To enable business growth, retention of both staff and clients is vital. With staff turnover rates as high as 54%, retention is currently a significant challenge for all managers and directors. And unfortunately, the challenge will unlikely disappear soon due to current affairs. In addition, the threat of retention constantly exists within businesses due to factors such as vacancy rates hitting a record high. As a result, there are more and more options to choose from, and thus, employees leave their current job, and clients look elsewhere for reasons such as a competitor being a cheaper alternative.
However, even though it is currently a concern, of course, this is nothing new and has always been this way. Nevertheless, the difference now is that competition in trying to keep your valued employees, as well as clients, has intensified. As a result, many businesses are now having to adjust their offers to entice new businesses, even though it is known that retaining customers is more cost-effective than winning new business.
In fact, having a solid teamwork foundation and a good flow of repeat customers guarantees one thing – more sales. So, how can recruitment business owners increase client and employee retention rates?
This technique will help retain both customers and employees. For instance, going above and beyond to offer solutions to clients that are different or more than what they asked for will add value. Finally, you can add value to your employees by introducing work benefits. For example, offer flexible working options, health plans or employee discounts.
Engage with them
You know what you’re doing, so write about your knowledge in a blog or article. Then, create a newsletter with interesting and useful information to send monthly to your customers. This will create engagement between yourself and your customers by keeping you at the front of their minds.
Start a loyalty programme
Nowadays, a loyalty programme is ubiquitous; as many as 90% of companies now have some sort of loyalty programme in place. A loyalty scheme will keep your clients from looking and even thinking about going elsewhere.
Connect with clients
With social media being one of the biggest ways to attract clients, make sure you connect on LinkedIn because it’s the most crucial social media platform for recruiters. Post useful information frequently so that others can see you as industry leaders and that you are aware of what is happening in your sector. Therefore, clients will find your content more relevant. Linkedin is a two-way street; ensure you like and share their content too. Additionally, this is another easy yet powerful tactic to stay in their sights.
Listen to their needs
Listening and then acting on their needs/requests will show you care. Furthermore, creating a positive workplace environment to work in, will improve work productivity. The same applies to clients; listening and adapting your business to your client’s needs will encourage retention as they will feel heard and cared for.
Editors note: This post was originally published on 13th December 2017 and has been completely revamped and updated for accuracy and comprehensiveness.