The secret to winning more retainers
Step 1: Don’t mention the retainer
One of the biggest changes you can make to your agency is winning more retained business.
For recruiters I’ve worked with, their fill rates are three times better when they’re retained. On top of that, they enjoy recruiting for the role because they’re working with a client who is engaged in the process and treats them as a partner.
In the past couple of years I’ve seen more and more recruitment leaders looking to win more retained business. But change isn’t easy. And a change that involves getting clients to pay you money up front isn’t easy at all!
So if you’re interested in retaining more of your roles, here are my three steps to success:
Step 1: Don’t mention the retainer
As we know, retainers are one of the most valuable things a recruiter can get from a client. But that doesn’t mean the client values them.
In fact, the word ‘retainer’ means very little to a hiring manager… and in some industries it has a different meaning altogether.
So drop the word ‘retainer’. You need to use language that the client understands - and values - if you are going to persuade them to part with their money.
Step 2: Build demand
When a client is paying you on placement, they can afford to take a risk on you at the start. ‘I’ll give them a try’, they think. ‘What’s the worst that could happen?’
When you’re getting part of the fee at the start, your client needs to be certain that they’re choosing the right recruitment partner… so you need to spend the majority of your time making sure they are certain.
Now, most recruiters think this means spending more time talking about themselves. Which is probably why so many struggle to win retainers.
If you want to convince your client that you’re the partner they need to work with, you need to show them how consultative you are. Which means talking about them, not you.
Step 3: Wait for it
It isn’t always easy to hold back your sales instinct to close a deal, but you need the client to say, ‘I want to work with you’.
Then - and only then - are you in a position of power to dictate your terms. Which in this case means telling the client that to work with you, they pay you part of the fee at the start.
No need to call it a retainer. No need to justify it. The client is asking if they can work with you, you’re telling them what that looks like.
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This shift in power between you and your client cannot be understated. In 99% of contingent situations, you’re asking for the work. When you build demand for what you do, your client is asking if they can work with you.
If you’re interested in making this change, it’s as easy as following these steps. Or if you want to book a one-off consultation with me to get expert support on winning more retainers now, simply reply to this email.
Jon
P.S. There are plenty of other ways to win more retainers, including deconstructing your service, and offering discounts (not my favourite, but it can work!).
I’ll cover these in future emails, along with some of the challenges of moving to a retained strategy. So look out for those tips in your inbox soon.
Or if you want to book a one-off consultation with me to get expert support on winning more retainers now, simply reply to this email.