A lot of businesses place immense importance on getting new leads, adding new clients. They go to any lengths to sign up one new customer, but make the rookie mistake of taking their existing clients for granted. High client-retention index is not a good-to-have, but a must-have factor for a successful MSP business, and can be easily achieved with the right combination of quality customer service, marketing content and communication.
Here are some benefits of client retention –
It is cheaper than acquiring new clients
Retaining existing clients is definitely cheaper than acquiring new ones. The marketing costs associated with getting a new client is around 80% higher than the marketing spent on existing clients.
They are good for your brand
When you talk to new leads they will want to know how many clients you serve and for how long you have been working with them. If you have a lot of client turnover, then it doesn’t send a good message out to the market about your brand.
They can help you grow your business
Existing clients are good lead sources. Referral leads are generally easier to close, as the trust factor is higher. When someone you know refers you to a vendor, you are more likely to do business with them.
Existing customers can also bring in new business opportunities
Existing clients present a lot of cross-selling and up-selling opportunities. For example, if you are offering cybersecurity services to a client, you could pitch your VoIP services to them at a later date when they are looking for a more efficient alternative to their traditional phone system.
Some best practices for client retention –
Provide good service
This is the most obvious and most important rule of client retention. If you want to keep your clients, provide them the service you promised when they signed up with you. It is even better if you can exceed their expectations, walking that extra mile once in a while–especially during times of crisis like these.
Reach out to them
These are trying times and everyone is looking to survive. Since MSPs operate in the B2B sphere, you need to be mindful of the fact that your client’s business may have also taken a hit. Reach out to them and find out what you can do to help. Are you in a position to defer invoicing them? Can you throw in a one-time discount? Even a small show of support can go a long way in cementing your relationship with your existing clients at this time.
Communicate often
During these crucial times, out of sight can be out of mind. You don’t want to be the vendor who talks to their clients only when it is time for a contract renewal. Stay in touch with your clients on a regular basis. Send them emails on topics that may be of interest to them. Day zero alerts are a great way to stay in touch with your clients while adding value to them. Has a new security threat been discovered or an important plug-in released for the optimal functioning of a browser? Send an email to your clients spelling out clearly what the threat is and what they can do to mitigate it.
Social media
Social media platforms are a great way to put your brand out there and remind everyone that you are operational even during these crisis hours. Post regular updates on popular social media platforms such as Facebook, Twitter and LinkedIn, and perhaps even share client success stories. This will keep your existing clients happy as they get some good exposure too.
Monthly newsletters
Send monthly newsletters to your clients. Keep them posted on the latest tech news that may be of concern to them, let them know what’s new with you. Your clients trust you with their IT infrastructure, which is the backbone of their business processes, so you need to inspire confidence. Looping them in on your progress will make them more secure and confident about trusting you and they are more likely to continue their relationship with you.
Ask for feedback
Reach out to your clients every once in a while to ask how you are doing. Of course, if there are any major issues, they would be telling you proactively, but, sometimes there are these little things that clients don’t really bother to bring up during the contract period, but do tend to remember and act on at the time of contract renewal. So, it’s a good idea to reach out to your clients on a regular basis asking if they are happy with your service and if you can do better.
The role of MSP marketing automation in helping you retain clients
One common factor in all the best practices we discussed above, was consistency. Whether it is emails, phone calls, newsletters or social media updates, they have to be done on a consistent basis to have any effect. As an MSP, you may not have the time to engage with clients on a regular basis outside the realm of work. This is where marketing automation can help you. A good marketing automation software program allows you to create email and social media drip campaigns months in advance that enable you to keep up a consistent communication routine with your clients.
But, marketing automation alone may not be enough
As discussed, while marketing automation tools can help you keep up the communication routine, for it to be really effective, you need good content. Your emails, newsletters and social media posts need to be engaging and informative. Make sure you invest in good MSP content packages or in a good marketing content writer who can help you create engaging content.
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