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The Value of Keeping Your Customers

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High performing companies have long realized that behind a customer acquisition strategy must be a customer retention strategy. Given that is takes far more time, costs far more money, and requires far more effort to get a new customer than to keep one, having a customer retention strategy makes good business sense. Yet many companies focus only on having a rigorous sales process for new business and then expect the renewals to take care of themselves.

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The Value of Keeping Your Customers

  1. 1. COMPLIMENTARY WEBINAR This document contains proprietary information of ValueSelling Associates. Its receipt or possession does not convey any rights to reproduce or disclose its contents or to manufacture, use, or sell anything it may describe. Reproduction, disclosure, or use without specific written authorization of ValueSelling Associates is strictly forbidden. September 14, 2017 | Julie Thomas The Value of Keeping Your Customers
  2. 2. At the end of today’s webinar Go to valueselling.com > resources > webinars to download today’s slides © 2017 ValueSelling Associates, Inc. All rights reserved.
  3. 3. Follow us! ValueSelling-AssociatesValueSellingAssoc ValueSelling Associates @Valuselling © 2017 ValueSelling Associates, Inc. All rights reserved.
  4. 4. © 2017 ValueSelling Associates, Inc. All rights reserved.
  5. 5. The current situation Current customers are an asset Quota’s increasingly include retention Customer replacement is expensive Realization differs from expectation © 2017 ValueSelling Associates, Inc. All rights reserved.
  6. 6. What is your role today? © 2017 ValueSelling Associates, Inc. All rights reserved. POLL I am only responsible for renewals I am responsible for renewals and upsell in existing accounts I am responsible for both renewing existing clients/customers and finding new ones I manage a team who is responsible for renewals Other
  7. 7. © 2017 ValueSelling Associates, Inc. All rights reserved. Hunting and farming It’s a balancing act… Where do you place the most rigor in process? Finding and minding Customer acquisition vs. customer retention
  8. 8. Why don’t clients renew? © 2017 ValueSelling Associates, Inc. All rights reserved. POLL Did not get what they expected. Their needs have changed. New people involved Bad customer experience Something uncontrollable - client went out of business
  9. 9. Agenda Strategy to increase the likelihood of creating long-term customers Create proactive customer retention strategies Create opportunities for additional business Reason to stay vs. Reason to change © 2017 ValueSelling Associates, Inc. All rights reserved.
  10. 10. Statistics 42%of customers are unsure about renewal © 2017 ValueSelling Associates, Inc. All rights reserved. SiriusDecisions, 2016 45%didn’t get the value promised 50%of customers say they’ll buy more
  11. 11. It is more than the lost revenue/contract © 2017 ValueSelling Associates, Inc. All rights reserved. A new client is 5X more expensive to secure than renewing an existing client 66% of companies self-report that they leave because they haven’t been listened to. Amplification Effect RECENT STUDY REPORTED:
  12. 12. Keys for Keeping Your Customers TIMING © 2017 ValueSelling Associates, Inc. All rights reserved. People buy from people. EXPECTATIONS ALIGNMENT RENEWAL REPAIR Credible Knowledgeable Trustworthy Follow-through Accountable RELATIONSHIP
  13. 13. Keys for Keeping Your Customers TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP © 2017 ValueSelling Associates, Inc. All rights reserved. The customer retention process begins with the first contact… before they are even a customer. Expectations Solutions Delivery Value Relationship
  14. 14. Keys for Keeping Your Customers TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP © 2017 ValueSelling Associates, Inc. All rights reserved. Establish clear expectations and communicate them from the start! Stay in touch. No hit and run selling. Be aware of Buyer’s Remorse. Reinforce buying decisions early and often.
  15. 15. Keys for Keeping Your Customers TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP © 2017 ValueSelling Associates, Inc. All rights reserved. Add VALUE To the Business To Individuals Meet NEEDS Known and Unknown ANTICIPATE Things change. Always.
  16. 16. Keys for Keeping Your Customers TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP © 2017 ValueSelling Associates, Inc. All rights reserved. Make sure you’ve sold the right products and services to begin with! Often, dissatisfaction arises due to missed expectations. Ensure you’re not fitting a square peg into a round hole.
  17. 17. Keys for Keeping Your Customers TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP © 2017 ValueSelling Associates, Inc. All rights reserved. The Product is in the Mind of the Buyer. The right solution to the wrong problem will not solve anything. If you have rushed the sales process or made assumptions, you could have issues. Is the customer always right?
  18. 18. Keys for Keeping Your Customers TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP © 2017 ValueSelling Associates, Inc. All rights reserved. Is there a reason to stay or change? What is the new or current motivating factor? Have you re-qualified the opportunity with the rigor you would use with a new opportunity?
  19. 19. Keys for Keeping Your Customers TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP © 2017 ValueSelling Associates, Inc. All rights reserved. People make emotional decisions for logical reasons It’s all about VALUE: Business Value (ROI, Cost Justification) Personal Value (WIIFM)
  20. 20. Keys for Keeping Your Customers TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP © 2017 ValueSelling Associates, Inc. All rights reserved. If something is broken, fix it! Be willing to face the truth It is never too late…it just seems like it is Small steps can and do make a difference Don’t go it alone. Use your resources.
  21. 21. Keys for Keeping Your Customers TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP © 2017 ValueSelling Associates, Inc. All rights reserved. Strategies for repairing relationships Preventive Communicate in writing Never make any assumptions Be honest and upfront Be accountable Restorative Back-up and start over Leverage the positive Take responsibility Be proactive Develop a mutual plan
  22. 22. TIMING EXPECTATIONS ALIGNMENT RENEWAL REPAIRRELATIONSHIP Call to Action! © 2017 ValueSelling Associates, Inc. All rights reserved. Look at your existing customers and upcoming renewals: Step 1: Assess the health of the situation Step 2: Determine what you need to do differently Step 3: Create a strategy to contact the prospect and revisit the area out of focus Treat renewal opportunities with the same rigor as existing business… qualify and requalify! Execute
  23. 23. Questions? © 2017 ValueSelling Associates, Inc. All rights reserved.
  24. 24. At the end of today’s webinar Go to valueselling.com > resources > webinars to download today’s slides © 2017 ValueSelling Associates, Inc. All rights reserved.
  25. 25. Based on the globally-proven ValueSelling Framework® Gain access to and prepare for meeting with executive decision makers. Build a funnel with a consistent process through multiple channels and numerous touch points. © 2017 ValueSelling Associates, Inc. All rights reserved.
  26. 26. Follow us! ValueSelling-AssociatesValueSellingAssoc ValueSelling Associates @Valuselling © 2017 ValueSelling Associates, Inc. All rights reserved.
  27. 27. Making It Happen: A Simple Framework to Drive Sales Results October 19 | 10:00AM Pacific Save the date! © 2017 ValueSelling Associates, Inc. All rights reserved.
  28. 28. Thank you! Julie Thomas | President and CEO julie@valueselling.com +1 858 759 7954 www.linkedin.com/in/julieathomas © 2017 ValueSelling Associates, Inc. All rights reserved.

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