In any music school business plan, customer retention is the actions that an organization or business take to avoid losing customers.
Customer retention is one of the most critical components when it comes to running a music school facility.
One mistake that some music entrepreneurs make is striving to recruit new students while neglecting their existing clients. Join us in this post as we discuss:
- The meaning of customer retention
- Customer retention strategies companies can adopt in their music school business plans to help them retain their existing customers.
Understanding Customer Retention in Music School Business Plan
Customer retention refers to the duration a company can retain their existing clients. Student loyalty plays a huge role in terms of helping your school increase profits. Studies suggest that a 5% customer retention rate increases your profits up to between 25% and 95%.
For your music school to succeed, you need to adopt robust strategies to help you retain customers.
Remember, you should strive to develop a trustworthy relationship with your students and their parents in the institution.
Satisfied customers will have an easy time referring you to their friends and family. Here are tips to help you with your customer retention plan.
1. Offer Exceptional Service Consistently
What was your selling point during the recruitment process? Did you promise your new students professional and experienced instructors? Perhaps you guaranteed them good quality education and a well-equipped learning environment.
Your selling point is the strategies that attracted your students and their parents to your school. Identify that unique point and focus on it to encourage them to remain at your institution.
Understand that your efforts shouldn’t end once you have a class full of students. Instead, you should strive to be consistent in your delivery process. This will convince your clients that you were not doing it for the money.
To encourage your clients to come back, it's important to make them feel appreciated. Make them know that all your efforts are about them. This will not only inspire them to come back, but it will also motivate them to spread the word.
· Have an All-Inclusive Curriculum
Ensure that your curriculum is designed to address specific student’s abilities and needs. Your curriculum should promote students' development and nurture them into enhancing their music schools every year.
When students are guaranteed growth, chances are high that they will continue learning at your institution until they complete their studies.
Have a Rewards Program
Having a rewards program makes students feel appreciated. In the end, they will feel indebted to remain loyal to you and your institution.
You can do so by allowing students to collect points for various actions.
For instance, they can accumulate points for every good grade they earn in their music examinations, consistent class attendance, and proper discipline. Recognition is one of the most encouraging factors in human beings.
When you recognize the efforts your students make, you encourage them to work harder. In the end, they will be happy to come back and even spread the word about the institution to their friends and family members.
Engage Qualified and Experienced Instructors
While you want to work with experienced and professional instructors, it’s important to choose passionate instructors. Ensure they are prepared to cultivate a harmonious learning environment for the students.
Hiring approachable instructors will go a long way in creating a warm, convenient, and secure environment for the students.
· Have Decent Facilities
Decent facilities such as spacious classrooms, new instruments, and a practicing area are critical.
Part of your music school business plan should be maintaining high standards of hygiene in the classrooms. Further, ensure all the music learning instruments are properly maintained and faulty instruments repaired as soon as possible.
Strive to do things differently from your competitors to help your business scale and aid customer retention.
Bear in mind that the music school industry is fast becoming overly competitive. When your services fall behind customer expectations, they won’t hesitate to move on to your nearest competitor.
· Consistency is Key
Avoid circumstances where you start strong and fail to maintain the same momentum. Consistency helps you deliver excellent customer service.
In the end, you will develop a trustworthy relationship with both students and teachers in your school. Your clients will appreciate your services, be happy to come back, and they will also give you referrals.
Providing and maintaining high standards of service always help you retain customers in your music institution.
Show Your Clients that you Care
Neglecting your clients gives them room to imagine that you used them as a stepping stone to achieving a certain goal. Instead, strive to connect with them. Doing so will leave them feeling cared for and valued. You can achieve this by:
Hold open and personal conversations with your students. Customize text messages and emails to meet the needs of individual students.
Rather than sending a generalized email, address them by name. This is guaranteed to give your music school a good reputation.
· Show Gratitude
Recognize your student’s achievements and efforts and consider sending them thank you notes in the institution’s monthly newsletter. This will not only make them excited, but they will also know that you value and care about them.
· Ask for Feedback
Customer feedback is the information that your clients offer to express their satisfaction or dissatisfaction with company products or services.
Feedback plays a huge role in helping institutions modify their services to meet the customer’s needs.
Taking client opinion seriously and enforcing their ideas assures them that you truly care and value their opinion. In the end, the students will show their gratitude by remaining loyal to you and your institution.
Organize Significant Events
Incorporating unique events in the music school business plan gives students and their parents something to look forward to.
You could organize annual recitals or monthly performances where you can invite some popularly recognized musicians.
These will not only be exciting, but the students will get someone to mentor them. They will be happy to see how successful they can be by being devoted to their studies.
Both monthly and annual events present your school with an opportunity to demonstrate what the students have been learning.
Remind the students to invite their friends and family to these events. You can leverage such opportunities to raise money to fund local charities. It’s also a great way of telling the world that you exist.
Give Your Students a Sense of Belonging
Create an environment where students feel like they are part of the team. Giving your students and their parents a sense of belonging plays a huge role in creating a robust and unbreakable bond.
Involve the students in creating the music school business plan. Allow your students to come up with lyrics to the school's anthem and even develop a music melody.
Does your school already have an anthem? Have you been thinking about changing it? Why not delegate these duties to the students? This will not only make them excited about the task, but they will also gain experience in preparation for their careers.
By involving the students in some of the institution’s notable projects, you make them part of its history. For this, they’ll have robust links with the school and will want to remain there until they complete their studies.
· Invite Parent to School Events
Do you have young students in your institution? Why not invite their parents to musical events? This makes them feel connected to the school community.
Have different activities for the parents as well to give them a feel of what their children learn in school.
If you are considering making changes in the school, consider involving the parents. Ask them for their opinions and recommendations.
Be sure to incorporate their suggestions in your changes too and this will make them happy to be associated with you.
You can also build a strong relationship with the parents by appreciating their effort to instill discipline into their children.
When parents and teachers work together as a team to nurture the students, they create an eternal bond. In the end, the students will learn from their dedication and get inspired to work hard and succeed.
Offer Quality Lessons
Professional music teachers are responsible for the quality of their lessons and teaching. If you are struggling with student retention, evaluate the quality of the lessons offered in your school.
Remember, students are attracted to fun and exciting lessons and if your instructors are boring, you’re bound to lose them.
Tailor your lessons to incorporate different student capabilities, motivate the students, and encourage them to utilize their skills as they acquire them.
Respond to Client Concerns and Provide Solutions Immediately
Disagreements are bound to happen. However, it’s what you do to respond, and how long it takes to provide a solution that matters.
Don’t let small issues ruin the reputation you’ve struggled to build. Resolving issues as they arise plays a huge role in encouraging customer retention.
In today’s digital world, chances are that you have a social media platform. Remain active on your platforms.
Remember to address any negative comments and criticism you may receive professionally and as soon as you see them.
One negative comment can make or break your business. Organize a meeting with the complainant immediately and listen to their grievances.
Ensure all their problems have been solved amicably and that they are satisfied.
Attracting new clients is more difficult than retaining your existing ones. These tips will help you ease your efforts to retain your customers and increase revenue as well as profits.