According to the Harvard Business School, increasing customer retention rates by 5% increases profits by 25% to 95%.

Some say client retention is the key to unlocking a long-term stream of profits. Do you have specific techniques you use to help retain your current clients? Below are a few tips that may help you increase your client loyalty and your business income!

• Be consistent – Proper training is a key to providing up to date knowledge and a consistency of service and culture to your clients. If additional training is needed, take the time to provide it!
• Create a proper client induction process – Showing interest in new clients and giving them a proper introduction to your products is a great way to show them you would appreciate their continued business. Doing so is a way of setting your company apart from your competitors.
• Maintain, Maintain, Maintain – Find a way to keep them coming back for more. Periodically checking in with your clients through mailings, email blasts and social media is a great way to help maintain their business. It keeps your brand fresh in their mind. If you are attentive to your current clients it will help you build a better rapport with them and strengthen their trust in your company. It could even lead to referrals along the way!
• Industry Knowledge – You should be your client’s biggest source of industry knowledge. They must be able to come to you for any information they may need in regards to their policy or just general insurance questions. If you don’t know the answer to a specific question they have, ensure them you will find out the answer as soon as possible and ALWAYS remember to follow up.
• Have GREAT Customer Service – Addressing issues in a calm, professional and timely manner whether it is a complaint or compliment is a good way to hold on to repeat business. The way you interact with your customers can determine whether or not they will choose you for their next business transaction.

Remember, there are two common denominators to achieving a high retention rate: good customer service and good products. High client retention will translate into a strong crowd of brand advocates which turns into higher profits!

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