Client retention in the Time of recession
We know that you are aware of the rising costs that citizens are facing. We know, because, you’re a business owner, but you’re a consumer too! Whether it’s your eggs, or the computer your teen needs for school, the cost of everything is rising - and no one is left unaffected.
As a consumer, this causes frustration and “quiet downsizing” of some family favorites. Some distributors have reacted by also making household items, cosmetics, and cleaning products smaller while keeping the price the same or higher. Notably, Pringles, some paper towel brands, etc. are dramatically smaller. This kind of behavior doesn’t foster much trust in its consumers.
So, how can a business owner show fairness and integrity in its offering, which fosters true customer service? Here are five ways TEIL Firms thinks that you can help your clients get the best bang for their buck without breaking the bank.
1. Get creative with your resources
Reevaluate the resources your business uses, and see if there’s any way to use cheaper materials, negotiate better contracts, cut costs, or restructure some of your funding. Get creative with your options to save your customers and yourself a little dough.
2. Offer Sales & Discounts
You don’t have to undervalue your products and or services to give your customers a great deal. In fact, this is an excellent way to drum up more sales if you need to increase the cost of your products or services. If you’ve recently made a 20% increase, consider offering 10-15% off of a popular service for a limited time.
3. Up the Value and delivery of freebies (new and existing)
Freebies are an easy and surefire way to delight your customers and give them more for less. If you don’t already have freebies for your business, get to work creating some low-stress goodies made for your existing and target audience. These can be things like worksheets, checklists, ebooks, puzzles, quizzes, and more. The sky’s the limit, so get creative with offering complimentary services.
4. Strengthen existing client relationships and show gratitude
Acquiring new clients is always great, but your existing client list is your greatest asset. Just like any relationship, you have to nurture it. Even those clients who’ve been with you for ten years, who know your ins and outs can be renewed in their love for your company with a little outreach. Take the time to thank long-standing customers with coupons made just for them, a special thank you email, or a mixer for favorite clients who deserve a special thank you.
5. Strengthen your contracts, and limit your liability
Even when your business practices are tight, it’s important to shield your business from liability. The easiest way to do that is to revise and update all of your contracts in accordance with new laws, policy changes, and any other updates. Sometimes even renegotiating for new terms and changing conditions can make a big difference in your bottom line.
The change in corporate behavior in consumer products may be driving customers out of other companies’ doors, but with the right strategy - those customers can be driven right into yours. Click the link below to start updating and revising your contracts so you survive this inflation and give great value. Don’t forget to like, save, share and follow us on social media for more business tips from your favorite business law firm. Click the link below to schedule your consultation.