There’s a lot of talk about how to attract and win over new customers, but what about your existing ones? It costs 6-7 times more to acquire a new customer than it does to maintain an existing one. Furthermore, an incremental increase of just 5% in customer retention can result in a profit increase of up to 95%. Those are some pretty impressive statistics, and solid proof of the value of nurturing the relationships with your existing property management customers. Need some guidance in this area? Try the following.
Invest Time in Your Customers
Property management companies that focus all of their efforts on marketing to new business often find themselves struggling to keep the ship afloat. Why? Because everything is slanted to one side. There should be equal if not greater effort devoted to nurturing the relationships with existing clientele. This will help you maintain better balance so you can keep driving your business forward to sustained profitability.
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Be Present and Active on Social Media
Making your property management brand an ever-present part of social media is an excellent way to stay connected with your clientele on a more personal basis. These platforms facilitate simple yet highly valuable two-way interaction, whether it’s sharing resources, participating in relevant discussions or answering customer questions and concerns. Use these channels as a way to engage with and give back to your existing customers.
Make Customer-Focus a Company-Wide Priority
Keeping your existing clientele happy isn’t just the job of those in leadership positions. It should be a priority for every single individual you have working for your company. Make customer satisfaction and exceptional service a part of everyone’s role and you’ll reap the benefits tenfold. (Not sure how to achieve this level of amazing customer experience? Here are some tips to point you in the right direction.)
Address Problems Swiftly and Effectively
Try as you might, there’s bound to be a few customers that simply aren’t satisfied with the service they’ve received for one reason or another. This is especially true as your property management company grows. How you address issues that are brought to your attention could make or break your chance of retaining these clients for the long haul. Addressing problems and complaints quickly and effectively demonstrates to your customers that you are listening and you care about them, which means they’ll be less likely to jump ship and turn to one of your competitors.
Landing new customers is important for every business, but doing so at the sake of your existing ones is futile. Remember, the clients that have put their faith in you are the reason your property management company is still in business. Reward them by feeding those relationships on an ongoing basis, and they will repay you with loyalty that is worth its weight in gold.
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