It’s more economical to engage and retain a loyal client than to acquire a new one. Loyal clients translate into more referrals, bigger profits, greater lifetime revenue and ultimately increased brand recognition. Research* shows engaged consumers:
- Buy 90% more often
- Spend 60% more each time
- Are five times more likely to make a future transaction
- Contribute 23% more to revenue and profit
How to build loyalty and retention
Loyalty and retention are built on a foundation of delivering an exceptional client experience. In an increasingly digital world, each experience you create for your client must differentiate you from the competition. Creating an exceptional client experience requires strategy and planning. It has to be consistent and maintained. One way to do this is to show appreciation to clients. This may be a special event or activity, a gift, a thank you note, a holiday greeting or a referral reward.
What’s the best time of year
There’s no right or wrong time. Simply select a time that is appropriate for your business, brand or message. If your busy season is at the end of the year, choose a different time, but be consistent each year to amplify results. Regardless of timing, you need to ensure you stand out! Check out these 10 outstanding client appreciation campaigns and see what might work for you.
10 client engagement tips to get you started
- A Feng Shui consultant direct mails Chinese Astrology gift cards for a premium brand tea shop in time for Chinese New Year.
- A financial advisor presents handmade artisanal chocolates for Valentines Day to her independent single female target group.
- A Canadian group insurance benefits colleague direct mails a useful summer-themed item branded with the Canadian flag in advance of Canada Day.
- A realtor offers a family photo shoot day ensuring all her clients have family portraits for the holidays.
- A boutique accounting firm hand-delivers bottles of wine to their best clients in time for Thanksgiving feasting.
- A local gardening service delivers pumpkins to the doorstep of every home in her target geographic area in advance of Halloween Jack-o-Lantern carving.
- An investment manager sends desk calendars to active referral sources in time for the New Year.
- A family financial planner gifts classic board games to her clients to enjoy with the family over the holidays.
- A marketer purchases magazine subscriptions specific to her clients’ interests creating a monthly reminder each time it arrives in the mail.
- A niche telecom company invites their best clients to enjoy a sporting event in a private box.
Need more numbers?
Read our most recent Great Greeting™ survey results and let us help you get started.
So if delivering a holiday greeting or other form of appreciation to clients is too complicated, time-consuming or expensive, the proof is in the numbers. Showing appreciation heightens engagement and retention, leveraging your relationships with your team, clients, centers of influence, strategic alliances and referral sources.
Looking for some guidance with your holiday greetings? Get in touch! We’re happy to help.
* http://blog.accessdevelopment.com/the-ultimate-collection-of-loyalty-statistics
