New business is the key focus for 77% of agencies that were surveyed by Deltek and Campaign earlier this year. However, client retention should absolutely be just as important. I read in Tiffani Bova’s book “Growth IQ” that acquiring a new client is between 5 and 25 times more expensive than retaining one. Yet, too many businesses focus all their resources on new business and not enough on maintaining their existing client base.
How does your agency compare?
What is your agency’s client churn? Do you know what the cost of acquisition is per new client? Do you know what your client retention costs are? Etc.
If the answer to these questions is ‘I don’t know!’ or ‘no’ then you really need to join the thousands of agencies that have invested in management systems like WorkBook & ConceptShare.
I am not just saying that because they provide this information, but also because they allow you to collaborate closely with clients. The simple fact is we live in a virtual world where the boundaries between client and supplier are becoming more and more blurred. The agencies that will prosper are those that embrace this change and adopt technologies that leverage this.
For example, WorkBook has a client portal and collaboration features that allow clients to view the status of their projects, It also allows them to create jobs if you want them and send you their brief directly in the system.
Similarly, ConceptShare is an online proofing tool that allows your clients to provide real-time feedback on creative content. It also allows them to view changes and compare them to the original creative asset.
Check out how some of the agencies already using these tools here and here.
Feel free to contact us if you want to know what these tools can do for your agency.
Tips for minimizing customer churn
With a customer churn rate as high as 40% per year, it’s no wonder that new business development is such a major focus for the agencies, but minimizing this rate should be just as important.
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