Everyone knows it takes more time and effort to find a new client than it takes to keep a current client.
We also know that clients have different levels of activity.
Many years ago, when money was transitioning from CDs to municipal bonds, I recall when an advisor enthusiastically told our manager, "I opened a new account! I got a new client."
He replied, "You didn't get a new client. You got a prospect who now owns a bond!"
What does it take to retain a client?
The main activity is cultivation. When the "suspect" was a prospect, they received lots of attention. This is similar to dating. Once the connection was made, the attention often diminishes. Staying with the romantic analogy, couples who have been together for a long time often take each other for granted. The excitement of dating often becomes a routine.
Everyone wants to feel they are important. When you get this message across in your conversations and actions over time, they realize that you are sincere.
As such, see the accompanying gallery for 11 key elements to retaining a client.
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