Sponsored by Commonwealth Financial Network.
When developing new client relationships, it’s easy to forget about engaging the clients you already have. That can be a big mistake: Retention is as integral to the growth of your business as adding names to your book. According to a study by PriceMetrix, firms which retained 95 percent of their clients grew by 25 percent annually; those who retained only 80 percent of their business grew by less than half that number.
Client appreciation — whether holding events or thanking clients — can add value, strengthen relationships, and ultimately inspire them to stick with you. “The key to effective client appreciation isn’t any singular tactic or act — it’s a program of ongoing, targeted efforts to convey your gratitude,” says Beverly Flaxington, co-founder of The Collaborative, a Medfield, Massachusetts-based consulting firm which provides practice management resources to financial advisors.
Here are six things to consider when developing and executing a client appreciation plan:
