A recent global survey conducted by TechBehemoths, a leading platform for connecting projects with IT companies, has provided valuable insights into the strategies and challenges tech firms face in acquiring and retaining clients. With responses from over 1,020 IT companies across 60 countries, the survey underscores the critical importance of both attracting new clients and keeping existing ones, with 84.6% of respondents considering these factors extremely important for success.
The survey revealed that networks and referrals are the most effective channel for attracting new customers, with 85.2% of companies highlighting its importance. This finding emphasizes the power of word-of-mouth and trusted recommendations in the tech industry. Other notable strategies include partnerships and collaborations (62.70%), content marketing (49.70%), and online advertising (46.70%).
When it comes to measuring the success of client acquisition efforts, conversion rate from leads to clients (74%), number of leads generated (63.3%), return on investment (ROI) (48%), and customer lifetime value (CLTV) (44.4%) emerged as the top metrics. However, companies also face significant challenges, including lead generation (60%), converting leads into paying clients (50.3%), identifying ideal target clients (36.7%), and standing out from the competition (34.3%).
On the retention front, the survey found that most customers (51.4%) stay with IT companies for 1 to 3 years. The primary reasons for client churn include changed business needs (63.9%), finding a cheaper provider (50.0%), and poor communication or relationship (13.6%). To combat these challenges, companies focus on providing consistent, high-quality work (84%), proactive communication and exceeding expectations (76.3%), and excellent customer service (74.3%).
These findings from the TechBehemoths survey highlight the evolving dynamics of client acquisition and retention in the tech industry, offering valuable lessons for companies aiming to thrive in a competitive landscape.
