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Private Companies Will Face Increased Competition for Sales in 2013 - Newport Board Group Releases Seven Strategies Designed to Improve Customer Retention
Date:4/3/2013

nsues: consultants are brought in; people are replaced; costs are cut. This may lead to further distraction from the root of the problem: lack of clear understanding of customer needs and what to do to satisfy them. Hierarchies and dispersed rights to make decisions affecting customers creep in as companies grow and often, this only complicates the problem.

Adopting a market driven strategy

Companies that have successfully re-focused on their customers and adopt a market-driven customer strategy generally follow two rules:

1.    All groups within the company, management, R & D, finance, marketing, service and production rededicate themselves to a focus on customers. They resolve to remove the bureaucratic walls that have grown up between the company and its customers.
2.    The company creates an account management or customer relationship structure to serve as the central point of contact to understand the customer’s needs and coordinate delivery of value.

Re-engaging with your customer

Companies that successfully re-engage with their customers:

1.    Get to know the significant players at as high a level as possible within the customer company, on a personal basis.
2.    Do a deep dive on the history and current state of the account: revenue by type of product/service; key players; milestones and events in the relationship.
3.    Are not afraid to hear the truth. For example, if the customer has started to regard your company as “order takers” who can’t help them as their needs change, you need to turn this perception around—fast.
4.    Keep their eyes and ears open for new opportunities to serve the customer, even if this challenges accustomed ways of doing business.
5.    Share knowledge of what the customer wants--widely and urgently
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Source: PRWeb
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