It is much harder to acquire a new client than it is to keep an existing one. That's why it's critical to do everything you can to improve the loyalty of your clients. Some would argue that providing quality service is sufficient to ensure retention. But in today's competitive landscape, your clients are being wooed by marketing campaigns that claim they'll be happier if they switch.
Loyalty is a function of the emotional bond that occurs when we become convinced that we are better off with a particular person, brand, or organization. As you seek to create that bond with your client, consider that nothing reinforces loyalty like appreciation.
Employee retention studies teach us that the top reason people leave their jobs is that they feel unappreciated. A client will fire their advisor for the same reason. Every one of your clients wants to feel like they’re important to you. Reinforce that message by acknowledging the things that are important to them. Here are a few examples:
- “I enjoy working with you. Your congenial attitude is really appreciated.”
- “I admire the way your company prioritizes its core values.”
- “It’s a pleasure to work with a client who is so smart and strategic.”
- "I just realized that you've been with us for almost five years. We really appreciate your loyalty.”
Genuine compliments like these help your clients understand that you truly “get them.” And as long as you do your best to help them succeed, you will find that they will show their appreciation by ignoring your competitors' advances.