We are smart enough not to try and fill a bucket that’s full of holes. Why keep working to fill a bucket when it’s leaking out of the bottom? It is quite common however to see businesses trying to fill the ‘business bucket’ with new clients, meanwhile seeing others disappear out of the bottom.
Most companies are looking for sustained business growth and will aim to achieve this by targeting new clients through lead generation strategies. There are many successful methods of lead generation, but they all cost money and therefore must provide a good return on investment. Targeting new potential clients makes perfect sense, but not if you have them continually dropping out of the bottom of the company bucket.
Client retention is key!
If you work hard for your clients, demonstrate absolute integrity, and genuinely look after their interests, then you will stop the leaks and your client retention will remain surprisingly high. Once the holes are plugged and you retain what you have, then every time you gain a new client you will experience real growth.
This marketing principle seems blatantly obvious, and it’s clearly not rocket science, and yet, it’s an extremely common problem that I encounter all too often. Efficient marketing is key if you want a good return on investment.
If you want to grow your business, then I would first advise a carefully planned client retention strategy. The subsequent lead generation strategy will be more profitable and much more rewarding.
Remember – genuine growth comes by ADDITION NOT REPLACEMENT!