Before you “diversify” or troll for new clients, take care of the ones you have

You’re hearing and reading ideas all over the place for diversifying your practice and attracting new business.  If you’re feeling a pinch the best place to start, 100 percent of the time, is with the business you already have and value.

All the tricks of the marketing and client retention trade won’t keep all your clients ordering at the same pace they did in 2003. But that’s not a reason to take your eye off the ball, it’s a reason to bear down and do everything you can to be sure your phone keeps ringing (or Appraisal XSite website keeps pumping out orders) while your colleagues’ go silent.

The old adage “if you love something, set it free” does not apply to client retention.  You need to pay attention to the business you have.  And then pay more.  Your goal should be to turn existing clients into fans. You know how fans act if you follow sports or know someone who does.  In business they become living, breathing testimonials for you.  They recommend you to others and even pick up the phone to let you know of an opportunity to help your business grow.

By following a couple key strategies you can help turn existing clients into satisfied, long-term fans.  Try this:

• Be a squeaky wheel. Thank your clients for their business.  If you haven’t heard from them in a while, get an e-mail or phone call in front of them.  If they refer you to someone new, definitely thank them for that.  XSellerate helps with all this, and it’s part of an Enterprise level XSite, so you may have it already.  If not, pick up the phone or dash off an e-mail.
• Consider a “customer rewards” program of some sort – formal or (more likely) informal.  Buy a certificate for 18 holes with cart for two and send it with a note thanking your client for ordering 10 appraisals last month.  Your biggest volume client for the first half of 2006 might merit a day for the family at the local amusement or water park. (It helps to know whether your client contact has a family, plays golf, etc.  But make that effort!)
  A punch card entitling them to one free appraisal when they buy 10 is probably going a little too far.  But rewarding your highest-volume clients goes a long way in relationship building and maintenance.
• Don’t just be a PDF attached to an e-mail. When was the last time you dropped by your client’s office?  Do you go to mortgage broker association and other group meetings where your clients are likely to be?  Even without, or in between, face time, consider sending holiday greetings and birthday wishes.  Even passing along interesting articles you’ve read online or – maybe as a last resort! – an e-mail joke you got accomplishes “personalizing” you.  Your clients are largely salespeople, and value personal contact.  Give it to them.

You can spend equal amounts of time and effort rooting around for new business and feeding and watering the business you already have, and your work on existing clients will almost always reap the most, and most immediate, rewards.  Give it a try.