Strategies Businesses can Adopt for Client Retention Amidst COVID-19
The pandemic has changed the way businesses operate. As communication turns virtual, so has the purchasing behaviour of clients/customers. Consequently, to get through the pandemic, it becomes vital for companies to revamp their strategies.
As the world is going through a rough patch, acquiring new clients is more complicated than before. But since clients are the fuel to keep businesses running, holding on to, and retaining existing clients becomes crucial.
Though challenging, client retention is not rocket science. Moreover, a study states that it is 6-7 times more expensive to get new clients than to keep existing ones.
4 Client Retention Strategies Your Business Must Adopt Amidst Crisis:
1.Revisit The Top of Your Funnel
Every business, regardless of the size, has only one goal- to convert leads into clients.
But since conversion from one part of the funnel to the other during the pandemic is not an easy matter, shift your focus and revisit the funnel. Instead of running campaigns to sell your services to new leads, remind your existing clients how you helped them ace their businesses, through campaigns.
2.Rebuild Trust Through Social Platforms
Despite the government lifting lockdowns, people have not resumed their old travelling habits yet. Now that people are staying at homes, the importance of digital devices has surged, and social media has taken the front seat.
Use this time to stay ahead of your competitors. Increasing your social presence and connecting with existing clients through virtual networks and valuable content will ultimately increase brand loyalty.
Through videos, images and carousels show them your expertise and how you can help them.
Give them reasons to justify their trust in you and more reasons to enhance that trust.
3.Pivot your services to meet current demand!
There’s no hard and fast rule that you have to stick to the services you usually offer. One of the keys to standing out and ahead of competitors is relevancy, and the most effective way to connect with your clients is to show empathy.
If you run a boutique that sells designer clothes, you can volunteer to make and hand out face masks and shields. It will not only keep you connected to your clients but will constantly keep you on their minds. If you stick to making glamorous clothes even during the pandemic, chances are you’ll soon be out of business since nobody will come looking for party wear amidst a crisis.
However, if you shift to making and providing masks, one of the essentials, many will come looking for you, out of which, a few will remain as your loyal customers.
4.Be flexible in your pricing!
No service provider charges the same, whole year-round. Revision of rate is necessary for business growth. Nevertheless, there is a time and place for everything, and that includes price revision too. If you have been having thoughts of a hike in the charges, you might want to think once more. The pandemic has taken a toll on our bank balances. Times are hard as it is and asking for a raise will place you at a disadvantage. Your clients may not be ready to invest more in your services than they had to before. And with the future so bleak, your once very loyal clients will probably ditch you for a competitor.
Client acquisition, as mentioned above, is 6 to 7 times more expensive than client retention and the last thing you want is to lose a loyal client to your competitors!
How to Measure the Client Retention Rate?
Businesses that keep on growing steadily, have one thing in common. They keep a close eye on the metrics. Besides the other metrics, service providers should also keep a close eye on the Customer Retention Rate.
Customer Retention Rate= ((CE-CN)/CS)*100
CE= number of customers at the end of the period.
CN= number of customers acquired during the period.
CS= number of customers at the beginning of the period.
The human race is facing a fate that we are unfamiliar with. Under such circumstances, if you keep on playing by the old rules, you are heading towards darker days. Instead, make adjustments and bundle up your services according to what is needed and lacking. Abandon the years-old strategies: they might have worked and brought in heaps of ROI in the past, but there’s no saying they will continue to do so. Try out new strategies that are in tune with the present predicament because they are the means to client retention and your business’s