Continuing the Client Value Maximization series, the third component of boosting company’s ability to maximize the lifetime value coming from each client, is to spot growth opportunities. Companies no longer compete on their ability to deliver top-notch quality. Quality is no longer a USP. It’s expected by your clients. To really grow a client account, it is about building an emotional connection with your clients and carefully identifying any potential to expand the engagement with them.
“Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them.“ (Edwards Deming)
What are the 7 steps to maximize the value for your clients & for your business?
STEP #1: KEEP UP-TO-DATE
Keep your clients in the loop about the progress on the current project / product features / service enhancement, the new products / services that might be relevant and of value to them or about any awards you won, your achievements with other clients and developments on your end (which are still of value to them).
You can:
- Include them on (VIP) Newsletter
- Invite them to (VIP) Events
- Inform them in your regular touch-base if online or in person
STEP #2: GATHER FEEDBACK
In order to keep them happy and satisfied, it’s important to collect “the good, the bad and the ugly”. What do they truly love? What they don’t? What are they missing?
Consider:
- Run regular surveys such as e.g. an annual happiness & satisfaction survey
- Have 1-on-1 conversations / “feedback interviews”
- Check your social media and social media in general to learn what people are saying about you, your product / service and your business
STEP #3: GROW STAKEHOLDER MAP
Run stakeholder mapping to expand your network within the client company or within the personal network of your client, preventing from lost business in case of your point-of-contact leaves the business or as your client is reassigned a new project or loses interest.
Explore:
- B2B: Continuously develop the business network, bringing more people on-board for the project / service, understanding who is the sponsor, influencer, ambassador etc.
- B2C: Explore who are they spending time with, looking for opportunities for “bundling”, combining your product/service to match their family/partner/friends/colleagues
STEP #4 ENGAGE THEM
Engage and involve your clients in your product/service development or in the customer experience design, showing them you value their opinion and that you are listening.
- Ask & Listen: Run focus groups, interviews, observe their behavior and body language.
- Personalization: Let them customize their product, tailoring it to meet their specific desire.
- Co-design: Leverage the client crowd to drive innovation and new product/service design
- Modular / “Menu” offering: Offer them a variety of options to choose from rather than a one-size-fits-all solution and tailor the end-solution to their desire.
STEP #5: ENHANCE THEIR EXPERIENCE
Enhance their full client experience and support provided to them, assuring their struggles such as technical issues or questions are attended to….fast.
- Have a designated Client Relations and Support Department / Team
- Explore customer support automation – use of bots or FAQs online
- Give them options – to contact you via email, online form submission, social media, or phone
- For B2B assign a designated client Engagement Manager
- Map out and innovate the Before – During – After journey spotting improvements
- Set up a Loyalty program, making ideal clients your VIP clients, rewarding them often
- Experiment, (split) test and validate your client experience, engaging in valuable tweaks
STEP #6: EDUCATE & UPSELL
Make sure they are aware of all products and services you have in store. Make them aware of all the value you can bring them and about all the great progress, awards, partnerships you have accomplished lately. Make sure they don’t have you “boxed” for a specific past products / service, but that they are aware of the diverse offering, success client cases and testimonials.
- Send them an e-brochure with the full visualized product / service offering
- Include them on your regular newsletter
- Publish and share success case studies / testimonials
- Share information of value in your F2F meetings
- Communicate information in a video, image, blog or article format on your website
- Issue a Press Release
Map if they are interested in: more of same, complementary extension of current offer or a fully new offering aiming to increase the sales per order (AMOUNT) and identify longer-term continuous engagement packages (TIME) rather than a one-off transaction deals.
STEP #7: INVESTIGATE GROWTH OPPORTUNITIES
Finally, investigate growth opportunities, looking at possible wider expansion. As if you have helped them big time, wouldn’t it be a win-win-win, to also help their closest in business or private?
- B2B: Are there other team/department/region/biz unit/office which might benefit from your product/service? Are they willing to share the contact and provide you with a strong testimonial and reference?
- B2C: Would your product/service be of value to their family/friend/colleague? Are they happy to pass on your business card, refer them to you or simply make a Facebook post about what an amazing product/service/experience they had with you?
YOUR TURN!
Maximize the value delivered to your clients and also brought in your business in terms of profits earned. Implement a Client Value Maximization strategy that works by following the 7 steps helping you spot growth opportunities today!
