March
2004
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IN THIS ISSUE
Welcome
Article: Building and Maintaining Client Relationships
With the Key Client Action Plan
News
and Announcements
Contact Information
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WELCOME
Did
you know that it is 5 times more expensive
to acquire a new client than to keep an existing
one?
Did
you know that between 60 and 96% of clients
will not complain if dissatisfied but will tell
7 to 20 others?
Did
you know that most American businesses
experience a customer turnover rate of 15-20%
annually?
These
statistics clearly show the value of
building and maintaining relationships with
our existing clients. This month’s article will
help show you how by using the Key Client
Action Plan.
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BUILDING
AND MAINTAINING CLIENT
RELATIONSHIPS USING THE KEY CLIENT
ACTION PLAN
Creating
an action plan for your top clients can
be very informative, lead to additional business,
and, most importantly, help solidify the
relationship so the client doesn’t stray to your
competition.
Begin
the Plan by identifying other professionals
used by the client – accountant, banker, attorneys,
consultants, etc. Clients benefit when their
service professionals collaborate on their behalf
and an added bonus is the great networking and
potential cross-referral possibilities.
Next,
review the statistics. How much revenue
have you received from this client over the
last three years? Has it increased, decreased
or stayed the same, and can you identify reasons
for any movement? Other important items to
consider include whether there are any anticipated
changes in the client company that should be
noted, and whether there are any significant
factors affecting the client’s industry that
merit consideration.
Now,
spend some time considering whether
there are additional opportunities with this
client. For instance, could there be additional
work of the same type you are currently
handling? Also, could there be work in a new
area or for other offices or subsidiaries of the
client? Jot down your thoughts.
Here’s
the fun part. Create a list of activities
that you can do that will build the relation-
ship and help you to become more valuable
to the client. Remember to include those
activities that connect to the client in a
personal manner. For instance, if the client
has a penchant for baseball, invite him to be
your guest at a game or two. If she enjoys
art, invite her to an event at the local art
museum.
Here
are additional activities you may wish
to consider:
1.
Breakfasts/Luncheons/Dinners
2.
Entertainment, including theatre, golf,
ballgames, opera, etc.
3.
Visit the client’s business to learn more
about their operation
4.
Conduct an in-person client satisfaction
survey
5.
Organize and present a training program or
seminar for the client’s managers at their offices
6.
Attend an industry organization meeting
or trade show with the client
7.
Send articles of business or personal interest
to the client
8.
Introduce your client to others in your company
9.
Introduce your client to contacts outside your
firm who may be of benefit to the client
When
you have completed this exercise for
each of your top clients, you will have a great
plan for building and maintaining a wonderful
relationship. This, in addition to providing
excellent work product and service, is crucial
to keeping your clients in today’s very
competitive business environment.
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NEWS AND ANNOUNCEMENTS
Upcoming
Workshop on Making Rain!
For those who reside in and near the San Diego
area, you may be interested in attending my
one-day course on business development for
professionals. This course, entitled, “Making
Rain Out of Mist,” will be held on April 17
from 8:30 a.m. – 5:30 p.m. in the Sorrento
Valley area. Cost is $179 and includes lunch.
This
is a high energy, information packed day
that also provides a great networking opportunity!
If you are a CEO, lawyer, doctor, banker,
engineer, business owner, entrepreneur, scientist,
accountant, architect, real estate broker or other
professional, come learn how to:
