Increasing Client Retention
"A 5% increase in client retention can increase a company’s profitability by 25-95%."
This may sound liked a bold statement, but let’s breakdown why committing to Net Promoter Surveys drive the client retention process.
- Having completed the survey, you now have a first-hand understanding of the current state of the client relationship. This data creates the opportunity for you to take action across the entire relationship.
- Load your scores into whatever tool you are using to manage your accounts. Once loaded, link the actions you need to take to your planning process, including follow-up tasks.
- Keep customers involved in your activities and use every channel available to speak with them. Let them see that you have listened and that you plan to replicate success in the relationship, as well as remediate specific challenges.
- Demonstrate that you can be a partner, not a vendor and as a partner you will add value to the relationship.
- In those accounts where you have scored favorably, build or refine your referral program. This is you fastest path to advancing your relationship, cross-selling opportunities and overall growth.
The probability of selling to an existing customer is 60-70%. The probability of selling to a new prospect is 5-20%.
Remember, client retention reflects your ability to deliver on the promise you made during the sales process AND your ability to evolve and adapt to the changing needs of your client.
Continue improving and advancing your client relationships by signing up to survey your clients again in 2016. To learn more, visit www.aremyclientsloyal.com.
Butler Street, a leading management consulting, training and research firm focused on client and talent development, has formed an alliance with Printing Impressions, America's most influential and widely read resource for the printing industry, to provide the de facto industry standard for measuring customer loyalty through its Best of Print & Digital Customer Survey.
If you are interested in understanding how Net Promoter Score and the Best of Print and Digital can help you grow your business, go to www.bestofprintanddigital.com
To take part in the 2017 Best of Print and Digital go to www.bestofprintanddigital.com.
Click here to watch the Printing Impressions interview with Mike Jacoutot, founder of Butler Street, and Mark Subers, president of Printing, Packaging and Publishing at NAPCO Media, as they discuss the new partnership program.
Frank Costantino is a Managing Partner at Butler Street, a leading management consulting, training and research firm that focuses on client and talent development. Prior to joining Butler Street, Costantino accumulated over three decades of successful sales and executive leadership experience. His passion for sales discipline and process has driven practical solutions for sales organization development, revenue and operating profit growth.
Costantino has been recognized with numerous sales and sales leadership awards. He has also received top honors from his peers and direct reporting teams in VOA rankings, and has also served on the Advisory Board of Target Account Selling. He holds a B. S. in Business Management from NYIT.