Hi Warrior,
Picture this.
Business A consistently gets ten new clients each week.
But all these clients only buy from them once.
Meanwhile, Business B gets 1 to 2 new clients a week.
And yet, they retain all of their clients.
Question:
Which business do you think earns more?
The answer is the business that gets to retain its clients: Business B.
Here’s the reality
It’s true that getting new leads and converting them to customers will boost sales.
But the thing is that those will only give you short-term wins.
Why?
If your clients keep walking out the back door after doing a single transaction with you
That means you’ll need to keep filling up the gap they leave with new customers.
And, of course, acquiring new customers will cost your business.
Moreover, a consistent flow of new clients into your business won’t make a substantial impact.
We see it all the time.
Many businesses keep getting new clients and more business.
But their bank accounts look stale because they mostly have single-client transactions.
If you want to improve profitability and have sustainable growth in your business
Look for a long-term solution – retain more clients.
Easier said than done, right?
But the truth is that improving your retention rate is simple:
Just improve the customer experience.
After all, if you can provide the results your clients need
And you provide a fantastic experience for them.
Why would they bother looking at your competition to get a product or service you provide?
What’s more, since they’ve already tried and tested you
You can expect them to have more transactions with your business in the long run.
So now, let me bring up a challenge:
Get your retention rate as close to 100%.
If you can manage that, you beat the average retention rate of 80% in most businesses.
And your business will massively transform.
With Gratitude,
- Kirk
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