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Five Ways to Maintain the Best Project Client Retention Rate

According to Forbes, the cost of acquiring new customers is six to seven times more than retaining existing customers.

So, wouldn’t it be smarter to invest time and resources in something that you can achieve at a cheaper rate, and one that yields higher profits?

Businesses should first look into retaining clients instead acquiring new ones viagra singapore. Same applies to managing projects. Here are a few practices that’ll help you retain clients:

Accurate Status Reporting

Customer retention begins with customer satisfaction.

Timely and accurate status reporting helps in increasing customer satisfaction. You can show the client that you’re working on their project and that their work is your top priority. A much better way of retaining clients is to make sure that you seek client feedback on the status report that you sent. With this, you’ll also be able to learn if you’re on the right track or if the client needs any amendments.

Delivering Detailed Project Schedule

Send weekly project schedules to the client. The client isn’t interested in looking at the same schedule for two or three weeks. Plan your work ahead and inform them of how you’ll be working on the project in the coming week. This will allow you to create an impression that your team is making progress on the project. You need not spend a lot of time creating project schedules. Implement a project management software for quick and easy schedule preparation.

Regular Contact with Customers

Even though you’ve been sending weekly schedules and status reports, formal weekly status meetings is essential is retaining customers. During the meetings, show what you and your team have achieved to date, and how you plan to continue the project. Get feedback from the client and ask him for more information as to how you should progress with the project.

Efficient Budget Management

Most part of the money involved in the project is someone else’s; and you’re responsible for managing it efficiently. Manage the budget closely and you can even include your team members during the process. Revise the budget when required, and don’t forget to keep your clients informed. A 10% budget overrun can easily be corrected. However, a 50-60% overrun cannot. Thus, plan according to the project objectives.

Unmatched Team Control

A project manager who controls his team throughout the project is more likely to retain customers, as compared to the ones who have little or no control over their team.

Teamwork, team communication, and conflict resolution are responsibilities of the project manager. If done right, they’ll be able to complete the project on time and with accuracy. Project success leads to increased customer satisfaction, thus client retention.

Manage your projects flawlessly with Copper Project! Our easy to use, simple project management software is available at affordable rates and can even be customized according to your unique business needs.