5 Helpful Tips Guaranteed to Reduce Client Attrition

This is a continuation of an article titled “Client Attrition: The Deceleration in the Growth of Your Firm” that can be found in our client exclusive publication – Spotlight Quarterly. 

Most business owners understand that acquiring a new client is anywhere from 5 to 25 times more expensive than retaining an existing one or receiving a referral.

In other words, it’s massively less expensive to retain clients, build loyal relationships, and generate more referrals. Moreover, and this is huge, the longer you can retain those clients, the more valuable they become.

While tracking retention rates is important, let’s take it a step further and look at attrition. Reducing client attrition should naturally be part of your overall business strategy and marketing initiatives.

So, here are 5 helpful tips guaranteed to reduce client attrition. Keep in mind that there are many ideas and methodologies out there. These are simply meant to get your wheels spinning.

Analyze your attrition rate

Sure, this seems straightforward but you have to find out why clients leave your firm. The only way I know how to do this is by directly asking them for their feedback. In fact, I suggest a phone call or something personal to show that you truly care. The truth may sting a bit. It’ll surely be an eye-opening experience and help you to see blind spots in your business.

Engage with your current clients

Simply put, you have to find a way to become part of their daily rituals (or at least consistently involved). This could be achieved through helpful blog content such as this article, email newsletters, social media posts, direct mail, or even regular phone calls to “check-in.” There are many ways you can engage with your clients. Find out where they spend most of their time and start showing up.

Offer incentives

For example, a business law attorney could offer a financial or organizational audit. A family law attorney could offer workshops meant to reduce stress during a conflict. The possibilities are endless, but it may take some out-of-the-box thinking on your behalf. Provide your clients with as much value as possible and watch your attrition rate drastically decline.

Define your most valuable clients

It’s only natural that you identify your most valuable clients. These are your MVPs and should be treated accordingly. Go the extra mile for these clients by ensuring they feel appreciated. Identify these individuals by the revenue they bring in and their willingness to champion your services to their network. Go further than a customer appreciation program. Instead, find a way to elevate their business or life in a way that’s unique to them.  

Create a culture that matters

Go to great lengths to create a culture that defines your firm’s character and personality. In other words, find out what truly makes your firm special and different than the competition. Define your core values and build traditions that help shape your employees’ attitudes. Attract your clients with a narrative that compels them to stick around. Click over to an article that we wrote titled, How Internal Core Values Create External Brand for more on building a company culture.  

In conclusion, figure out how to convince your clients to keep you around rather than ditch you with no explanation. There’s no magic pill or special sauce to it. It all comes down to understanding why attrition happens, making clients feel special, knowing where to focus your energy, and understanding who you are as a firm.

If you’d like to speak with someone at Spotlight Branding, please reach out to us directly at solutions@spotlightbranding.com or schedule a FREE consultation with a Brand Strategist by clicking here. 

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