel of sales and think of ways you can advise your clients to add real value to their business. Can you offer them tips on how to make your products last longer so they can save money? Can your company provide ways to make their business more efficient? By becoming an adviser, you become much more valuable to your clients, and they will be more loyal to you and your company.
Are You Looking For A New Sales Job?
If you are a sales professional interested in industrial safety equipment and PPE’s exciting field, contact the expert recruiters at The Charis Group today. We are the leading sales recruiting firm for the industrial safety and PPE industries, and we can help you take a step forward in your career.