Show long-term clients how much you value their loyalty by creating an account management process that rewards them for keeping their business with you.
Source: Sales consultant Colleen Francis
Most companies make the mistake of offering discounts and bonuses only to new customers. Instead of devising a scheme to reward new business, create a program that rewards loyalty. For example, perhaps your clients can receive a lower price after two years of continual service.
Take a look at your client acquisition plan and make sure it's not "sweeter" to become a new customer than it is to stay an existing customer. After all, long-term customers are far more profitable than new customers. In fact, some studies show that acquiring a new customer costs as much as 15 times more than selling more to existing customers.
Ask yourself this: Can you increase profits by spending some of the money you allocate for landing new customers towards keeping your existing clients?