Driving Value – A Key to Client Retention
In the current economic climate and the challenging market where B2B offerings are becoming increasingly commoditized, driving value and consistently demonstrating that value to your clients is essential for maintaining and improving client retention.
Driving and communicating value to your clients leads to:
- Greater loyalty
- Increase in repeat purchases
- Higher lifetime value
- And ultimately, improved client retention rate
If our focus is on client retention, we have to communicate and drive value to our clients often. We have to maintain those relationships. This doesn’t mean you must constantly change your product(s) or service. It means working with your clients to better understand objectives and needs.
Here are a few ways to drive value (without significantly changing your product or service):
- High-quality products/services
- Expertise both in your business and that of your clients
- Highly responsive with positive customer service
- Flexibility and adaptability to adjust to your clients’ needs
- Make it easy to do business together
Really what it comes down to is demonstrating the value of choosing you. Metrics are important here and can provide clear, objective results but driving value and standing out is much more than that.
I love this quote from Warren Buffet, “Price is what you pay, value is what you get.” In a time when everyone’s looking at budgets and costs, we have to keep in mind value. Are you driving value that makes the cost worth it to their bottom line?
Focus on your clients’ needs and how you can and are currently driving value to their business.