Your Competition Has a Better Retention Rate Than You, Here is How
Introduction:
One factor of any business, supermarkets, construction, and retail all run on customers/clients. New customers and clients are hard to attract but keeping them is even harder. My previous businesses have FAILED because of one thing, retention rate. Your company might fail as well.
Section 1, Retention Rate:
Retention Rate might seem something tricky, but it isn’t. In simpler terms, retention rate means what percent of your new clients are regular customers. It’s the best way for your company to stay alive in the competition. New clients are harder to attract, but keeping them is easier.
How to Have a Higher Retention Rate:
On average, most construction companies have a 5-10% retention rate. However, some have a higher retention rate than others. Your competition would most likely have a higher %. But, we know that you do not want to be outperformed by your competition. So, here is how you outperform them:
-Provide a seamless customer experience.
-Seek customer feedback. (Overall experience and what you could improve on)
-Make changes (use feedback)
-Make it personal (something non-related to the project)
-Bonuses
There are many more ways to have a higher rate, but these are the biggest ones.
Providing a Seamless Experience:
The best way to have a better retention rate is to provide your clients with a seamless experience. One way you could provide them with that experience is by managing 80-95% of the project. This could also include getting all the equipment on your budget (not recommended if your company does not generate decent revenue). However, you must take their approach to the project (probably will), because it is their project.
Bonuses:
Another way you can have a higher rate is by giving them bonuses. This could include giving them discounts, or tokens they could use for future projects. One example could be, “Have 2 projects done by us, third for a discount” This would make them want to work with your company more, because everyone loves discounts. Also, you should take customer feedback and implement it in your company. This would work to your benefit since other clients might like the ideas, resulting in more new and regular clients.
Conclusion:
Conclusion:
We hope that this post will help you have more regular clients. Many businesses neglect this aspect even though it’s so important. Keeping clients will help your company more than having new clients. Remember, this is not a full guide and some parts are tricky. We advise you to seek help from the web.
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We at Point Vision have worked tirelessly to help construction businesses thrive in the new digital market. With the AI revolution ahead of us, we need to act now and get ahead before it's too late.
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