Valentine’s Day is associated with romance, and it is one of the most popular days for gift-giving to loved ones.  Valentine’s Day has been celebrated in the United States since the 1700s, but its origins date back to Ancient Rome.  The timing of the day coincides with a pagan festival celebrating fertility as well as the time when people believed that birds started their Spring mating season.  St. Valentine himself is a mysterious figure, with several origin stories, all with a romantic theme.  The date itself was selected by Pope Gelasius in the 5th Century, two hundred years after the death of the saint, and it has always been associated with love and romance.

Choosing an Intentional Valentine’s Day Gift

In modern times, a Valentine’s gift to your loved one celebrates the romance of your relationship.  Given this opportunity, many go with the “traditional gift” of chocolates or flowers.  These are certainly promoted heavily as the go-to gift for the day.  While easy they are by no means your only option.  Why not give a more intentional gift — one that reflects thought and care for your loved one?

Having trouble coming up with a unique gift?  Here are some tips for shopping for your Valentine.

Notice the Colors Your Valentine Loves

Buy a gift that shows you noticed the finer details.  What colors does your Valentine wear?  Does your Valentine wear accessories like scarves or hats in this color?  Clothing or accessories in a favorite color will always be a winner.

Look Beyond the Obvious When Choosing Jewelry

Does she wear jewelry like necklaces, bracelets, earrings or rings?  Does he wear any jewelry?  Does she prefer silver or gold?  And does this jewelry come out for special occasions or the daily wear?  Notice the style of the jewelry — does she wear statement pieces or dainty/minimalist jewelry?  Jewelry comes in many styles and varieties, noticing these distinctions about your Valentine’s preferences can help pick a winning gift.

Alpaca Silver and Rose Quartz Necklace From Brazil

Listen for Clues About Preferences

Your Valentine may not give you specific clues about what she or he wants for the special day, but you can pick up clues about likes and dislikes.  Pay attention to comments about clothing, accessories, jewelry, music, books to see if you can get a sense of what will go over well when it comes to selecting a gift. 

Choose Gifts Based on What Brings Joy

If your Valentine has activities that bring joy, a gift that relates to the activity will be welcome.  Has she travelled recently?  Does he have a hobby like cooking or gardening?  Is your Valentine a collector?  Try selecting a gift that shows you pay attention and want to contribute to something that makes the recipient happy.

Reverse Painted Glass Jewelry Box From Peru

Why Intentional Gifts Make Valentine’s Day Memorable

All of these suggestions have one thing in common:  paying attention.  Try getting your Valentine an intentional gift — one that shows you took the time to carefully consider your loved one’s interests and preferences.  This will always have a greater impact than a generic present.  For this Valentine’s Day, consider making this effort and see how your Valentine reacts to your gift.

Now that you’ve got some clues on what to get, do you need some help with finding that perfect, unique gift for your Valentine?  Contact VirtuArte today and we can assist you select from an array of beautiful options.

The post Make Valentine’s Day Memorable With Thoughtful Gifting appeared first on VirtuArte.

1. Valentine’s Day in Denmark

Valentine’s Day in Denmark is a celebration of love between friends and sweethearts. Instead of fresh roses, the Danes exchange pressed snowdrops – white flowers that come into season at the end of winter.  There is the gift of “lover’s cards,” which are transparent cards with a picture of the giver presenting a special something to their love.  The term “lover’s cards” has come to be used to refer to all cards exchanged on Valentine’s Day. Young people also exchange love poems, with a twist.  The “gaekkebrev” is given anonymously by an admirer, and the recipient who correctly guesses the author will be gifted with an Easter egg that year.

2. Valentine’s Day in Japan

More like a Valentine’s season, Valentine’s Day kicks off a month-long period dedicated to love.  On the 14th of February, traditionally, women give a special chocolate, “hon-mei,” to the man they love.  Women also give “giri-choco” chocolates to friends, family, colleagues and bosses, but these are considered respectful signs of affection rather than romance. But the celebration does not stop there.  A month later, on March 14th, known as White Day, men return the favor by gifting chocolate as well as flowers and other gifts to the woman who gave them hon-mei.  These chocolates are white to go along with the day.

3. Valentine’s Day in South Korea

Much like Japan, South Korea has more of a Valentine’s “season”.  In addition to Valentine’s Day and White Day, in South Korea, April 14th is known as Black Day – a day for singles to “mourn” the lack of love in their lives by wearing all black.  They also eat noodles with a black sauce, jjajangmyeon, which is also a national dish associated with comfort.

4. Valentine’s Day in the Philippines

In the Philippines, romance is in the air on Valentine’s Day.  The worldwide traditions of exchanging cards, gifts, flowers and chocolate are carried on with gusto.  However, Filipinos take the significance of the day one step further.  Many people in the country participate in mass weddings, where as many as hundreds of couples gather together to exchange vows, for the first time or renewing their loving commitment.  It is even considered a public service, with some events sponsored by the government.

5. Valentine’s Day in South Africa

Did you ever wonder where the term “wear your heart on your sleeve” comes from?  In ancient Rome, on the 15th of February, women would pin the name of their love on their sleeve as part of the larger festival of Lupercalia that some believe was the precursor to Valentine’s Day.  Today, in South Africa, women – and some men – continue the tradition by writing the name of the one they love and pinning it to their sleeve on Valentine’s Day.

Valentine’s Day as an Opportunity for Thoughtful Appreciation

Back in the United States, Valentine’s Day is an opportunity to make a romantic gesture for that special someone, let your friends and family know you care or consider making a gift as part of a customer appreciation program.  Regardless of the recipient, to have the greatest impact, make the gift unique, memorable and related to the interests and likes of the person.

If you are interested in exploring unique, creative gift ideas, visit VirtuArte or give us a call at (866) 228-3497.  All purchases must be made by 11 February 2020 to guarantee arrival by Valentine’s.

The post Valentine’s Day Traditions Around the World appeared first on VirtuArte.

Planning Ahead for Intentional Gift Giving

However, no matter when you give your gifts, to be an intentional gift giver, you need to prepare.  Waiting until the last minute can lead to buying the first available thing that remotely fits, and often it is received that way.  In addition, personalized gifts that are either custom-made or specially ordered require ample advance planning to assure an on-time arrival.  This will be even more important this year.  Items may take longer to arrive due to the pandemic.  Instead of a rushed, less personal approach to demonstrating your appreciation for valued clients, partners, vendors and employees, consider taking some concrete actions now to prepare for the Holidays. These same actions can also help you with gifts for family and friends.

Start With a List of Valued Relationships

It may seem obvious that you should have a list of people to whom you want to give gifts this year.  But often, we keep that list in our heads, where it doesn’t get any action.  Instead, write it down.  Go through the valued relationships that you have in your business and write down the people who make that relationship happen.  Next to each person, write a few things that you know about the person.  Jot down hobbies, interests, personal style and other details that can help you come up with a unique gift that will be well received by this valued person.

Do Your Research to Personalize Every Gift

If you find that the information is sparse, then start listening and paying attention to details about this person.  For example, if she’s a woman, then note her jewelry style — gold or silver?  Dainty or statement? In conversation, has this person mentioned a book or DVD that they might enjoy receiving?  How about a favorite sports team or a love of theater?  Does this person prefer beer or wine?  Tuck this sort of information into the back of your mind and add it to the list you’re already developing.  Knowing what your gift recipient likes and dislikes will go a long way towards making sure that the gift you pick will be treasured or never seen again.

Create Gift Options That Reflect Personal Preferences

For each person on the list, write down one or two things you might want to give that person.  Try to tie the gift possibilities to that person’s interests.  Play around with ideas that fit different gifting budgets.  Consider whether there are issues like special orders that make purchasing a little more complex.  Now you have a shopping list, well in advance of the gifting season, and you have the time to buy the perfect, unique gift that will truly demonstrate how much you value the relationship.

How VirtuArte Supports Strategic Holiday Gifting

It’s not enough to have a great list.  You’ve taken some great, concrete steps towards giving memorable gifts.  Now it’s time to start searching out and buying the gifts themselves.  Instead of waiting until the last minute, set aside time to make your purchases so you aren’t rushing just before you want to give the gift.  This year, there may be limited quantities of certain items.  We’ve all seen what has happened with workout equipment.  By being deliberate and intentional in your gift-giving efforts, you will find that this important part of your gift-giving plan takes less time and results in some great successes.

Hand-delivering gifts adds to the gift experience, but if you can’t ship your gifts as early as possible.  Due to the pandemic, UPS, FedEx and especially USPS have been stretched.  We’ve all experienced delays in getting our packages during the year.  Add to this an election year with the increased number of mail-in ballots, and end-of-the-year shipping could experience further delays.

Do you need some help with your Holiday gift plans?  Contact VirtuArte here to set up a free consultation.

The post How to Create a Thoughtful Holiday Gift Plan That Builds Lasting Relationships appeared first on VirtuArte.

The Christmas Countdown is down to the minutes instead of hours. The last-minute rush is one of the hardest ways to go about getting holiday gifts taken care of in the midst of all the rest of your holiday activities. We at VirtuArte believe that impactful gifts can happen throughout the year, and may even be more memorable if given well before or after the holidays, so don’t rule out putting your shopping on pause until January to find the perfect, meaningful gifts.

But we understand that you may have committed to gifting during the Holidays. So, we wanted to recommend some beautiful VirtuArte options.

1. Aquamarine Jewelry Set

Designed and handcrafted by one of VirtuArte’s most popular artists. Nilson de Assis lives and creates one-of-a-kind jewelry in Rio de Janeiro, Brazil. At the age of fifteen, Nilson dropped out of school and went to work in a handbag fabrication workshop.  He later apprenticed with an artisan who worked in brass, and it is here he first discovered his creative talents. Nilson began creating exquisite jewelry and handbags using left over materials from the workshop.  Nilson crafts his jewelry from semi-precious stones, brass and alpaca silver, a metal alloy first created in the early 1700s.  Developed in the Far East, alpaca silver quickly became valued throughout Europe and South America. The featured set is made from silver and unpolished aquamarine.

2. Pearl Jewelry Set

The artist of this set, Jan Van Schiek, hails from the Netherlands, but he took a trip to Bali and fell in love with the local materials. He has stayed in Bali, living in the world-famous Indonesian artist colony in Ubud. Also known as “Jan the Rubber Man,” he works with talented Balinese and Javanese silversmiths. Together, they create styles that are classic, Art Deco, art-nouveau and Scandinavian inspired. Jan’s designs are truly unique, original and unusual works of art.  The pieces reflect his belief in keeping jewelry in its “simple, natural and honest form.” This set is typical of his style, made of rubber and silver, featuring pearls as the centerpiece 

3. Peruvian Box

In San Juan de Lurigancho, a town outside of Lima, a group of artists has embraced a blend of European and traditional art using the technique of reverse-painted glass. The process was brought to Peru by the Spaniards and adopted and adapted by the indigenous people to create unique, lovely pieces. The technique involves taking glass, painting over the back and setting it into wood. This box would be great as a jewelry box or a terrific receptacle to store tv remotes on the living room table.

How VirtuArte Helps With Holiday Gifting

If these possibilities seem like a good match for a client, please contact us about making a purchase. If you are inspired but want to see more options and you live in the DC area, please consider joining us at a special holiday shopping event on December 21 and 22: https://bit.ly/2PYo1HX

The post Last Minute Holiday Gifting Ideas That Still Feel Thoughtful appeared first on VirtuArte.

With all of the Holiday themes rolling out at coffee shops and stores, the pressure is rising to identify your holiday gift recipients and decide what to give. Before rushing to buy a gift, start by asking why you are giving a gift. Is it because everyone else is giving gifts at this time of year, or is it because you want to show your clients how much you appreciate their business? If you are gifting to show appreciation then here are some additional considerations.

The Best Client Gifts Are Personal

Gifts are about strengthening your relationship with your client. Gifts should be about the client. It’s not about you and it’s not about your business. Christmas is still four weeks away, so there’s time to think about who will be receiving gifts from you and make the effort to find out about the client. The best gifts are personalized and have meaning to the recipient. Bear in mind that the gift doesn’t have to be expensive. In fact, expensive gifts aren’t necessarily great gifts.

But here we are, in the countdown, and you want to give a holiday gift. The question is how to go about choosing something personal and meaningful to the client. The easy answer is: pick up the phone and find out how they’re doing. Ask question like, “What are you doing for Thanksgiving,” or “Do you have any winter holiday plans?” In other words, ask questions that will elicit information that will foster ideas for a gift. If you know they like to read or listen to music, ask what they’ve been reading or listening to lately. If you see them in person, pay attention to what they are wearing and doing. Do you notice funky socks, particular colors or a fondness for cigars? These are all major hints at a great gift that will truly fit the recipient.

Choosing a Holiday Card That Feels Meaningful

For a relatively new client, you may not have the established rapport to have learned about them personally. This makes giving a personalized gift harder, but instead of going generic, send a personal note in a holiday card. Then, plan to give an appreciation gift next year at an unexpected time, such as in February or March, once you’ve had a chance to get to know the client a bit better. For a business client, it may not be a great idea to send the holiday card you are sending to your friends and family. Photos of the kids and vacations are meaningful to your intimate circle, but they are ultimately about you, not the client, particularly one who is just getting to know you. Stick to a holiday-themed card, and make an effort with the handwritten note you include. A card with a plain signature is not enough, and it will get lost in the piles of cards from other people.

Start With a Holiday Gifting Plan

If you still want to give a holiday gift, the best approach is to have a plan. Make a list of all the business contacts for whom you want to buy a gift, and then brainstorm, investigate, and compile a list of gift ideas for each person. Figure out your budget and get shopping. If you are feeling panicked and overwhelmed by the whole process, let VirtuArte help! Contact us here or give us a call at (866) 228-3497, and we will be happy to help you put your list together and talk through possible gift options. We can work with your budget and truly make your gifts memorable to your valued clients this year.

The post The Holiday Countdown Is On: How to Give Meaningful Client Gifts appeared first on VirtuArte.

1. Don’t Give Generic Gifts

A generic gift will not be memorable.  For example, when a respected client receives a gift card, it may go into their wallet, but when it comes back out to be used, you can be certain they won’t remember who gave it to them. Gifts that could be given to anyone, like gift cards, a bottle of wine or a fruit basket send the unfortunate message:  “you didn’t spend any time thinking about me.”

2. Don’t Give The Same Gift Every Year

Some professionals and businesses make a point to give the same gift every year.  Even if the gift is somewhat unique, it does nothing to further your connection with the client on the receiving end.  A yearly, repeated gift takes no thought, and even if you think people will like or expect it, it has no personal meaning for the recipient.

3. Don’t Give VIP Clients The Same Thing You Give Everyone Else

Your best clients, the anchors who drive your business, deserve appreciation for the important role they play.  If you are giving the same gift to all of your clients, then nothing pulls the VIPs out of the crowd to highlight how much they are appreciated.  An out of the ordinary client deserves a gift that is also out of the ordinary.

4. Don’t Give Food

This is a tough recommendation, but food and beverages are not a good idea.  Around the Holidays, everyone is eating and sharing meals, snacks and treats.  A gift of a fruit basket or an assortment of edible goodies will be shared with the entire office along with all the other “food” gifts received.  No one will remember who gave the gift while it is being eaten, and once finished, it will be forgotten.  In other words, this kind of gift has no impact on your customer.  Another problem with food and drink is the limitations you may not know about your client.  Do they have food allergies, do they drink, are they on a diet?  You don’t want your gift to be memorable solely for running up against these issues.

5. Don’t Ignore Presentation

A gift in brown paper and twine won’t cut it when you are trying to have a positive impact.  A great gift can be diminished by being poorly wrapped.  If you are not a skilled gift wrapper, have someone else do it, including the ribbon.  Add to the effect of the presentation with a hand-written, personal card.  If your handwriting isn’t the best, then ask someone else to do it, or, at the very least, make sure to print out your note and sign with a different color pen, so it is clear that you personally attended to the gift.

6. Don’t Wait Until The Last Minute

Lastly, and certainly not least, get your gifting done early.  Shopping at the last minute, without a plan, is always stressful particularly during the Holidays.  Rushed purchases will show as less thoughtful and more “whatever was left on the shelf.”  A well planned gift will be well received, and the opposite is true too.  Also, mistakes can happen in the last minute gifting, like wrapping the wrong gift or leaving on the price tag.  These mistakes may be forgivable, but they are the wrong kind of unforgettable.

If your customer appreciation program includes Holiday gifting, make sure to do it right.  The reason you are giving a gift is to show the customer how much you appreciate them, and the best way to do that is to be thoughtful and intentional in your gifting process.

Want to know more about a successful Holiday gift giving program?  Click here to set up a consultation about how you can strengthen your client relationships.

The post Common Holiday Gifting Mistakes for Clients appeared first on VirtuArte.

I’m not a big proponent of giving gifts to your valued clients at the end of the year.  Your gift becomes just another of the many received by your client.  I tell our clients to give their gifts before Thanksgiving or in January.  No one else is giving gifts at this time, and yours will stand out.

However, no matter when you give your gifts, to be a thoughtful gift giver, you need to prepare.  Waiting until the last minute leads to buying the first available thing that remotely fits, and often it is received that way.  In addition, personalized gifts that are either custom-made or special orders require ample advance planning to assure an on time arrival.  Instead of a rushed, less personal approach to demonstrating your appreciation for valued clients, partners and vendors, consider taking some concrete actions now to prepare for the Holidays.

Start With a List of Valued Relationships

It may seem obvious that you should have a list of people to whom you want to give gifts this year.  But often, we keep that list in our heads where it doesn’t get any action.  Instead, write it down.  Go through the valued relationships that you have in your business, and write down the people who make that relationship happen.  Next to each person, write a few things that you know about the person.  Jot down hobbies, interests, personal style and other details that can help you come up with a unique gift that will be well received by this valued person.

Do Your Research Before Choosing Gifts

If you find that the information is sparse, then start listening and paying attention to details about this person.  For example, if she’s a woman, then note her jewelry style — gold or silver?  Dainty or bulky?  In conversation, has this person mentioned a book or DVD that they might enjoy receiving? How about a favorite sports team or love of theater?  Does this person prefer beer or wine?  Tuck this sort of information into the back of your mind, and add it to the list you’re already developing.  Knowing what your gift recipient likes and dislikes will go a long way towards making sure that the gift you pick will be treasured and not trashed.

Create Thoughtful Gift Options

For your next step, for each person on the list, write down one or two things you might want to give that person.  Try to tie the gift possibilities to that person’s interests.  Play around with ideas that fit different gifting budgets, and consider whether there are issues like special orders that make purchasing a little more complex.  Now you have a shopping list, well in advance of the gifting season, and you have the time to buy the perfect, unique gift that will truly demonstrate your appreciation.

Shop Early for a Seamless Gifting Experience

It’s not enough to have a great list.  You’ve take some great, concrete steps towards giving memorable gifts.  Now it’s time to start searching out and buying the gifts themselves.  Instead of waiting until the last minute, set aside time to make your purchases so that you aren’t rushing just before you want to give the gift.  By being deliberate and intentional in your gift giving efforts, you will find that this important part of your gift giving plan takes less time and results in some great successes.

Do you need some help with your Holiday gift plans?  Contact us here to set up a free consultation.

The post September Is the Best Time to Plan Your Holiday Client Gifting appeared first on VirtuArte.

The Statistics That Support Client Appreciation

An oft-repeated refrain, particularly when times are tight, is “I don’t have the money for client appreciation.”  Most businesses focus resources on new client acquisition and not on cultivating the relationships they already have with their current clients.  This allocation of time and money overlooks some critical statistics.

• It costs 5 times more to acquire a new client than to retain a current client.
• 68% of current clients who stop working with a business say they did not feel appreciated
• Experts vary in their estimates, but the gathered wisdom is that it takes anywhere from 7 to 16 contacts with a potential client to close a sale.
• The success rate for selling to a new client varies from 5-20%
• The success rate for selling to a current client varies from 60-70%

The cost in time, money and effort to obtain new clients can be explained by the fact that a new client needs to get to know, like and trust a business before it proceeds with a sale.  You have already crossed these hurdles with current clients, so it takes far less to cultivate current clients and encourage them to make further purchases.  When considering the statistics, it’s important to remember that the competition will be marketing to your clients, and clients who do not feel appreciated will be more receptive to exploring alternatives to your business.

How Current Clients Become a Source of Business Growth

Clients who have a positive experience offer many positive opportunities for your business. Obviously, repeat business is the start.  A client’s loyalty can inspire them to try additional goods or services offered by your business.  In addition, a happy client will offer quality testimonials and reviews, which are increasingly important factors in attracting new clients.  Finally, your current clients serve as your brand ambassadors.  They will make referrals and advocate for your business.

Staying Top of Mind Through Appreciation

A client appreciation program keeps you in touch with your current clients.  Regular contact should include requests for feedback, which provides you with information vital to improving your business.  These conversations are also an opportunity for you to talk to them about how they can help you.  This can be broached by simply inquiring whether they have any other needs you can attend to, requesting a review or asking if they can make a referral.  None of these asks can be made without follow-up and focus on your current clients, and if you do them in the context of appreciation, you will find the client more receptive to helping you out.

Making Client Appreciation Part of Your Overall Marketing Strategy

To continue to develop and expand your relationship with your clients, you want to help them focus on the value that you bring.  A well-conceived client appreciation strategy is an excellent way to stay top of mind.  As part of an overall marketing strategy, it takes some thought to make sure your program is authentic and effective.  VirtuArte offers a variety of client appreciation advice and services that you can use to maintain your most valuable resource.  We would love to connect with you for a complimentary strategy session to make the most of your client appreciation efforts.  Contact us here to set up your session today.

The post Why Client Appreciation Belongs in Your Marketing Strategy appeared first on VirtuArte.

Are you …

• Always thinking about the next sale?
• Having difficulty creating client loyalty?
• Not getting the repeat business or referrals you want from your current clients?

Well maybe it’s time for you to start thinking about client appreciation.

If done well, client appreciation is an integral part of the sales/marketing strategy of any business.  After all, it costs five times more to land a new client than to maintain the relationship with an existing client.  It’s not enough to interact with the customer only when a sale is happening.  A good client appreciation strategy should include regular check-ins that are not “chasing the sale” but a genuine “Thank you for your business.”  In order to stay top of mind with your client, you can include in person meetings, telephone calls, e-mails, handwritten notes, videos and intentional gift giving.

How the Customer Experience Impacts Loyalty

Think about your experience at a restaurant.  If your food is delivered, your waiter can just sit back and wait to clear the empty dishes or sail by with a perfunctory inquiry about the food.  Or, your waiter can make a real effort to find out how the meal is going, check on water glasses, offer more drinks or bread and otherwise contribute to your experience at the restaurant.  Which kind of service gets the bigger reward?  The answer should be obvious.  The bread and water offered by the waiter may seem simple, but these gestures, free of charge to the customer, make for a memorable, pleasant experience, as well as a big tip!  The extra attention that gets rewarded when dining out is the sort of attention that will keep your clients loyal and invested in your success.

What Is Client Appreciation?

Client appreciation programs have the same impact.  It has been shown that 68% of customers who stop doing business with a company do so because they do not feel appreciated.  An appreciation gesture — that phone call, handwritten note, or gift — at an unexpected interval puts the humanity back into the business relationship.  It creates a connection with the customer that goes beyond the sale, it builds trust and gratitude.  When a client feels appreciated, they want to continue the relationship, resulting in repeat business.  But also, a customer who feels a genuine connection with you and your business can become an advocate for your business — promoting it through referrals and positive reviews.

Why Investing in Existing Clients Pays Off

When thinking about client appreciation programs, some people balk at the time it takes and the cost. However, the success rate of selling to an existing client is 60-70%, while the success rate of selling to a new client is 5-20%.  Don’t be penny-wise and pound-foolish when it comes to your client relationships.  Given the time, energy and expense of landing a new client, investing in the relationships of your existing clients will inevitably be less expensive and more productive.

Be Thoughtful With Every Appreciation Gesture

At VirtuArte, we feel that a customer appreciation program should be intentional.  This means that every appreciation gesture needs to be thoughtful.  Take the time to call your client and find out how they are doing.  If you are going to send a card, handwrite it with a personalized message.  Sending a video?  Again, personalize it.  If you decide to give a gift, make the effort to find a gift that shows you’ve paid attention to the client as a person.  This makes the gift memorable to your client.  Use your periodic check-ins to do more than assess how the client is doing; use them to show your client you really appreciate their business.

Want to know more about how you can show your customers how much you appreciate them?  Contact us here to set up a consultation about customized client appreciation programs to strengthen your client relationships.

The post Client Appreciation Is Key for Building Loyal Business Relationships appeared first on VirtuArte.

If you ask a business owner how they are going to grow their business, most will tell you by attracting new leads and acquiring more clients.  Now, don’t get me wron,g there is a need for businesses to acquire new clients, but this is costly as a growth strategy.  It also ignores one of the business’s most valuable assets, its existing clients.

Why Client Retention Is More Cost-Effective Than Client Acquisition

Research by Invesp shows:

• Acquiring a new client costs five times more than retaining an existing client.
• The success rate of selling to an existing client is 60-70% while the success rate of selling to a new client is 5-20%; and
• Increasing client retention rates by 5% increases profit by 25-95%.

Focusing on client acquisition is a less cost-effective way to grow your business.  You’ve already invested marketing and sales resources in your existing clients and have built the know, like and trust with them.  They’ve purchased your products and/or services and started to develop a relationship with you and your business.  Existing clients are 50% more likely to try new products and spend 31% more.

How Loyal Clients Drive Referrals and New Leads

As these clients get to know your business and make more purchases, they are more likely to share your products and their experience with others.  Thus, you become both loyal clients and advocates for your business.  Existing clients can become a lead generation source for your business as they refer family, friends and colleagues.  Studies show 92% of potential leads trust personal recommendations more than any other kind of marketing.

Using Client Insights to Improve Products and Services

Your existing clients can also be your best source of information on the clients you are targeting, since they have already bought your product or service.  Their shopping habits and purchasing patterns can help you better understand why and how leads become clients, enabling you to refine your marketing and targeting efforts.  At the same time, these clients can provide you with feedback on how to improve your products and services, plus spot opportunities for new products to add to your current offerings.  Cross-selling, which can increase profits up to 40%, is easier with existing clients than with new clients.

The Long-Term Benefits of a Strong Client Retention Strategy

The importance of client retention on your business growth is clear.  It leads to:

• Spending less on marketing and advertising;
• Lower cost of acquiring new clients as your business gets more qualified referrals;
• Sales with higher margins as existing clients are less price conscious and value your business; and
• More repeat purchases because existing clients believe you offer superior products and/or services.

The benefits of client retention not only impact your revenue and profit, it can also impact your employee retention.  Focusing on client retention allows your employees to spend less time trying to acquire new customers, more time developing meaningful relationships with your existing clients leading to higher morale.  Work becomes less about sales and more about people.

How VirtuArte Helps Businesses Improve Client Retention

Client acquisition is important, but don’t make it your business’s sole priority.  Don’t neglect your existing clients.  A satisfied, loyal client is worth more than one who is not.  Don’t have a client retention strategy? Let VirtuArte help.  Contact us here or give us a call at 866.228.3497 to set up a complimentary strategy session to discuss options for your client retention efforts.

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