You can close prospects all day long, but if you can’t keep them you make your prospecting efforts twice as difficult.
KEY TAKEAWAY: Account retention is not a noun, it’s a verb. Its not what you get, its what you do. (Its also a hashtag. Go here --> #accountretentionisaverb)
The life of a personal relationship is very similar to a business relationship.
In a personal relationship, there is attraction when you meet, there is romance, there is commitment such as moving in together or getting married, then the honeymoon stage, then what happens? Very often, one or both parties can get complacent. If the relationship is taken for granted, it can get stale, stagnant and even die.
The same is true for business relationships. Let’s say you target a major new account. There is attraction, a good fit and you court the prospect for awhile. With the help of your Sandler coach you close the deal (aka, you put a ring on it) then you service the account. And then what can happen? We let up on the courting and take the relationship a little for granted. Frankly, we are off courting the next prospect.
KEY TAKEAWAY: The big wedding day or closing day is not the end. When you say those vows or sign that contract it is not the end, it is only the beginning.
FACT: It costs 10-20% more to attain a new account than to retain.
FACT: 20% of your clients drive 80% of your revenue.
FACT: Almost 70% of accounts leave us because they did not need us.
If the thought of a break-up makes you anxious, then you will want to understand what resources need to be invested to retain those accounts.
3 Strategies to Drive Account Retention
Always Be Courting – your best client is your competition’s best prospect. The best way to always be courting is to think about it as a verb and not a noun. And be worthy of the buyer’s trust.
2 Critical Factors for the Courting Experience
- Make communication Effortless
- Be Worthy of their Trust
Stay Ahead Of The Breakup - Know and avoid their deal breakers. Know and nurture the stakeholders.
2 Critical Factors To Stay Ahead of the Breakup
- Identify the non-negotiables.
- Know and nurture the cast of characteristics
Be Attractive – Have the ability to land the account and then be able to sell other offerings. We don’t want the customer to go outside of the relationship to get what they need.
2 Critical Factors To Being Attractive
- Be Relevant
- Be Needed
KEY TAKEAWAY- Be tied to their mission and their success. Be ingrained in their business.
There are 13 other Critical Factors to Drive Account Retention and Sandler has a tool that you can use internally with your sales or account team. Reach out to us at PEAK@sandler.com to find out how to get the tool.
Consider these two quotes –
“It’s not what you get its what you do.” – David Sandler
“A little less conversation, a little more action.” – Elvis Presley
They are both really saying the same thing, but Elvis says it with more swag.