In running a successful business, you will have a relatively diverse set of clients and customers – even within a specific area of your industry. The majority of your patrons will be relatively small in value but add up to build a majority of your profits. However, you may have a handful of clients or customers that represent a significant portion of your income, whether through large bulk orders or significant financial investment.
These customers are high net-worth customers and are of key importance to the longevity of your business. By successfully courting your high-value clients, you can secure a vital part of your income stream for the long-term; long-term custom is a bedrock for growth and survival. But how can you ensure your high-net-worth clients don’t look elsewhere?
Meet Regularly
The quintessential way in which to build and maintain a relationship with a high-value client is to ensure you meet them personally, on a semi-regular basis. Nothing can substitute the personal touch, and the development of a real interpersonal relationship can serve to keep them loyal for a number of reasons.
If they are an international client, taking a business plane to meet them in their country can illustrate your commitment to their satisfaction well, above and beyond the efforts of competitors that may be interested in their business. You should also endeavour to invite them to events and conferences where possible, as a guest.
Reward Them for Their Custom
Which brings us neatly to a useful approach for long-term customers of any stripe: the reward programme. When it comes to customers with a high net worth, rewards for continued custom should work a little differently than your standard loyalty offerings; they will perceive little value from a referral discount or loyalty card.
Instead, you could count them with invitations to high-value events and experiences. Front-row tickets to sporting and music events are powerful ways to reward them for their patronage and represent a minuscule cost in comparison to the business they bring you.
Offer Value in Other Ways
The more value you as a business can offer your high-value clients, the more satisfied they will be to stay. But this isn’t confined merely to the services or products you provide. As a representative of your business, you could provide value in other ways – be it recommendations for business strategy, or insights into upcoming market changes.
Managing Risk
If your field is wealth management, then risk management is already a fundamental part of your business-client relationship. Still, it bears repeating that high net-worth clients are at higher risk, especially if a substantial quantity of their holdings or investments are with you. You can check how to expand your business online.
This also holds true for industries beyond wealth management and other unique situations. High net-worth clients, being the most valuable individual customers, also stand to lose out the most in the event of business disruption. Ensuring these clients benefit from a bespoke risk management strategy, as well as earnest communication, can serve to keep them on board even in tumultuous times.
Final Words
In conclusion, it is important to remember that high-net-worth clients have specific needs and expectations. They require a high level of service and attention in order to feel valued and appreciated. By understanding their unique needs and taking the necessary steps to meet them, you can ensure that these clients remain loyal and satisfied with your firm.
