Nov 28 2007
The Value Of The Formal Account Review
As we approach year end, this is an excellent time to take stock of your performance over the past eleven months and begin the planning procedures for 2008.
When you begin constructing your business development strategy for next year you will, in all probability, include a contribution from existing clients/customers but how can you accurately forecast this?
One very subtle way is to conduct formal account reviews, where you ask your clients for feedback on your performance year to date.
I am always surprised how few companies do this because it is an initiative that customers welcome, why? Because it makes them feel important and cared about.
So, Why Review?
Obtaining continual feedback against a set of established criteria is vital if an organisation is to retain its existing top clients and seek to improve its standing and the quality of its service levels to them.
There are at least seven benefits of regular feedback.
• Feedback reveals your customer’s current and future plans.
• Seeing your business from your customer’s point of view allows you to answer the question “would you do business with you?” - if not why not?
• Feedback allows you to tailor your service levels so that you enjoy maximum customer satisfaction at a minimum cost.
• If you don’t ask you’ll never know how you are doing until it’s too late! Feedback is magnified by the ‘ice berg factor’ making it more critical than it originally appears.
• Feedback can reveal what your competition are doing helping you to be a consistently strong contender.
• Gaining a reputation for wanting to hear feedback can actually make money for you.
How Often?
This will depend entirely on the importance of the account and revenue levels being achieved - or anticipated.
Assessing The Feedback You Receive:
If the feedback you have been receiving to-date has not been useful, ask yourself the following questions:
• Do I ask enough questions?
• Do I ask the right questions?
• Do I communicate effectively about why I am asking the questions?
• Do I ask the right people?
• Do I know how to use the data I collect?
• Am I organised to respond to the information?
• Do I value and trust the information I receive?
What Do You Do With The Results?
Collate & assess
Communicate findings upwards & sideways
Act on vital issues
Feed back remedial actions
Confirm satisfactory resolve
Remember,The Account Review Process:
• Is a non-threatening meeting.
• It is a fact finding session not a sales event in the short term. But
• It is highly likely, that during this meeting you will uncover additional short, medium and long term opportunities.
Today’s News:
As I continue to introduce the Top Sales Experts team, today is the turn of Kelley Robertson, President of The Robertson Training Group and author of the best seller, The Secrets of Power Selling - you can read more about Kelley here
Tomorrow: Rochelle Togo-Figa is my guest on the JF Guest Author Spot
When you have your client review meeting, be sure to ask for a referral–either to another part of your client organization, or to another company. Have your client make the introduction, and you will have a HOT prospect!