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Strategic Sales Training Solutions, LLC | Shillington, Pennsylvania

Customer Relationships

Are “Relationships” really relevant to the sales profession?

 

One of best pieces of advice I ever received about holding on to important clients and customers was this: During times of uncertainty, approach your business contacts from a different perspective than during so-called “normal” times.

 

The global pandemic has highlighted the need for sales teams to focus appropriate amounts of selling time, effort, and energy on client retention.

 

Everyone loves a good quiz and the Sandler Research Center has a tricky question for any business leader responsible for customer success or net revenue retention.

 

Mike Montague interviews Ray Setter on How to Succeed at Customer Service.

 

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.

 

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.