Most of you wouldn't turn away from gold, however, that is what many of you do regularly with your customers.
Many people spend many hours and dollars on new business when a gold mine exists within their existing customer accounts.
Most of your clients will gladly purchase from you again if you spend the time with them to discover their issues and problems.
As you create your goals for 2008, spend some time planning how you will retain your current clients and grow the revenue from each account. For 2008, I encourage you to develop a plan for finding new business and a plan for client retention.
Your client retention plan should be a thorough document answering who your key clients are and outlining as much about the account as you can define. Here are a few key questions you can answer in creating your plan:
- Who are my Top 10? Look at your client base also to see if the 80/20 rule applies. Then focus on your top performers.
- What can you offer your Top 10 in 2008 you are not offering them now?
- What can you offer the remaining clients?
- What will you need to do or learn to stay ahead of your clients in 2008?
- Is there a risk that they will outgrow your capacity to deliver?
- If so, do you want to expand your services to accommodate their growing needs?
- Are there key executives and contacts in your Top 10 that you need to know?
You will uncover assets you did not realize you had just by taking time to meet with and understand your clients.
From this, you can create a plan that will have your current clients asking you for more of your services in 2008, which along with new business development, will help your business grow.
