Why client retention is so important

The age of the customer has meant those working in professional services have to do all they can to keep hold of their valuable clients. With the increase in competition for law firms, from other law firms or new law, clients are now inundated with choice, meaning client retention is increasingly important. Businesses in general benefit immensely when they have higher client retention with it being 6 to 7 times cheaper to retain an existing client than it is to attain a new one (Bain & Company). Additionally, Gallup found businesses focusing on their client engagement and retention have 85% higher sales growth than their competitors.