Client Retention is the Key
Did you know that (on average); your clients spend more each year they return to your practice?
By year three, a client contributes nearly twice as much as he/she did in year one. Replacing the income lost from a long-term client who defects due to a poor experience necessitates three or four new clients – a virtual impossibility today. Why do clients spend more year-after-year?
Consider the following:
- Over time, a relationship is built. The client gains rapport and trust with key people in the practice
- The pet is aging. On average, pet spending increases with pet age
- Over time, professional fees generally increase
- Over time, veterinary medicine introduces new/improved products and services
- Repetition of a message. Most of us need to hear a message more than once. By the way, if a client declined a service in the past, I think you’re obliged to bring it up again – he/she may hear it for the very first time.
Existing clients likely account for more than 90% of your gross income. New clients probably account for less than 10%. Retention of existing clients is the key to practice health.
Finally, consider that the lifetime contribution to your practice of a typical pet owner may be measured in the tens of thousands of dollars. Wow, it’s important that they come back, have another good experience and tell their friends about you!
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You’ve Got This!
Way to go! You’ve made it 50% of the way through this course.
(Don’t worry, there are some pretty short pages coming up.)