Client Loyalty Programs:
A Sure-Fire Way to Increase Client Retention Rates
Client retention is extremely important! The loss of even one client can significantly impact an accounting firm. One of the most successful tools for an accounting firm looking to increase client retention is a loyalty program. What better way to keep clients happy than to reward them for their business?
Existing clients are quite an asset–research shows that it costs 16 times more to bring a new client up to the same level of profitability as an existing client, and it costs 500% more to acquire new clients than to create loyalty among existing clients. Basically, it’s way more expensive to get new clients in your door than it is to keep your current clients happy and coming back for more. Focusing on building loyalty and creating a great relationship with existing clients will ensure that your client retention rates skyrocket. Check out a few fantastic tips for creating a loyalty program that is guaranteed to please your clients:
1. Tiered Rewards. One way to reward your clients for staying loyal to your firm is to offer special “tiered” programs. Each consecutive level of a tiered program offers your clients better rewards, encouraging them to continue spending at your business. Clients love rewards, but they also love “leveling up” because it makes them feel that you truly value their loyalty.
2. Referral Rewards. Referral rewards actually kill two birds with one stone–they encourage firm loyalty by rewarding current clients, and they provide free marketing by acquiring new clients. Referral programs provide current clients with rewards when they bring a new client through your doors.
3. Exclusive Events. What better way to make your clients feel valued and appreciated than with a special event just for them? Exclusive events give you the chance to offer great deals and special prizes to your clients, while also bonding and building great relationships. You can choose to host any kind of event that will bring your current clients through the doors–a night filled with product trials to promote a new item, exclusive “members only” sales nights during the holidays, or preview events of new services. Thanks to social media, it is incredibly easy to spread the word about your special event–create a #hashtag for your event and watch the word spread like wildfire on Twitter and Instagram!
Loyalty programs are an essential marketing tool for small to medium accounting firms trying to build a relationship with clients. Remember that in addition to rewarding your clients, you must offer a great product and excellent customer service. A strong, honest relationship paired with great loyalty programs will increase your client retention rates exponentially.
Please feel free to contact us at www.getoffthewheel.com to learn more helpful tips for retaining your clients.