The 80/20 of retention and growth
While the following are often overlooked as new, whiz-bang theories and strategies that distract us from our general growth goals, I can tell you that throughout my many years of advising professional services firms, I have learned that there are two statements that should be used to drive your marketing:
- The good ol’ 80/20 rule – 80% of your business comes from 20% of your clients
- Your largest share of new business comes from word-of-mouth referrals
What do these two statements have in common? They’re both client-centred. One highlights that clients who are nurtured and retained make up the majority of your business. And the other points out that your current clients are the most powerful and influential channel for bringing in new business.
I can tell you that these two statements are a given across firms and it pays to invest in strategies to leverage these. So what are they?
Show your expertise to boost credibility
Your content marketing strategy is the best way for you to establish yourself as a thought leader. You could be incredible at what you do and offer the best services, but without anyone knowing that, you’re not increasing your audience reach and inviting new business.
And through content, you can educate your clients about your products and services, empowering them to make informed decisions and inviting engagement.
Leverage social media to engage your clients and expand your reach
Social media has proven to be an essential tool for reaching your clients. Social media is no longer reserved for specific organizations but is now a platform that welcomes all demographics, niches, and industries.
By creating a strong presence on social media, you’re proving to your clients that you are accessible and willing to connect with them on their platform of choice. Social media is also the channel where you can publish your content that’s meant for your target audience, allowing you to expand your reach and create brand awareness.
Educate and empower your clients
By educating your clients, you are boosting engagement. And clients who are engaged are your most influential advocates. And as advocates for your firm, they’ll be performing the most effective form of advertising – word-of-mouth marketing.
While the digital age has produced more informed consumers, they’ve also evolved into some of the most demanding and cynical. Very few still trust traditional marketing. What they do trust are consumer reviews and referrals from their peers.
Invest in a customer-centric website
If you want to be taken seriously, you can’t rely on social media entirely as you establish your online presence. Your firm needs a space online that serves as your home base. A professional and user-friendly website is part of your brand image. It’s where your potential clients will go to learn more about your services and decide whether you can help them or not.
Have the user experience in mind when you build your website. Make sure that it’s well-designed and responsive on all devices. Your website should provide visitors with enough information on what services you offer and how they can contact you. Remember that a poorly designed website can repel future business and even damage your brand image.
So focus your efforts on improving the client experience through a website designed to meet their needs. Be smart about what you publish and promote on your social media account so that it invites engagement. Focus on content creation with the purpose to provide value. And finally, educate your clients to empower their decisions. Do all these things, and you end up with clients who are informed, involved, more loyal, and happy to tell others about their positive experiences with your firm.