Is there such a thing as a loyal client? I think we all know a few. But the truth is, most agencies hang onto a client for 3-5 years and then they're looking around. If we're really honest with ourselves -- some of the blame for that disenchantment sits at our feet. When we're chasing a new piece of business, we are on our first date behavior. We listen intently, respond instantaneously and we go out of way to be smart, witty and a snappy dresser. We wine and dine them, literally and figuratively and no one matters more. But once the deal is done... over time, we get a little sloppy. It doesn't matter if the work you're doing for them is digital, traditional or a blend. We don't wine or dine very often anymore. I know, I know -- you're busy doing the work and they should know that you still love them because you're busting a hump for them. There's more to keeping your clients loyal than just working hard. Agency Post asked me to explore this topic and offer up some advice on how to nurture your accounts so at the end of the day you can earn a great profit and a loyal client. Check out my article How to Stop Your Clients from Shopping Around. I'd love to get your take on this topic.
Client retention strategies are critical in your agency -- especially considering one third of all advertising agency clients expect to change agencies within the next 12 months. Let me rephrase that for you -- one third of all clients are going to FIRE their current agency within the next 12 months. Do you think that your marketing agency is the exception to this rule? Are you 110% confident that every client you have can't imagine doing business without you? Here are the big reasons clients cite for making the change: A leadership shift within the client (usually at the CMO or Director of Marketing position) Frustrating business results Can't track, monitor or proof any progress The core relationship between the agency and client is strained Agency performance is underwhelming Agency never brings us new/fresh ideas Agency was gung ho to get us, now we're just one of many And the #1 reason among those -- the last one. They don't feel courted anymore. They're not your special, most favorite client. So I am point blank asking you: hey advertising agency -- are you about to be fired? How do you know? Do you have any client retention strategies in place? How do you know if your relationships are at risk? Here are a couple ideas. Here are a couple of ideas to consider as part of client retention. Ask. I know it sounds simplistic but when was the last time you had lunch or a drink with a client and just asked for honest feedback? Don't do it over the phone, over email or for the love of Pete, over a text. Set up a specific meeting just for this conversation. Give them some feedback on how you [...]