By Jake C. Dore – Director of Client Relations and Development
Securing that new client. Making a connection. Receiving the signed business agreement. Professional relationships can be one of the most important and exciting accomplishments for a business, regardless of age or size. Working to source new relationships is typically given the lion’s share of time and attention regarding clients. Unfortunately, this means established relationships and existing clients are given a fraction of the time and effort, if any at all. Come holiday season perhaps the obligatory gift basket is delivered. At the very least, a card stamped by the CEO is sent in thanks for all they have done to help contribute to success over the past year. What about the other 364 days of the year? Pause the focus on new clients for a just a moment…
Thinking about current clients, try to see them in the perspective of an extension of a business. What kind of asset are they? Are they a struggling asset, a growing asset, or a stabilized asset. Taking this approach will help to determine your next course of action.
Nearly all organizations have business relationships considered to be a “struggling” or non-producing asset. Too often they are written off, as there are other clients that can support the business. These clients are given little attention and left to just fade away. Just prior to the client fading away, the company may find themselves at the proverbial fork in the road. A change in perspective and approach could result in both an improved client relationship as well as professional reputation. Modifying an approach could be comprised of devoting individualized time and assigning one specific point of contact for the client. This individual would work to determine needs, areas of opportunity, and possibly even a service commitment. Service commitments are impactful if deliverables were lacking in time, quality, or expectations. Scheduling follow-up calls and reestablishing a cadence of communication will show intent as well as quietly require commitment on the side of the client.
For newer clients (growing assets), structured communication that tapers over time will help establish a solid foundation. It is key to remember that tapered communication does not mean it ceases over time. Regular communication from the onset will be dually beneficial. It demonstrates value in their business and a desired success for both parties. The other byproduct is establishing methods of communication and points of contact for when there is a need. Ensuring clients know who to contact for various issues is a value add so many companies overlook. Being unsure of a contact or repeatedly reaching incorrect individuals can result in frustration. The inability to communicate efficiently can hinder growth in a business relationship from inception.
Last are the top clients or stabilized assets. Ironically, these are the clients that are spoken to the most, but true and valuable communication is limited. These clients are gold, but not simply for the business they provide. They are gold because they are accessible in a way other clients might not be. Leverage this accessibility to the fullest. Diversify your outreach and communication to include stakeholders within the client’s organization if possible. Outreach beyond the scope of typical contacts can help to establish a more deeply rooted relationship resulting in an even more valuable asset. Additionally, insight into short- and long-term goals might allow for new opportunities that could benefit both.
One recurring word mentioned above is communication. Investing in a new approach can render some priceless feedback. A new approach can be asking direct questions that require an answer vs. vague and open-ended questions. Reaching out to a client with the following dialogue: “I am calling to say thank you and to see how everything is going or if there is anything you need?” will usually garner a response along the lines of “Everything is good – nothing that I can think of”. While this might be true on the surface, valuable insight might be left unspoken. A direct question such as “Has our turn time been meeting your needs?” or “Are there any concerns regarding the quality of our work since we last met?” will require specific answers. Asking direct questions will allow for more open communication and demonstrate that the client’s needs and concerns are valued. This is also an opportunity for internal company growth and improvement.
Identification of the client type, individualized communication, and giving all clients value will prove to be a change in daily practice for some. Implementing small changes can produce immeasurable results regardless of industry, client type, or size of business. Client retention is a priority – making them feel like a priority is crucial for ongoing success and continued growth.