While you must grow to survive, optimize your existing relationships to thrive.
What does it cost you to acquire a new client? Most companies don’t track this metric. Yet, we’re not talking about most companies, we are talking about your efforts. When was the last time you hit the streets and tried to gain traction with new prospects or in a new market? It’s difficult.
Sales is a process of jumping through multiple hoops to attain a small window for making an impression that could possibly, just maybe, lead to a sales opportunity.
What are some of the obstacles to new client acquisition?
Six keys to new client acquisition for small businesses:
Unlocking the profitability of client retention as an entrepreneur.
Customer acquisition requires heavy investments of time and resources in repeated doses. If you aren’t tracking your efforts at an individual level then you are cutting yourself short of valuable data that will help you to improve your process. If you aren’t discussing wins and losses as a team then you are missing opportunities to help each other shorten the learning curve. You need to be intentional about tracking your efforts to acquire new clients so that you can adapt and achieve your goals.
While you must acquire new clients to grow your business, don’t forget to double down on your customer engagement and retention endeavors. According to Studio 15 CEO Jia Wertz, who sites, in her Forbes article, a study by Bain & Company, “Increasing customer retention rates by 5% increases profits by 25% to 95%.” Developing simple, yet intentional, client engagement and retention measures can pay significant returns for your team. Simple and yet overlooked. Jia has some great recommendations, which include:
Four keys to a better return on your client engagement efforts:
Tips for better returns on your marketing investments.
Client acquisition is at least five times more expensive than optimizing existing customer relationships. When you operate from a collaborative position, you can find ways to build stronger relationships with your team, clients and partners. Jia shares some insight from another business leader, President of Suite 203 Communications, Lauren Cracower who shares how to win-win-win in caring for a client. “To nurture your existing clients, it’s important to be a connector for them. We always strive to strategically align our clients to suppliers, contacts or other great businesses that can help them achieve their goals.”
Connect. Collaborate. Conquer.
Let us help you build and execute a plan for achieving success in your personal and professional development.
Jon Isaacson has a monthly feature column with Restoration & Remediation (R&R) Magazine titled The Intentional Restorer