Retention is the often-overlooked golden goose for keeping your revenues steady during times of crisis. Marketing and sales teams often focus heavily on the front door – turning potential buyers into leads, and leads into customers. But if no one is keeping an eye on the back door, those hard-earned customers may be slipping away unnoticed. There are more benefits to retaining clients than initially meet the eye. Yes, retention keeps your bank account stable, but keeping your client base happy also:
- Reduces the costs/time spent on customer acquisition
- Provides avenues for selling additional products and services
- Creates opportunities for referrals
Amid the COVID-19 crisis, retention is one of the best strategies you can employ, when leads are thin on the ground and opportunities to network and make connections have been relegated to the crowded world of digital and social media. (PS – in case you missed it, Fee Navigator built a tool exactly for times like these that allows you to gather leads without ever stepping foot in a brick-and-mortar location – click here to read more.)
Here are some practical, strategic ways you can retain the accounts you have during these uncertain times.
Keep Alignment in Mind
To make the following strategies successful, keep the word alignment in mind. To reap the benefits of a successful sales relationship, both parties need to experience and see some value. In your initial conversations with your client, really listen to their needs. Then, as their ally and their expert, align your products and services accordingly.
Schedule a Check-In Phone Call or Webinar
Reach out to every single one of your current customers, whether you talked to them last month or last year. For your initial touch-point, make empathy and compassion the thrust of the conversation. Ask them about their business, their employees, and their family. When the dust settles, merchants and clients will remember that you were there.
Share New Products and Services
After you’ve made an initial touch point, follow up a few days later. If you have services you can provide that will ease their pain, talk about them openly and honestly. If you can save them a few dollars, do it. If you have a service or a product that will help your merchant save time or reduce friction, offer it. The current slow-down period we’re experiencing, while disconcerting, has opened up space for many merchants to review their processes and procedures – the time is ripe to offer new solutions.
Offer Tips and Resources
Everybody needs a helping hand these days. Use the power of your CRM, your social media, and your email marketing to offer support. Providing helpful guides, top tips, blog articles, and free resources go a long way. People are consuming tons of media as they continue to isolate in their homes – take advantage of this active audience by adding your voice and your expertise to the mix.
At Fee Navigator, we’re here to help. You can connect with us anytime by emailing info@feenavigator.com; and don’t forget to join our weekly Fireside Chats, where we share industry tips and tricks, training, and supportive resources.
