At its core, client retention revolves around a fundamental question: what value are we delivering to our clients? Client retention is not merely about retaining clients but also ensuring that they continue to perceive and experience value from your products or services on an ongoing basis.
Using the vehicle of Quarterly Business Reviews (QBRs), our platform, Clientshare Pulse, helps suppliers demonstrate ongoing value to their customers, and plays a pivotal role in the client retention process. We empower organisations to make data-driven business-critical decisions.
Regular Business Reviews are essential. They are a supplier’s opportunity to review performance, share innovation and insight, manage actions, and get feedback. They also help shape the future of the relationship between supplier and buyer. Every supplier wants to make sure they deliver excellence, and using Pulse helps unlock value for both parties and enhances the review process.
Pulse serves as a dynamic bridge between businesses and their clients, allowing them to engage in a continuous dialogue about value. The heart of client retention lies in consistently delivering value that aligns with client expectations – not just what the supplier knows they are good at – or perceives as valuable.
The beauty of Pulse lies in its ability to provide real-time insights into the client experience. It allows businesses to track client usage, satisfaction levels, and any potential pain points. Armed with this data, companies can help their teams tailor their offerings, support, and communication to address these specific needs. This proactive approach ensures that clients consistently perceive value, making them more likely to trust their suppliers and renew their contracts.
Renegotiating contracts can be a sensitive process, with clients often pushing their suppliers to find price reductions. However, Pulse enables businesses to approach renegotiations from a position of strength – i.e. the value delivered. When your client sees the tangible benefits and positive impact of your product or service on their operations, and the value you have delivered over and above what was contractually obligated, it makes them much more inclined to consider discussing the renewal at the existing price or even at an increased cost.
By using Pulse to deliver consistent, standardised Quarterly Business Reviews, suppliers can demonstrate how their teams have contributed to client goals on a consistent basis – whether those are cost savings, sustainability goals, or revenue growth for their clients. This evidence-backed approach builds a “living library” of value that can be quickly referred to during contract renewals.
Making informed decisions is critical to business success.
The data and feedback gathered directly from clients through Pulse provides a wealth of insight that can be used to shape critical business strategies:
Pulse is an early warning system that helps your team escalate and resolve situations before they devolve into renewal threatening events.
By using Pulse’s data-driven approach and analysing the direct client feedback and data, suppliers are empowered to accurately answer key questions about their clients and make informed strategic decisions. Pulse provides a wealth of opportunities for suppliers not just to protect revenue at risk but also to explore areas for growth and improvement.
Organisations that prioritise client retention and leverage tools like Pulse for data-driven decision-making will thrive.
By understanding and confirming the true value they bring to their clients and harnessing the power of Pulse data, suppliers can secure long-term success and create lasting, mutually beneficial relationships with their clients.
Helen is Clientshare’s Global Director of Enterprise. Helen has over 18 years experience as a champion of insight-driven innovation, building and leading global teams to deliver award-winning, innovative products, communications and consumer experience for Fortune 500 companies. Her passion for consistent, practical communication delivers strategic growth and results.
Clientshare Pulse is a one-of-a-kind Quarterly Business Reviews (QBRs) platform for large enterprises in the BPO, RPO, IT Services, Facilities Management and Logistics industries. Supporting the creation and delivery of excellent Quarterly Business Reviews, with in-built CSAT, NPS and Risk Analysis Dashboards you can measure crucial data on client sentiment and act on their feedback.
Take a look at our video introducing the Pulse platform below.
Are you ready to take the next steps in improving your Quarterly Business Reviews (QBRs), increasing your retention and growth and improving your client relationships? Book a demo with one of our team today.