🤔 What Is Client Loyalty?
Simply put, client loyalty is the trust and relationship built between a business and its clients, everyone knows that but it's something often ignored... Investing in creating loyal clients can create a powerful core to any business model.
🕊 How to Use Client Loyalty to Drive Success
Client loyalty should be looked upon as if it's an individual marketing channel, something that the Saint Global Team are developing within construction businesses across the UK time and time again to win recurring work and drive a range of benefits. (further discussed below)
Acquiring a new client can actually cost five times as much compared to simply retaining an existing client.
The success rate of selling to a brand new client is 5-20% while selling to existing clients skyrockets to 60-70%. Increasing client retention by as little as 5% can increase profits anywhere from 25-95%!
And if that's not enough, here are some additional points of why developing Client Loyalty is so incredibly important:
- Increase revenue.
- Decrease marketing costs.
- Strong client-business relationships.
- Repeat clientele
- Generate further brand awareness.
- Create brand advocates and referrals (word of mouth).
- Local Awareness
- CSR Benefits.
- Positive Cashflow Savings
So it's worth the thought!
📈 But My Clients Are Only One-Off?
Building a dedicated base of loyal clients should be a focal point of any business, even if you offer one-off services, it is still possible to introduce a powerful client loyalty plan catered to your needs.
In addition, it is possible to implement new divisions in the business model that become a recurring payment every month such as maintenance and care plans. (Speak to our Business Development Team to learn more)
🚧 So How Can You Build Client Loyalty?
Implementing client loyalty in your business requires a well-defined strategy that focuses on building strong client relationships with your clients while connecting all of your marketing together.
The first stage is to understand your clients, identify what they are looking for and how you can deliver that with a consistent relationship. This can be achieved in several ways:
- Implementation of Loyalty Club's
- Email Marketing
- Regular Meetings
- Invitation to Events
- Consistent Business Intelligence Connections
- Local PR work
- Production of Resources
- Gifts, Giveaways and Rewards
- Loyalty Discounts
- And many more...
The Saint Global team are working with construction companies every day to develop and implement client loyalty plans that drive long-term relationships and deliver results.
Frequently asked questions
This article has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the provided content.
PS. Whenever you are ready, here's how to grow your construction business...
1. Join our Facebook Group which built completely for businesses within the construction industry. Real people, real support. - Now also available on LinkedIn.
2. Keep up to date with Construction Insider Providing you with industry insight, tips & tricks and much more to make sure you are ahead of your competitors!
3. When you are ready, Become a Saint Financial Group client, and we will provide you with the highest quality solutions to effectively scale your construction business. Book your meeting here!
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