Lorenzo, a follower of our weekly show, Coach’s Corner, asks: “Why do some personal trainers and coaches have more ongoing loyal clients and others struggle to renew clients? I need to increase my renewals”.
Here’s my answer to Lorenzo:
I’m going to answer this question a bit differently, because I think that the real question is: “How do you create a bond with your clients?”
First of all, I assume that you already have clients and you know how to get clients. That’s the first hurdle and I think it’s good because you already have that. The next issue is retaining clients, because if you have 10 clients a month, but nine of them don’t renew, your attrition rate or the percentage of people who leave and don’t renew your service is 90%.
If you have 10 new clients and you keep only 1 who renews for the next cycle, you’re losing 90% of the people.
Having connections with your clients
The easiest way to make money is to go to people who have already given you money and who have already trusted you. That’s the number one thing. Increasing renewals has everything to do with the connection you have with your clients and that means two things: the actual service and the results that your clients get.
If people aren’t renewing, maybe your service sucks. I don’t know and I don’t have enough details, but that’s one problem and I hope that’s not your issue, but that can be THE issue. If people try you and they pay for a month or a few months and they never renew and you feel that that’s really a commonality with your clients, then there might be an issue with your service.
There might be an issue with what you’re actually delivering. The number one thing that I would do is, I’d revisit what you’re actually delivering and see if you need to improve that.
The second thing is: you need to understand that people renew for the connection they have with you. They don’t renew for the information you give them. Everyone can get information on a computer or on their phone just by Googling. The information is out there, we live in a world that’s abundant in information and the key is not more information.
If you’re actually doing a good job in delivering your service and getting your client’s results, the problem may be because you’re not connecting enough with them. I don’t recommend becoming best friends with clients because then, there’s this weird dynamic that happens where they can say, “Hey, we’re friends now, can I pay you less?” or “Can you train me for free?” or “Can you provide me that service for free?” and it’s a tricky connection sometimes.
You need to keep that professional relationship. At the same time, people will renew with you if they actually feel a connection. Think of the last few books you’ve bought, think of the last TV show or documentary that you’ve watched, or if you’ve been following actors or a documentary film maker for some time. You might be following them for the material they did, but it’s usually because you feel a better connection with them rather than their competition.
Understand that you are in a business where there are obviously human relationships. People will connect with you and renew if they feel a connection with you. They need to feel that you are the guy who can help them get to where they want to be. They need to feel that you are the answer to their issues.
If they feel that you haven’t given them a satisfactory service, you have to go back and fix your service. If your service is good, you need to convey that you actually have a lot of other tricks up your sleeves. It doesn’t mean hiding your expertise or just keeping things on the side in the hopes that they’d renew. You need to cultivate an image where they feel like you have more to give them and they’ll feel like the longer they stay with you, the better the results.
It’s more about the myth and the legend around you. How do you create a legend, how do you create a myth, how do you create a brand. You need to do what I’m doing now: you publish, you write articles, you write books, you do live web shows, you put out content and you share that on social media.
Your clients need to feel that you have more to give. You must always have more solutions to help them to get from A to B. In terms of renewals, you need to analyze if you need to increase the quality of the service and the deliverables you’re actually giving. If your deliverable is good, at that point you need to say “Okay, how can I create a feeling that I am the answer to everything?” That’s my overview on increasing renewals.