Do you always keep the ball in the client’s court?

Existing clients should always be the first thing on your mind. Any work relating to existing clients should be done before looking into anything else, including prospective client work.

In order to gain a good reputation in the industry, it is vital to make existing clients happy. If you are seen as being more interested in getting new clients than satisfying old ones, not only will you not receive return business, but you may have lost credibility in the industry and the chance of referrals from their contacts.

A good saying pertaining to keeping your existing clients happy is: "A bird in the hand is worth two in the bush".

Why is it important

Keep in mind these statistics (2024):

1. Existing customers are more likely to make repeat purchases: Existing customers are 50% more likely to try new products and spend 31% more compared to new customers.
2. Retention is cheaper than acquisition: Acquiring new customers is anywhere from 5 to 25 times more expensive than retaining existing customers .
3. Retention boosts profitability: Increasing customer retention rates by just 5% can increase profits by 25% to 95%, depending on the industry .
4. Revenue from loyal customers: 65% of a company’s business comes from existing customers . Also, they tend to spend about 67% more on average than new customers .
5. Retention impacts growth: Businesses with strong customer retention see up to a 50% higher revenue growth rate compared to those focused mainly on acquisition .

How to retain customers

One way to keep existing clients happy is making sure the client is never waiting for you to do something. When emailing a client, especially when an engagement is coming to an end, always include a clear request or action. Make sure the ball is always in their court 🎾