FMF034 - Retention: Fixing Holes In The Leaking Bucket


Focusing on attracting new people into your business is essential, but don't forget about the people you already have in your database, they need to be nurtured.  

You need to have a well-developed retention process/strategy, otherwise, your business is like a bucket full of holes, and no matter how much water you pour in, just as much water flows through the holes and is lost. 

This happens in many small businesses, which is why they 'must' keep attracting new people into their business. Your goal is to patch up these holes before they become rusty, or too big to fix.   

 

What's the point of doing all the hard work to make someone aware of the services you offer, only to see them leave your business and end up with your competitors?  

It’s important to understand the lifetime value of an average patient/client/customer. If you just focus on the immediate sale and not the long-term value, you're leaving a lot of money on the table. 

The longer someone stays with your business, the more they will spend with you because over time they begin to trust you, and eventually, more referrals will come your way.  

So do you have retention strategy/process in place?

Retention is about developing multiple contact points, where you reach out to them. You cannot rely on a client to instigate the next step in your business relationship. 

Your retention strategy may involve:

  • Regular Newsletters. (news, features, specials, updates, team changes, other items of interest)
  • Surveys to your 'A' clients
  • A well-planned recall system 
  • Follow up systems for incomplete treatment plans, quotes, etc
  • Contact via email (but do not be annoying)
  • TXT messages

In your database, there are sure to be a few people who have unsubscribed to your newsletter or indicated they no longer want to receive emails.

Don't be concerned if this happens; this is when old-school retention strategies become powerful. A well-written letter or card is still a useful tool. 

In summary, think about your current contact points. If you have none, you need to take immediate action, and if you have a few, think about increasing them. 

If you already have a kick-arse retention strategy in place, keep tweaking it and always look for ways to make it better. 

If you have any questions, you can email me directly at tf@tysonfranklin.com 

It's No Secret Business Conference 

On the 17th and 18th of August 2018. I will be holding a 2-Day It's No Secret Business Conference in Cairns and this year's theme is 'Communication, Persuasion and Influence'. My Keynote Speaker is David M Frees from Pennsylvania, who was also my guest on Podcast Episode 2. Bookings are NOW OPEN, and for more details, please visit my EVENTS page. (Limited to 50 attendees)  

There will also be seven local business owners and entrepreneurs. (Nicky Jurd Ep:29, Deb Johnstone Ep 35, Tara Diversi, Gerlinda Stella, Kerri Brown and Leticia Moran)

FREE DOWNLOADS:

First 16 Pages of My Book – It’s No Secret There’s Money in Small Business.

12 Secrets to Get More People Through Your Front Door.

 


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