Hello Agents! We all know how important it is to gain new merchants but today we’re here to inform you on ways to nurture your existing merchants. It has been statistically proven that more revenue is gained in the retention of existing clients.
What is existing client retention?
Existing client retention is how we find new ways to keep our returning clients satisfied and coming back for more. Existing clients that are familiar with the services we offer tend to spend more and make referrals on your behalf. Research has shown that successful businesses are built on the loyalty gained by the retention of loyal clients. You’ve already established trust between your existing clients and you must use that as momentum to propel future sales. According to the marketing metrics the success rate of selling to an existing client has a success rate of 60-70 % whereas the success rate of selling to a new client is only 5-20%. It can cost up to 5x more to gain a client than to retain a client.
How does this affect you?
Happy clients are what allows businesses to continue to grow and thrive. Determining whether you should be reaching out to existing clients or new clients can be difficult. However, with the right tools, you can ensure that all of your clients are left satisfied with your services. New clients mean new business. However, it doesn’t always mean more profits. In fact, it’s been statistically proven that it can cost a company more to gain new clients rather than to nurture existing clients. It can cost an average of five times as much to gain a new client through marketing tactics than to retain an existing client. New clients are likely to spend less because they are new to the business or product being offered. Word of mouth is one of the most effective modes of advertisement. When a client speaks highly of services provided by a dedicated agent it can propel the business forward with the gain of new clients. Referring others to FlashBanc can provide more deals for you as an agent.
Tips on nurturing relationships with loyal Merchants
Once you’ve gotten a merchant to process with FlashBanc, follow up with them and ensure they are happy with the service. This allows merchants to become aware of their importance to you. It is beneficial to ask them what they enjoyed during their first transactions with your company or what they had trouble with during their first business transaction with your company. Take detailed notes of any information offered by the client so you can not only improve your business but also inform them of the changes made after receiving feedback from them.
Determine what gets your clients to return and build off of that. Loyal clients appreciate being made to feel a part of the business team. Other business tactics to promote the feeling of importance to clients include occasionally cc’ing clients in marketing announcements, placing quarterly calls to loyal clients or even creating group chats to send information blasts to frequent clients. Before reaching out to clients in this manner, it is best to get their opinion on how they would like to be contacted and how frequently they would like to be contacted.
Going above and beyond for the merchant allows them to connect on a personal level. We live in a fast-paced digital society, nothing can compare to the connection felt when an agent takes the time to check-in on their loyal merchants. Once you’ve determined the best way to maximize the purchases of your loyal merchants you can continue marketing for new merchants. As an agent, you can even build loyalty by becoming a customer of your merchant’s businesses.
FlashBanc has all of the resources you need to provide the best service to your merchants, so make sure that you’re using them to stay ahead of the competition. The best source of sales tips and information comes from your sales director. They are uniquely prepared to assist and teach you the best methods and approaches for dealing with merchants. This includes the way you communicate with them. If you have any other questions, you may consider speaking with the partner support department, which your director can help you contact, or by reading our other blog posts and listening to our FlashCast.
FlashBanc looks forward to helping you succeed in every way possible and is a phone call or email away!