Is Your Client Going to Renew?

Every year, a major Greek Festival attracts around 20,000 food and culture enthusiasts. The festival team diligently works with nearly 100 vendors to ensure the event runs smoothly. While all vendors are eager for business, many fail to fully understand the event's needs or follow up on the results.

Post-festival, the organizing team conducts a thorough review of all purchases to determine which investments were worthwhile and which could be eliminated. This evaluation process largely determines vendor renewals for the following year.

Vendors who demonstrated a clear understanding of the festival's requirements and offered suggestions for improvement are not only likely to be renewed but may also see increased business.

Retaining Clients

This scenario presents a valuable lesson for businesses in client retention.

• Are you consistently present as an embedded partner in your client's success?
• Are you aware of when clients are evaluating your performance?
• How frequently do you track and discuss results with them?

Long-term client retention is more likely when you deliver specific value that aligns with the client's needs. Creating this value doesn't happen by chance.

To ensure you're addressing critical areas that make your solution both buyable and valuable—thus securing future opportunities—consider implementing the following "Retention Checklist."

Five-Point Retention Checklist

1. Assignment: Establish a clear next step based on an identified need or opportunity.

2. Bright Idea: Ensure the client has selected a preliminary idea for you to develop into a proposal.

3. Buyable Solution: Discuss all aspects important to the client (timelines, pricing, evaluation criteria, etc.).

4. Accountability: Clearly define and understand post-sale expectations for both parties. Agree on a system to track return on investment, including follow-up monitoring, evaluation, and reporting on client satisfaction.

5. Implementation: Conduct evaluation meetings at appropriate intervals.

Self-Assessment

For each client, ask yourself: "Am I delivering the specific value my clients seek, or am I uncertain about my standing when clients review their investment behind closed doors?"

By consistently using this retention checklist, the answer to this question will become evident to you and your clients.

Start implementing these practices today to enhance client relationships and secure long-term business partnerships.

*Editor's Note: This blog has been updated since its original publish date.