Whether you’re a small company with big dreams or an enterprise with a well-established brand, every client interaction is an opportunity to grow your business. You’re likely already using Hatchbuck’s market-leading sales and marketing tools to maximize every touch with your prospects. The purpose of this post is to ensure that your company is positioned to maximize growth from your existing client base by managing the three R’s: Retention, Referrals and Reviews

Retention is key.

You’ve probably heard the maxim that it costs five times as much to land a new client as it does to keep one. We think retention is even more important than that statistic suggests. Gartner research suggests that more than 81% of marketers think that their companies will complete mostly or completely on the basis of customer experience. Retention is a key barometer for customer experience so let’s break down the steps for retention.

Customer experience is inherently subjective. So, to understand how we’re doing, we want to actively and consistently quantify how our customers perceive our service. Surveys, suggestion boxes and follow-up calls are all valid options. We recommend tailoring the follow-up process based on the value and volume of your business. For example, if you have a small number of high-value clients, personally following up with all of your clients might make sense. If you run a high-volume, low-cost business then email surveys might suffice. Once you have settled on a method, pair it with a quantifiable scale such as Net Promoter Score or a Smiley-face feedback tool. This will allow you to monitor how your service trends over time. And of course, you can always add qualitative questions such as “What can we do to improve?” to your surveys.

Remember: a bit part of customer service is reminding your customers know that you care about them. Asking them for feedback sends that signal.

Referral is king.

At Liscio, we run a poll several times a year asking professional service firms how they acquire new clients. Each time, the number one answer is referrals, or word of mouth. When it comes to lead quality, referrals reign supreme because they come with trust baked in. But you can’t increase referrals without a good client experience (CX), and that includes an earnest commitment to customer service. (See our blog post “How to build a better client experience.”)

Train your teams to ask for referrals. For example, every time you receive positive feedback, the immediate trigger might be to say something along the lines of “the highest compliment you can pay us is to recommend us to a friend (and then ask for the friend’s name and contact information).”

Reviews really matter.

Online reviews have changed everything. The new formula is simple — the highest-rated businesses get the most business. And online reviews are right behind referrals for influence and trustworthiness.

84% trust online reviews as much as they trust a referral from a friend.
91% of prospects read online reviews before making a purchasing decision.

— Bloem, C. “84 Percent of People Trust…” Inc., July 2017

Good places to be highly reviewed:

• Yelp
• Google My Business (“Get reviews on Google”)
• Industry-specific review sites (run a search for your profession and see which review sites are in the top 10)

Just like with referrals, don’t hesitate to ask for an online review. If a client pays you a compliment in person, over the phone, or in chat, ask them to put that compliment online in a written review. A genuine, glowing review from a trusted influencer or firm of similar profile is way cheaper and can be just as effective as a TV spot. And don’t collapse when you get a bad review. Bad reviews are a great opportunity to show off the quality and responsiveness of your customer service. A prompt, thoughtful, and empathetic reply to a negative review can be just as influential as a positive review. Give potential customers a feel-good preview of how you would treat their complaints.

Good companies focus on delivering great service. Great companies deliver a great service and get extra credit for it. Leveraging the three R’s ensures that your firm will get rewarded too.

Author Bio

Chris Farrell is co-founder and CEO of Liscio. He’s a seasoned technology executive with more than 20 years of leadership experience in finance and accounting. Chris served as the CEO of Nexonia, Inc., the parent company of the Nexonia, Tallie, ExpenseWatch, and SpringAhead brands. His experience as a founder of Tallie and SpringAhead gives Liscio a proven leader with a successful track record scaling up startup technology platforms for professional services. Chris earned his CPA in the heart of Silicon Valley at Arthur Andersen in 1996 and his MBA at UCLA’s Anderson School of Management in 2004.

Ever been hired for a new job and felt that combination of nerves and excitement leading up to your first day? Then, you arrive on your first day of work, fill out a bunch of paperwork, someone shows you to your desk and introduces you to a couple of coworkers, and then…crickets. You’re sort of just left to fend for yourself.

It’s not a good feeling. And scenarios like this are a big reason one in every five employees will leave a job within the first 90 days. The good news is, there are some simple things you can do to combat the expense and hassle of employee turnover. The biggest one? Onboarding.

In fact, according to a recent graphic shared by O.C. Tanner, 69% of employees are more likely to stay with a company for at least three years after a great onboarding experience.

While onboarding may differ slightly from employee to employee, and should, of course, be customized to suit each individual organization and role, there are certain fundamental components that are universal.

To make things easier, we’ve put together a handy checklist that you can use to get your new employees up to speed quickly and set them up for retention and ongoing success right from the start.

Before Day 1

This is called pre-boarding, and it’s a great way to really set the stage for a positive new employee experience. It’ll also save time and make the regular onboarding process go much smoother.

Before any new team member starts, do the following:

__ Gather and provide all necessary paperwork (W-4, insurance documents, direct deposit forms, etc.) to be completed in advance.

__ Ask your new employee to review the company handbook and sign any additional ancillary documents, such as a non-disclosure agreement.

__ Prepare a workstation.

__ Set up all necessary tools and equipment, including a computer/laptop, printer, access to required software, internal systems access, etc.

__ Create new company email address.

__ Provide helpful material to help the new employee become acquainted with your organization, such as an org chart, a detailed job description, company policies and procedures as well as information about your company mission, values and culture.

__ Provide details and logistics about the employee’s first day, such as how to dress, where to park, what time he or she should arrive and any particular items he or she should bring.

Day 1

On the day your new employee is scheduled to begin work, have the following tasks and documentation ready to go. This will make the transition faster and more efficient. It’ll also make a better first impression on your new team member.

__ Prepare the rest of the team for the new employee’s arrival so they’ll be ready to welcome him or her.

__ Set aside time on your team’s calendar for a welcome meeting (lunch is a nice touch).

__ Provide a tour of the office, including important areas, such as bathrooms, breakrooms and where to locate other colleagues should the new employee need support.

__ Schedule a 1:1 meeting with new hire’s direct manager to go over expectations, how the department and/or company is structured and answer any questions the new employee may have.

__ Assign a mentor and ask him or her to schedule time to meet with the new hire ASAP.

__ If your company does a probationary period, go over that plan in detail so the new employee is clear on what is expected of him or her and in what time frame.

Week 1

Day one is important, but here’s where many organizations get it wrong. Throwing someone to the wolves after just eight hours effectively sets them up for failure. To keep the momentum going and make the new hire experience a more successful one, use the first week of employment to do the following:

__ Set up any necessary training and get the ball rolling as quickly as possible.

__ Verify that all required paperwork has been completed.

__ Assign the first project to your new hire. This helps new employees to feel like they are part of the team and enables them to settle in and begin to become comfortable in their role.

__ Review employee performance and set specific goals for month one.

__ Ask for feedback, questions and concerns. Open the lines of communication right away.

Month 1

For the entire first month, the new employee should feel well-supported in every way. He or she should begin to get to know coworkers, become more familiar with the job duties and gain a clear and accurate understanding of what’s expected moving forward. Most importantly, he or she should feel comfortable asking questions and sharing feedback, whether it’s with a manager, mentor or someone else.

To further strengthen the foundation you’ve begun laying for employee success, the following should be prioritized during the first several weeks of employment.

__ Schedule weekly meetings to gather feedback, answer questions and provide constructive criticism to the new hire.

__ Provide additional training and/or reading materials as needed.

__ Verify that the new hire has met or is planning to meet with the appropriate team members.

__ Organize a team building activity to help the new employee bond with his or her colleagues.

__ Ensure the new employee’s mentor is regularly checking in and providing adequate support.

__ Ask the new employee if there’s anything else he or she needs to succeed. Be open to suggestions and willing to accommodate where feasible.

While we’ve only covered the first month, studies have shown that the more you invest in making new employees feel comfortable and confident during the first year, the more likely they’ll be to stay on for the long haul. Feel free to use the above checklist as a foundation for building your own strong and effective new employee onboarding strategy.

With unemployment at 4%, it’s essential to make sure your employees feel appreciated and stay engaged. In this hyper-competitive market for talent, you don’t want your best team members to jump ship because they don’t think you value them.

If you’re on a limited budget, giving team members a cash bonus or raise every time you want to give them a round of applause just isn’t practical. The good news is that showing you care doesn’t mean you have to back up the money truck.

Here are some ideas for expressing your gratitude to employees if you’ve already used tried-and-true methods like the employee of the month club.

1. Go experiential.

One of the hottest trends is making company events hands-on. People love trying brand new activities they might never have experienced, especially if they learn something fun along the way.

Instead of giving out cash bonuses or prizes when your team meets a big goal, why not arrange a unique experience? Such as a white water rafting event or a day out to check out a baseball game. Hire a pro to organize a great scavenger hunt or bring them on a hike where they can bond together and get exercise to boot. Not only will you show you care but your team will have a chance to grow together in an informal setting.

Bonus tip: Make sure to take plenty of photos so you can share them with clients on social media and in your email newsletter. It’s an excellent way to showcase your company culture.

2. Think like Google.

Give employees half a day every week to work on a passion project that will help the company grow. Many employees will appreciate a chance to think like entrepreneurs during your “Innovation Lab” time or whatever you decide to call these sessions.

Choose a day of the week that’s usually one of your slower ones, so the idea doesn’t fall by the wayside as deadlines loom. You may be surprised at all of the creative ideas your team comes up with for growing the company once you give them time to unlock their creativity.

3. Invite them to bring a friend to work.

Hold a happy hour at your company, or, a team dinner together, and ask your employees to invite a significant other, friend, or even their mom or dad. This is a perfect chance to say thank you to the people in their lives who make sacrifices on those evenings when everyone is staying late because of deadlines.

4. Offer them a technology upgrade.

We do so much of our work on our devices and computers that the gadgets everyone uses can have a significant impact on their daily happiness.  If your team is knocking it out of the park, give employees the option of getting an upgrade to technology such as a CRM or an app that helps them stay organized. It will not only help them do their job better but make their lives easier.

5. Invest in standup desks.

Sitting too much isn’t healthy for anyone, and many employees wish they didn’t have to sit at their desk all day. Give employees the option of getting a standup desk instead. Studies show that stand up desks can help reduce back pain, improve energy levels and boost productivity. With the trend growing, there are a ton of options at all price points.

6. Find ways to work outside.

With the weather getting nicer, look for ways to hold walking meetings or, if

everyone needs to take notes, to meet at a picnic table outside the office. Many employees will welcome the opportunity to soak up some rays and get moving during the day.

7. Give them the gift of fitness.

Consider installing a gym and a small stall shower at your headquarters, to make it easier for your team to work out. Small businesses can get a federal tax deduction for creating an onsite gym. Although you will have to invest in the equipment, your company is likely to get a high return on its investment. Most of us feel energized by working out, so your employees are likely to bring that energy back to their desk. Plus, healthier employees have fewer healthcare costs, which may help your bottom line if you provide health insurance.

We all spend so much of our day at work that anything you do to improve your employees’ lifestyle won’t go unnoticed. By showing your employees you care about them, you can build tremendous loyalty—a powerful weapon for any small business owner.

You’ve heard of your competitors using partner programs. But is it right for your business?

Regardless of the size of your business, finding workable strategies to encourage growth is essential to your long-term success. To this end, some businesses turn to partner programs as a way to build profits and attract new customers. This can be a great way to inspire growth, and some businesses do very well with these programs.

For others, however, partner programs don’t perform nearly as well as the owners had hoped.

Have you considered a partner program for small-business advertising or profit-sharing? Are you hesitant because you aren’t sure how well one of these programs will fit your business? If that’s the case, here are a few suggestions that might help you decide whether a partner program is right for your business.

What’s the Benefit?

The first thing you should look at when trying to decide whether a partner program is right for your business is what the actual benefit to your business will be. Depending on the partner program you choose, you may have access to a number of different benefits such as:

• Profit-sharing on sales
• Advertising considerations
• Special discounts on products or services
• Partner certification or other credentials

Some partners may offer other benefits as well. If you examine the benefits offered by a particular partner program and find that they don’t seem to be a good fit for your business model, then you can eliminate the program as an option fairly quickly.

Consider the Costs and Obligations

Depending on how a partner program works, you may be expected to pay certain fees or contribute either sponsorship or goods to events hosted by the partner as part of your participation in the program. Does the cost you’ll have to pay seem to outweigh the benefits to your business? What about the cost in time or goods spent meeting other obligations — are they reasonable, or do they seem excessive?

Partner programs are intended to help you grow your business. If you aren’t a good match for the program, though, you might spend more to participate than you get back from it. Do the math and compare your obligations to the perceived benefits to make sure things will come out in your favor.

How Does Participation Work?

Assuming that a partner program offers benefits that would mesh well with your business model and that the value of those benefits outweigh the costs, ask yourself how exactly your participation will work.

Does the program require you to stock additional goods or run specific marketing materials? Will you need to have a presence at special events? Read up on the details of what’s expected of your business over the long term and consider just how well that works with the way you do business.

In some cases, the partnership is as simple as you providing a sponsorship and reaping the marketing push that comes from that. In other cases, you’ll need to incorporate parts of the partner program into your business model itself. There’s nothing wrong with partnering with a program that has event or referral requirements; just make sure that your business model can accommodate those requirements before you sign on the dotted line.

Approach It Like a Partnership

Many business owners view partner programs as being similar to consumer affiliate programs, and to a certain extent they are. From a business perspective, however, it’s important to look at the program as a full partnership instead of an affiliate program. Give the program all of the scrutiny and consideration that you would give a human partner that you were bringing in, weighing the pros and cons of how the partnership will affect your business in the long term.

Look at how the partnership program is run and whether it seems to have a solid management plan behind it. If you can’t trust the program to run effectively based on what you’ve seen, pass over it like you would with any other potential partner whose behavior is too risky for you.

Value and Trust

After you’ve considered other aspects of the partner program, try to get a sense of how other participants feel. Check for online reviews and comments to see how the program treats its member partners and whether other owners and managers would recommend it. Ideally, you want a partner program that you can trust and that values the contributions of its members. If you don’t get that feeling from a partner program when you dig deeper, keep looking until you find one that deserves your loyalty.

In the end, joining a partner program can be a great boon to your business. Before you sign up for one, however, it’s worth the effort to make sure that it will really benefit your business over time. More importantly, you should ensure that the benefits are worth being a part of the program at all.