Staying busy is great, but knowing you will be busy is even better. Whether your business is creating custom monthly e-newsletters (just off the top of my head), cutting lawns or dry cleaning expensive suits, earning the business of your customers on a regular basis is the ultimate goal.
In my corner of the business world (writing/PR/marketing), that means acquiring retainer clients. Retainers, as most of you are probably aware, are monthly payments from a client based on an anticipated average number of hours spent on their account. Some months you may lose a little, while other months you end up a little ahead in the ever-present battle of time spent versus money earned. The goal is that it all works out in the end. And for that, you may choose to reduce your rate a bit and promise priority service – all for the security of knowing that you can count on that income every month for some decent period of time.
Some retainers are monthly, even when the services are not. I have a friend who divides his lawn-service fees over 12 months, even though the majority of the work is done in maybe eight or nine months. That makes sense, because it spreads the financial responsibility of the client evenly throughout the year and allows my friend to have a dependable income all year.
For other kinds of businesses, the corresponding goal is to keep clients or customers coming back month after month – to keep them choosing you every time they are faced with the same purchase decision. Of course, customer service and the consistency of your product or service are big factors in customer retention, but depending on how often that decision is made, customer loyalty can be tough to maintain. Chances are, there is always a cheaper option or a new kid on the block ready to do anything to grab a few of your customers.
So what do you do to convert project clients into retainer clients or keep your clients coming back month after month? (We are not looking for trade secrets, just general principles that others could apply.) And how important are regular clients to your business plan?
In my corner of the business world (writing/PR/marketing), that means acquiring retainer clients. Retainers, as most of you are probably aware, are monthly payments from a client based on an anticipated average number of hours spent on their account. Some months you may lose a little, while other months you end up a little ahead in the ever-present battle of time spent versus money earned. The goal is that it all works out in the end. And for that, you may choose to reduce your rate a bit and promise priority service – all for the security of knowing that you can count on that income every month for some decent period of time.Some retainers are monthly, even when the services are not. I have a friend who divides his lawn-service fees over 12 months, even though the majority of the work is done in maybe eight or nine months. That makes sense, because it spreads the financial responsibility of the client evenly throughout the year and allows my friend to have a dependable income all year.
For other kinds of businesses, the corresponding goal is to keep clients or customers coming back month after month – to keep them choosing you every time they are faced with the same purchase decision. Of course, customer service and the consistency of your product or service are big factors in customer retention, but depending on how often that decision is made, customer loyalty can be tough to maintain. Chances are, there is always a cheaper option or a new kid on the block ready to do anything to grab a few of your customers.
So what do you do to convert project clients into retainer clients or keep your clients coming back month after month? (We are not looking for trade secrets, just general principles that others could apply.) And how important are regular clients to your business plan?
Let’s talk about it.
Last Week's POLL QUESTION RESULTS
Apparently, most of you (57%) are not phased by wearing the same outfit two days in a row if a) no one sees you the first day and b) you don't spill anything on yourself. Good to know.
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