When a client signs up with you on a retainer-based service…
What they want to know at that point are these things:
How much am I spending?
What’s my return on investment?
Am I getting value?
So, if you don’t have a great communication process in place to explain these to them…
You’re going to lose those clients.
To stop this from happening and increase your agency’s retention rate…
You need a communication rhythm that makes sense to the client.
And there are three parts to this:
1.) Strategic reporting
This involves what you show the client — what you report so they understand the value you’re bringing.
A lot of times, you need to reduce the amount of information that you share.
We found that clients get overwhelmed with data they don’t care about.
Ultimately, what they want to know is:
- How much money they spent
- How many leads they generated
- What their average cost per lead is
If you can boil your reporting to these key details…
It has a huge impact on the client’s ability to know they’re getting good results.
2.) Good meeting rhythm
Don’t assume that your client will pay you for a retainer-based service…
Then not hear from you or just rely on automatic communication.
You need to set a consistent meeting schedule with your client.
Set a specific agenda and what you’re going to cover.
Let them know what’s coming up next.
Consistency with your meeting rhythm is crucial to improving your client retention rates.
3.) Seeding the vision
Not many agency owners know that the number one reason a client will leave is this:
But when you meet with them and show them the value you’re bringing…
They’ll know that you care…
And that your team is doing a good job.
So, constantly show them the results you’re creating and what the plan is for the next 60 to 90 days.
When they’re clear on the vision of working with you…
The more likely they’ll stay with your agency for long.