The best client retention strategy is to make sure you deliver a great client experience. To do this consistently requires careful management. Leaving the client experience to chance is not the best strategy and runs the risk of you being surprised by clients you thought were happy leaving the firm.
A better strategy is to have a structured process to check-in with clients. The best client experience strategies have four key components:
Each professional in the firm knows which client relationships they are responsible for. If there are multiple relationships within the firm someone needs to take primary responsibility.
What gets measured gets managed. Identify a way to measure and track the client experience from the client point of view. To avoid surprises from at risk clients both the client and the firm need to be on the same page.
The best system is the one that gets used and is easy to maintain. So simple is best – simple for the firm to manage and simple for the client to comply with. For this reason it is hard to go past the net promoter system developed by the global strategy firm Bain and Co, widely used globally by firms such as Apple Retail and Amazon. But of course, this is not the only metric available. The best fit will depend on the firm culture.
Whatever system you use it must be focused on action. This means that the client experience data needs to be delivered quickly to the client relationship owner in a way that allows and encourages action.