Client Retention: The key to long term success and profitability

Golden GooseWork is booming right now. Particularly so in the single and multi-family sectors. This writer is pretty long in the tooth and remembers how cyclic our industry is. Boom today could be bust in just a few months. We don’t predict that happening; we just know that too many of us don’t keep in mind how important client retention is. Another trap some members are fighting is their dearth of available time leading to putting out whatever fire is most expedient at the time. Sooner or later, that kind of management will bite you. Staff appropriately or risk eventually losing that backlog.

With all the studies out there on the cost of finding a new customer, you would think that the relatively low cost of retaining a client would be a no-brainer. Oh, would it not be so! Today, we will spend a few moments pondering the obvious and not so obvious. Read along with me.

 

Here are some questions and answers everyone should ask themselves to gauge your company’s present attitude towards client retention: