Grow Your Business With Loyal Clients Who Happily Refer
Most business get obsessed with chasing new clients.
On the flip side, its easy to forget the low-hanging fruit - your existing clients!
Generating repeat business compared to new business is easier because they have experienced your expertise first-hand.
Yet its not uncommon for businesses to suffer from high client attrition rates and constantly scramble for new clients.
OR they run out of time trying to "touch base" with clients on a 1-1 basis.
Yet there some businesses who are able to enjoy client lifetime value that is greater than the industry average.
Their existing clients are highly engaged and they refer often.
The reason why they have great "stickiness" with clients is because they have a fantastic "Loyalty Amplification" strategy.
That allows them to add value, introduce up-sell & cross-sell opportunities while activating referrals at scale.
What is a Loyalty Amplification strategy, really?
Think about it like a system for engaging, educating and selling your existing clients.
It covers three steps:
#1 - Intelligence Gathering
What are trends and topics that your clients care about? In order to produce relevant content, we need to understand what is currently top of priority for them. This is accomplished through interviews and surveys, while allowing them to feel involved as part of the production process too.
#2 - Group Education
After gathering timely insights, we proceed to create educational content such as articles and online seminars. For topic requests outside your core expertise, you can provide value to your audience by bringing in guest experts. This creates new value among referral partners and existing clients.
#3 - Repeat Sales & Referrals
In order to activate referrals at scale, you could client to invite their network to your seminar. This serves as a low-commitment yet high value step for potential prospects to get to know you. At the conclusion of each seminar, you could present a call to action. For instance, signing up to a consultation related to the topic of the seminar.
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