Does your business have strategies and tactics to identify at-risk relationships? If not, your client retention rate is lower than it could be.
At MarketVolt, we closely monitor our clients’ activities and look for the red flags that signal trouble. By doing so, we address problems before it is too late, and we save relationships that may otherwise have ended.
If a client significantly reduces the use of our email software (measured by number of mailings sent or volume), that may signal trouble. If a client repeatedly calls our support desk with issues, that may signal trouble. And if a client opts-out of our email list that may signal trouble.
The screen below shows the opt-out statistics from a recent MarketVolt newsletter. Three people opted-out.
Our account representatives reviewed the list and recognized that two of the three opt-outs were people who were changing their jobs and would no longer have responsibility for email marketing at their companies. One of the three, however, was still a MarketVolt user, and he was having issues. In fact, he was considering a switch to a different provider.
Our account representatives regular contact our clients. In this case, the account rep reached out immediately to “check in.” The client appreciated the contact, and he shared some of his concerns with the rep. The rep was able to address the concerns and the account was saved.
We often preach the importance of customer retention. Every time you lose a client, you have to acquire a new one just to break even. And it typically costs far more to acquire a new customer than to retain an existing one.
Email is a great way to gauge what your subscribers are thinking. Those who open your emails and click your links are demonstrating interest that can help you in the prospecting and sales processes. Those who stop opening your emails or opt-out may also be telling you something. The more you pay attention to the stories the data tell — good stories and bad — the more you will profit.