A leading financial institution has been luring your customers. Making them feel wanted. Making them feel important. Making them feel special.
Was it you?
Shouldn’t it have been?
Let’s face it. The client-customer relationship is like any other. In order for it to be successful, you have to work at it. No one — spouse, significant other, child, employee — ever wants to be taken for granted.
That being said, it’s also true that the client-customer relationship is exactly unlike any other in that it is entirely one-sided. Only one of the partners — you – has to work at it. There’s no give and take. No push and pull. The onus is entirely on you, as the relationship manager, to do 100% of the work. Whether the relationship thrives to celebrate silver and golden anniversaries, or ends up being a one-nighter, depends largely on what you do to nurture and sustain it.
So why go through the trouble?
The first reason, of course, is money. A rule of thumb is that it takes 10 times — 10 times — more money to acquire a business customer than to retain one.
And the second reason? Well, that boils down to money, too, because if you’re not retaining those business customers, you’ll eventually have to pay to replace them with other ones.
If you aren’t making the effort now to nurture, secure and deepen your business customer relationships, you can be sure a competitor is. However, unlike any other relationship, your customers won’t even let you know they are leaving. There won’t be any argument. You won’t see the packed bags. There won’t be any judgments or decrees. They will just quietly slip away.
Quick, related side story: we work with a client who was uncertain about investing in a customer-retention program. It felt risky. What would happen if we “woke the sleeping dog”? Would the response be aggressive or unwelcome – and backfire on us?
We staged and executed a pilot with those “sleeping dogs” and discovered that 90% of the customers contacted were receptive and open to our contact. Of those, a significant portion indicated that they were ready to take the next step and deepen the relationship.
Do you hear that? Is someone talking to your customers? Is it you? If not, let’s talk.