How much time do you dedicate to your existing customers? Do you think they are satisfied because there is no complaint? In business environments, no news is not good news. They could be preparing to leave you, more than 90% of unhappy customers who don’t complain simply leave.
It is always exciting to approach new potential deals but it also puts in danger to your existing key accounts if you ignore them instead. Recently, I have heard some stories that companies are losing high growth potential key accounts because most of their previous resources were put to new leads.
There are many competitions in the market and the internet also facilitates the search for new solutions. While you are trying to grab your competitors’ current projects, they are also trying the same way to yours. So, should we panic now? The answer is No if you start to manage seriously with your key accounts.
Happy customers bring business continuity
The probability of selling to a new prospect is only 5-20%, but 60-70% to sell to an existing customer, according to Marketing Metrics.
Let’s take some time to review every account’s revenue contribution. Instead of considering it only for this year, estimate their revenue forecast over a 3-5 year period considering all possible upsell, cross-sell and any other opportunities. You will be very surprised by how you underestimate their long-term revenue impact to your business. And its individual business potential can be used for prioritizing your time further.
Additionally, there are more benefits for your short-term business results:
– Happy customers pay more
According to a PWC research, 85% of buyers would like to pay more for better customer experience. While there is still a huge room to improve, would you give it a try?
– Happy customers cost less
In general, retaining an existing customer is up to 25 times less expensive than getting a new customer. You don’t have to go through the whole sales funnel for prospecting, proposing, closing and implementing. Therefore, the overall operating cost is much less.
Because they pay more and cost less, you can even increase the bottom line 25% by having 5% more customer retention from a research by Frederick Reichheld.
– Free advertising
Have you ever got new leads through happy customers? If yes, what did you do right? If no, what can you improve? A customer would always remember its experience whatever it was good or bad. They spread the good news and serve as advertisers by word of mouth. Besides, 84% of B2B buyers usually start the purchasing process with a referral. Do you need referrals to get new customers? Start to satisfy your existing customers!
Are you ready to make your B2B clients happier?
1. Get them closer
Every customer is unique and they even want different things from time to time. Therefore, don’t forget to ask their feedback, user experience, ideas, plans, organization objective, personal goal while building rapport…… They would appreciate if you could understand what they really need and make an effort to tailor the activities for them.
There are more ways to get closer beyond Face to Face meetings. Companies can leverage bilateral digital communications such as social media channels to get more customer feedback and publish new product updates efficiently.
“Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves.”
Steve Jobs
2. Give more value
Treat your current key accounts like your first love! Give them your cutting-edge solution and service like you are offering to a new customer. We all love receiving stuff beyond our expectation and promise.
Surprise them by providing you brand new updates, state-of-the-art technology, and superior services. And stimulate the purchase by providing efficiencies. It will bring them back to purchase more again, again and again.
“I believe customer service doesn’t cost – it pays. Just like advertising earns money by bringing people in, customer service pays by bringing people back.”
Shep Hyken
3. Replicate the success
If you have ever made one customer happy, list down all you have done right. Make it a success practice inside your team as well. If that customer opinion is a new solution, maximize the efficiency and integrate it into your product roadmap. If that is a new business model, make it available for other customers as well. Multiply this successful outcome by 10, 100 and 1000 times to your client portfolio. You can then expect an unbelievable return to you very soon.
“When you fail at something, the best thing to do is think back to your successes, and try to replicate whatever you did to make them happen.”
Rosabeth Moss Kanter
Satisfied customers guarantee your long-term and short-term business objectives. Never wait till the last minute to make them happier.
Try these effective pieces of advice above and tell me which useful practice you use in your business! Please write your comments below to help everyone! Don´t forget to follow the blog http://www.leadstosuccess.me if you want to check my coming posts!
P.S. Before you go, you may be interested in the following articles as well:
How to Sell More in Tough Times: 2 Tips B2B Salespeople can Do to Win more Customers
Less Than 1% of Your Leads Will Go to Deals? Improve It Now
POST WRITTEN BY
Sarah Lin
A strategic business development professional with +15 years proven business track record in Telecommunication and IT. She is experienced in managing key accounts and developing international business opportunities by building effective project teams. With a natural love of new ventures, this results in her ability to take risks and opportunities each time. Then her unique insights from cultural integration will definitely boom your business to the next level in this new era of globalization.
Life is a journey, only you can decide how to embrace it!
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