PKF Texas: The Entrepreneur’s Playbook® - Client Retention

Do not loose the most important people to your business.

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Greg Price
Episode: 271
August 14, 2010

Summary:

How important are your clients to you? Wanna keep them? Greg Price tells how.

Full Interview text

Greg: This is Greg Price with PKF Texas' Entrepreneur's Playbook.

This may sound obvious, but clients are critical to the success of your business. If you don't have someone willing to pay for your product or service, you don't have a business.

Larry Bildstein, writing for the February 2010 issue of the Journal of Accountancy, broke down the costs to attract a $50,000 client versus retaining a $50,000 client. The positive net profit to attract the client is $0. The positive net profit on the existing client is $11,500. I've posted a link to the article in my blog, www.fromgregshead.com so you can see his full break out.

Given those numbers, these days we can't afford to lose clients. What are you doing to retain your clients?

Have you sent a client satisfaction survey recently?
Are you asking at the beginning of each engagement, what does success look like to the client?
Are you delivering on your contracts in a timely manner?
How often are you communicating with your clients about their business?
How often do you take the time to visit with your clients in person rather than dashing off an email or leaving a voicemail?

Be prepared to act on the information you receive. If you don't back up what you say you will do, you lose credibility in the eyes of your clients, thus opening the door for your competitors to step in. Show your clients how important they are to your business.

To read and comment on the PKF Texas' Entrepreneur's Playbook, visit my blog, fromgregshead.com. And be sure to check out the new mobile ready website at PKF Texas.com - PKF Texas, The Fit That's Right!