So much time and money is spent identifying new prospects and closing deals that the current client base often gets ignored. Keeping your clients happy is foundational to the success of any business and the least cost option of sustaining revenue.
When it comes to looking after our clients, quite often there is a gap - a huge gap - between theory and practice. In discussing client relations, we are not just discussing the work of a Customer Service Department. We need to look at the company-wide approach to clients - that's all of us, not one of us or a few of us.
How strong is your organization’s retention and development of existing clients?
When a client account stops doing business with you, do you know the primary reason?
Commitment To Client Retention Survey Results
Sandler Training in conjunction with the Sandler Research Center recently surveyed over 900 participants on their commitment to client retention. Seventy percent of the respondents said that their company is “Committed” or “Very Committed” to the retention of existing accounts. Yet, 38% spend less than 40% of their time dedicated to that retention. Furthermore, only 40% stated that their client-facing personnel are “Effectively” or “Very Effectively” trained in interpersonal skills.
Having pockets of solid client service creates a fragmented experience for your client. If Sales does an excellent job of supporting the client but Customer Service lacks the processes and staff to provide a professional front, your client will become frustrated. Conversely if Customer Service isn’t aware of what Sales is doing with existing clients they may not know what the client has been told or promised which results in misunderstandings. Maintaining the perception that we care about our clients is paramount to a long-term relationship. Much like how you would nurture a successful marriage.
So how do you identify the gaps within your business that need to be addressed to ensure an effective customer service process that covers your entire company? We can help. Contact our office to discuss how Sandler PEAK can provide you with a total process for retaining your valuable clients.
How many people in your organization should be totally focused on Customer Experience Management (CEM)?
That’s an easy question to answer: Total number of employees = number of employees working to improve CEM.
Follow #accountretentionisaverb on LinkedIn for more insights.
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Between 68% and 80% of your orders will come from existing customers this year – unless, of course, you are selling commodities. If you fail to look after them, nurture them, respect them and constantly work to earn the right to their business, they will respond accordingly.
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