I believe that one of the biggest challenges of running any company is ensuring that you have happy customers. There seems to be a constant effort to market or sell products & services but a lack of interest in keeping customers happy.
The most obvious evidence of this approach is the apparent need to offer special discounts for new customers.
Here are some mind-blowing stats about customer acquisition vs customer retention:
Every company has struggled at one time or another with retaining clients. Just when you think you get the formula right something changes that blows everything up. That change could be market conditions (the current pandemic has thrown a big, honkin’ monkey wrench into the mix). That change could be something internal like a lost employee or a bad decision that ruined your revenue model.
I think the most common reason for a problem in client retention actually starts all the way at sales. Sales has the power to set expectations. If those are set properly, clients have a significantly greater likelihood of staying long-term. Of course, those expectations must be met.
Client delight, I believe is the core principle to client retention. If you have a happy client, that client will never want to leave you unless one of you outgrows the other. Even then, the relationship should stay strong long after the contract is over.
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