I recently came across an article in Harvard Business Review titled, “The Loyalty Economy,” in which the author describes the importance of customer value and explains why customer loyalty is in the best interest of shareholders and management. It’s well known that maintaining a healthy, loyal customer base is significantly less costly and time-intensive than finding and securing new customers. However, as we fixate on growth and obtaining new customers, it can be easy to lose sight of existing business and its value.
This article reminded me of a statistic our team was shown in a recent review of our performance in 2019. When reviewing our list of clients, we also looked at the span of our relationships with each business. The numbers impressed me. Most of our clients have been with the firm for four or five years and one that has even been with Communiqué PR since its founding 15 years ago.
Clients with compelling and impactful stories are what lead to our success. Positive relationships are a key element to our ability to deliver excellent work. When you’ve worked with a client for years you tend to find a rhythm that makes the relationship easy, but it’s important to continue to find ways to invest in these partnerships and demonstrate a client’s value.
Constantly Win the Business
While getting in a rhythm with your clients can lead to efficiency, it can also lead to complacency. It’s important to remember to think creatively and suggest ideas that evolve with their business. As businesses grow and objectives mature, adapt the PR plan and make new recommendations. Clients are not obligated to stay, so it is important to continue to impress them with new ideas that excite them and demonstrate value.
Ask for Feedback
Feedback isn’t always easy to hear. But it isn’t always bad. The fact is, you’ll never know where you stand if you don’t ask. This doesn’t have to be a formal review of all the work ever done on their behalf but make it a point to ask how the client feels about the results of a specific project. However, you can make it a point to request feedback on your performance and their satisfaction with the firm. Not only will this highlight areas the account team can improve, it’ll also demonstrate commitment to providing the best service possible.
Find Time to Invest
This can mean a lot of things. And it will likely be different depending on the client. Taking time to invest in relationships, outside of email updates and talking shop, can demonstrate the client’s value to you and the firm. Investing in the relationship can mean taking the client out for drinks, sending over a congratulatory gift when a big milestone is achieved, or simply taking the time to get to know them and showing genuine interest in them as an individual. Small acts can go a long way in fostering a relationship.
Getting caught up in deadlines and day-to-day activity can make it easy to forget to dedicate the right attention to clients and our relationships with them. Not every day needs to be filled with grand gestures or over-the-top ideas, but make sure to set time aside to consider how to continuously add value to the client as well as demonstrate their value to the firm. Investing in this will be the key to long-lasting relationships.