Customer Relationships

The value of client retention is significant, especially when compared to the cost of customer acquisition.

Brian Sullivan Interviews Jonathon Farrington on The Critical Elements of Proactive Client Retention.

In order to combat this frustration and fear of product obsolescence, producers offer you over-the-air updates that upgrade your product’s software to perform new tasks and make your user experience, in general, more satisfying.

You’ve closed the deal – but your job isn’t done quite yet. Managing client expectations can help you make the most of your new relationship and ensure you are striking the right balance.

It’s that time of year. The holidays loom, there is a chill in the air, and countless articles appear providing guidance to sales representatives about how to close the year strong. The five, ten or twenty best strategies are outlined in checklists to insure end-of-year success. “Contact every client” is an action often recommended, as is “Revisit prospects who have chosen another vendor.”

We’ve all heard the sobering statistics that winning a new major account costs far more than keeping one – depending on the study you read, perhaps twenty times as much. And we’ve all heard how even a small increase in a firm’s overall major client retention rate has an exponentially positive effect on revenues and profits. We also know, of course, that, on the flip side, decreases in retention rates produce similarly negative impacts, often devastating and long-lasting.

We all know the statistics. Most selling organizations derive 80% of their revenues from 20% of their clients. Winning a new major account costs up to 20 times more than keeping a current one. And even a small percentage increase in a firm’s major client retention rate can have an exponentially positive effect on revenues – while similar decreases can produce negative financial impacts, often devastating and long-lasting.

Customer relationships are the lifeblood of any seller’s career. The ability to attract clients, build rapport and start sales conversations ultimately determines the level of success that a salesperson will enjoy.

Here are five simple ways we can improve the quality of our communication with the people who are currently buying from us and expand and deepen those relationships over time.

Read Time: 8 Minutes

Let’s state the obvious here: Your customer is your business and customer satisfaction is crucial to the success of your business.So how are you measuring customer satisfaction? If you’re like most businesses, you’re using customer feedback surveys. (And if you’re not, you should get on board.)

Read Time: 6 Minutes