The fundamental rule of business is to retain customers. It has also been proven by numerous studies it cost five times more to attract a new customer than to keep an existing one.
These studies go on to show only 18% of companies actually work on client retention.
There are many factors, other than the economical one already mentioned as to why you may want to switch your focus more into the retention side rather than the acquiring effort.
That was a question asked of me recently during one of my sessions of The Action Suite. “Maybe they shouldn’t.” was my reply. Total silence was the reaction.
You cannot ‘get’ anyone to switch to your product or service. Studies have shown that once customers feel that they are being pushed, their emotions will take over, and they will resist with more vigor even if it means that if they did make the switch, they would be better off.
Two words that no one wants to hear: “You’re fired.” Two words made famous during the running of ‘The Apprentice’ on television. Two words that some in the United States would like to say to the current President. It has in all likelihood happened to you if, you have been in this game as long as I have. It certainly has happened to me. That will be another blog for another time. However, did you know that as a sales person you can ‘fire’ your client?