You’ve gotta REWIN to RETAIN: how market research agencies can fight back against client churn.
Echoing our latest podcast, in this blog we look into how retaining clients is not just about delivering insightful reports and data nowadays — it's about actively “rewinning” the work you already have to secure future success.
With more and more companies considering in-house research teams, dedicated researchers, or even choosing to do nothing, market research agencies need to adopt a more active and planned approach to keep clients engaged and drive growth.
We’re gonna dive into how using a rewin strategy will help you stay ahead of the competition.
The Competitive Landscape in Market Research
The market research industry is undergoing rapid changes. It would be dangerous to be too myopic about your competitors – as we said above, clients have more options than ever:
In-house research teams: Many companies are bringing research functions under their own roofs, aiming to reduce costs and gain tighter control over the process.
Dedicated researchers: Some organizations hire specialized research professionals to manage their specific needs.
Synthetic data: Something talked about a lot at the moment, using AI to generate results of ‘studies’ is showing some remarkably accurate findings.
Doing nothing: With shrinking budgets, some clients opt to maintain the status quo and delay new research initiatives.
These trends make it essential for market research agencies to differentiate themselves by not only winning new business but also by effectively retaining and growing existing client relationships. In other words, it’s time to focus on client retention strategies that actively "rewin" and secure the work you already have.
Embracing the Rewin Strategy: A Shift from Retention to Renewal
Traditional client retention strategies can sometimes feel passive—waiting for a contract to come up for renewal before taking action. However, as discussed in our Client Service Selling Podcast at 4twenty2, a more dynamic approach is required. We call this approach the “rewin strategy.” Rather than merely renewing contracts, rewinning means reigniting and expanding existing client relationships with a proactive, energetic focus.
The term “rewin” underscores that your existing clients are not guaranteed; they must be continuously engaged and convinced that your agency remains the best partner for their business. This mindset is critical when facing the competition from both internal research teams and new market entrants.
Now, we are big believers in the power of 3, so here are the three Pillars we talk about in the podcast. 😊
Pillar 1: Appoint a Renewal Champion
One of the simplest yet most impactful steps toward adopting an active rewin strategy is to appoint a rewin champion for the client, as soon as they come on board (or as soon as you read this blog!).
As David Armes said in the podcast, “Success has many parents, but failure is an orphan.”
When a piece of work is lost, everyone tends to say, “That wasn’t my responsibility.” Assigning a dedicated rewin champion ensures that there is clear accountability for every client relationship.
Key Benefits of a Rewin Champion:
Accountability: With a designated person responsible for rewinning, every project has an owner who is laser-focused on client retention.
Proactive Engagement: They can work closely with both the delivery team and the client to ensure that issues are addressed well before the renewal period.
Streamlined Communication: This role ensures that there is a central point of contact, improving communication and reinforcing trust between the agency and the client.
For market research agencies striving to improve client retention, appointing a rewin champion is an immediate win that reinforces your commitment to client success.
Pillar 2: Engage in Impact Conversations
One of the most critical elements of the rewin strategy is to initiate and nurture impact conversations with your clients. These conversations go beyond routine check-ins; they are focused on understanding how your services are making a difference.
How to Master Impact Conversations:
Ask the Right Questions: Initiate discussions by asking, “Where are we having the most impact?” and “What areas could use improvement?” This shows that you are committed to delivering tangible value.
Focus on Personal Decision Drivers: As Nicole highlighted in our podcast, understanding personal decision drivers is key. Knowing these means you can shape the service to deliver the most impact for the person as well as their business.
Be Open and Transparent: Share what’s working and where there might be room for improvement. Transparency builds trust and sets the stage for potential new solutions.
Set Clear Action Plans: Use the insights gained from these conversations to create action plans that address any issues, ensuring that improvements are implemented well before the renewal process begins.
Recent industry trends indicate that factors like transparency, trust, and personalized service are becoming as important as the data itself. In fact, a statistic from the creative marketing space showed that quality of communication and honesty were more influential in client retention than the sheer impact of a program. For market research agencies, this means that client engagement through honest dialogue is super-important.
Pillar 3: Embrace the Courage to Change
The third pillar of the rewin strategy is having the courage to change while a project is still active. Rather than waiting until the contract renewal period, it’s essential to continuously adapt and innovate based on client feedback.
Why Change is Crucial:
Preemptive Adaptation: By embracing change early, you prevent competitors from capitalizing on potentially outdated practices. This proactive approach reduces the risk of a disruptive repitch or a complete loss of work.
Continuous Improvement: Regularly reassessing your processes and methodologies keeps your agency at the forefront of industry trends and ensures that you’re always delivering cutting-edge research solutions.
Co-Funded Innovations: As Nicole pointed out, securing client co-funding for pilot projects or innovative changes can create a vested interest on both sides. When clients invest alongside you, they are more likely to support and drive the change.
David Armes emphasized that the competitive landscape is such that failing to change leaves a window open for competitors. If you’re not constantly evolving, you risk a significant loss—studies have shown that the incumbent loss rate has risen from 29% to 34% year-on-year. This dramatic increase highlights the urgency for market research agencies to adopt a mindset of continuous improvement.
A Roadmap to Rewin: Summary Steps
To sum up, here’s a quick roadmap for market research agencies looking to transform their client service teams into growth engines:
Appoint a Renewal Champion: Ensure there is a dedicated person responsible for client renewals, accountable for securing ongoing business.
Engage in Impact Conversations: Schedule regular, in-depth discussions with key decision-makers to gather actionable feedback and build trust.
Embrace Change: Adopt a proactive approach to continuous improvement, making necessary adjustments based on client input.
Implementing these steps can help you secure the work you have, expand your client relationships, and ultimately drive significant business growth—even in a competitive market. By focusing on these, market research agencies can differentiate themselves, reduce the risk of losing key clients, and set a strong foundation for future success.
Conclusion
A proactive client retention strategy is more important than ever. By adopting the rewin strategy, appointing a renewal champion, engaging in impactful conversations, and having the courage to change, your agency can transform its client service teams into true growth engines.
What strategies have you found most effective in retaining clients? Share your thoughts and success stories by connecting with us here for more insights on client service growth in the market research industry.