February is the month of love! And while we often focus that energy on our partners, children, and loved ones, we’re encouraging you (all of you rad business owners out there) to take some time to consider what you're doing to extend that love to your current clients and customers.
Did you know that it costs at least 5x as much to gain a new customer than it does to retain an existing one?
As a small business owner, we are often so focused on gaining new customers, that once we start to build momentum and create a client roster, we don’t have a plan in place to ensure we are treating our repeat customers well. And the fact of the matter is, people buy from brands that they trust, and past customers are more likely to trust you since they’ve already worked with you, so they are that much more likely to buy from you again.
If you’re still hesitant about this idea, read this article by Forbes where they uncover how 80% of your future revenue is tied to a core group of 20% of your current customer base. Yeah… take a second to read that again. 80% of your future revenue is tied to 20% of your existing customer base!
So this year, instead of falling into a long-term relationship rut with your clients, it's important to find a way to bring that initial spark back. Here are our top 5 tips for keeping the flame alive:
1. Engage with your current followers versus spending time/effort/money on gaining new ones
So often with our social media and digital marketing efforts, we are concerned about our number of followers, or the number of subscribers on our email list. And while that is still important, your engagement rate matters more. Take the time to engage with your best customers. You can do this by genuinely responding to the comments they leave on your social media accounts and even making the effort to engage with the content they are producing. Follow them back on social media, or even find a recent blog post they’ve published on their site and leave a comment. These small acts of kindness go a long way, and when you spend this time engaging with them, it shows that you care about the person behind the brand, and a true relationship will begin to blossom.
- TOOLS FOR KEEPING UP WITH YOUR BEST CLIENTS:
- Use Iconosquare to create a feed of all your best customers on Instagram so that you have them concentrated all in one place. *Paid feature
- Turn on Google alerts to be notified when anything new is published about your top clients/customers.
- Use this Google Sheet to track your relationships with your top clients and potential collaborators