In the competitive landscape of enterprise business, retaining valuable contracts is essential for long-term success. Enterprises must continuously find ways to ensure that their clients remain satisfied, engaged, and confident in the value they provide.
Quarterly Business Reviews (QBRs) are the perfect opportunity to showcase your value, understand your clients’ needs and concerns, and act swiftly on feedback, but too often this process is inconsistent, deprioritised, or ignored, damaging retention prospects.
Research shows that 82% of buyers have cancelled contracts as they didn't see enough evidence of their suppliers' value and innovation in their QBRs. Conversely, 99% of buyers report they're more likely to renew with a supplier that consistently communicates and shows evidence of value delivered.
Clientshare Pulse offers a range of features for creating and delivering best-in-class Business Reviews that significantly impact contract retention.
In this blog, we'll explore five compelling reasons why Pulse helps increase contract retention for enterprises.
1. Reduces the risk of churn with a chance to action feedback immediately
Churn is the ultimate nightmare for enterprises, as it not only means the loss of revenue but also damage to their reputation and a boost to their rivals. Pulse offers a proactive approach to churn prevention by enabling enterprises to action feedback immediately.
When clients express dissatisfaction or raise concerns through NPS or CSAT surveys, Clientshare Pulse facilitates the swift allocation of resources to address these issues. Whether it's resolving a service problem, offering additional training, or adjusting deliverables, taking prompt action demonstrates a commitment to client success.
However, you can’t always be ahead of the problem.
Clientshare Pulse equips you with real-time alerts and notifications, enabling you to act on feedback swiftly. You can set up alerts to be instantly informed if a client scores below a certain threshold or requests a call to discuss an issue.
2. Combines QBRs with regular NPS & CSAT surveys for high frequency of feedback
Feedback is the lifeblood of any client relationship. Regularly gathering feedback allows enterprises to understand client sentiment, identify areas for improvement, and easily address issues.
NPS is fairly standard across the board, however, it is often only sent exclusively to clients that account managers are pre-empting positive scores from. This doesn’t give you an honest reflection of account health and gives a far too generic average of your team’s performance.
By combining NPS and CSAT surveys with Quarterly Business Reviews (QBRs), you create a context in which clients feel heard and valued. They're more likely to provide honest feedback, as they see that you're actively listening and acting on their input. Pulse goes beyond traditional scoring by seamlessly integrating NPS and CSAT surveys into the platform.
As a result, you obtain a higher frequency of feedback from your clients. This real-time feedback loop enables quick course correction and demonstrates a commitment to client success, increasing the likelihood of contract renewal and setting you apart from your competitors.
3. Gives complete visibility of account health across the business
Enterprises often manage numerous client accounts, each with its own unique challenges and opportunities. Clientshare Pulse offers a comprehensive dashboard that provides a 360-degree view of all client accounts in one place.
With this complete visibility, account managers and leadership can track client engagement, monitor progress towards goals, and identify potential risks early. By demonstrating a deep understanding of client needs and challenges, enterprises can strengthen their client relationships and, in turn, boost contract retention.
With intuitive dashboards and reporting, you gain insight into which accounts are thriving and which ones need attention. This visibility empowers you to make data-driven decisions, identify trends, and strategically align and prioritise your services with your clients' needs.
4. Creating consistent and high-quality QBRs across all accounts
Consistency is key. Without a standardised approach to Quarterly Business Reviews, different account managers may have various ways of presenting information, leading to confusion and potential dissatisfaction among clients. This can quietly turn into frustration and ultimately result in an avoidable contract churn.
Clientshare Pulse ensures that your reviews are consistent and high quality. Enterprises can streamline processes, ensuring that each client receives a first-class experience. Templates, best practices, and data-driven insights enable teams to create impactful Quarterly Business Reviews (QBRs) tailored to each client's specific needs.
5. Prove consistent added value for your clients to increase retention
Client retention is not just about preventing churn; it's also about proving consistent added value. Fulfilling contractual obligations is the bare minimum when a competitor can simply offer the same service for less, leaving you vulnerable to negotiating on margin.
Clients want to see tangible results and a clear ROI. Clientshare Pulse empowers enterprises to have better business conversations with their clients, demonstrating how their solutions continue to drive positive results. This consistent proof of added value, supported by Pulse's data, strengthens the client's confidence in the partnership, making them more inclined to renew their contracts.
Maintaining open lines of communication with senior leaders within your client's organisation is essential. Pulse facilitates this by allowing stakeholders to request one-on-one calls with senior leaders from your side. This direct communication channel ensures that any concerns or strategic discussions can be addressed without unnecessary barriers.
Final thoughts
In conclusion, Clientshare Pulse is a powerful tool for enterprises seeking to boost contract retention. Its features and capabilities streamline the process of conducting business reviews, collecting feedback, gaining visibility, acting promptly, and facilitating direct communication. By leveraging these capabilities, enterprises can enhance their client relationships, reduce churn, and ultimately achieve long-term success. Clientshare Pulse is not just a tool; it's a strategic asset for retaining and growing your client base.
“Clientshare is now Guidant’s global platform for client engagement and has been instrumental in 95% contract retention and growing Guidant’s credibility within client accounts. Clientshare is now our global platform for client engagement and key contract retention.”
- Simon Blockley, CEO of Guidant Global
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