Client Retention vs. Client Acquisition
Most practices spend their time and resources trying to get new clients. Anytime I talk to a practice owner or manager, it’s all about getting new clients…. How to get better online reviews. How to get more client referrals. Where to spend advertising dollars. But I want to ask you- what are you doing to retain your current clients? After you get them, then what? Are you monitoring your churn rate?
Building a business requires planning and cultivation but only when you achieve a low churn rate (meaning the highest client loyalty) will you achieve ultimate success.