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INSIDE THIS ISSUE
Jerry’s Advice for Tackling Business Challenges
1
The Case of the $54 Million Pants
2
Deep-Fried New Year’s ‘Cookies’ Offshore Finance 101
3
6 Retention Strategies That Actually Work
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Stop Losing Clients Today! 6 Ways to Rethink Your Retention Marketing
Retention is crucial to your business. According to Investopedia, acquiring a new client can cost five times as much as retaining an existing one. And if that doesn’t convince you, research from Bain & Company and the Harvard Business School both show that a 5% increase in customer retention can boost profits by as much as 95%.
If you don’t have appropriate retention strategies in place, 2022 is the perfect time to make a change! Here are six ways to completely rethink your retention marketing that will save your team time and money. Reallocate your resources. Don’t just talk the retention talk — walk the walk! In order to truly change your company’s ways, you need to invest in retention and reallocate your resources. Provide your team with additional training on customer service. Important points to emphasize for retention (per Forbes magazine) include frequent and friendly customer communication, transparency, active listening, and the value of relationship-building. Create a fund for customer perks and gifts. Celebrating your clients allows you to give them attention when they might appreciate it most. If you know a customer who recently had a baby or is going through a difficult time, consider sending
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