In today’s world, outsourcing companies in sectors such as Logistics and Facilities Management are operating under ever tighter margins, meaning the pressure to retain customers without losing margin is high. The ability of companies to demonstrate value to their customers is critical in order to protect revenue and retain customers.
However, with tighter margins, comes an increase in pressure on time-poor account teams to deliver value whilst being stretched further over a larger number of accounts. Delivering value requires an understanding of your customers by account teams and leadership to respond to customer needs and shape the future direction of the business.
Some questions worth reflecting on: Is the service you provide meeting your customers’ needs? Are issues uncovered early and resolved? Are all customers receiving a consistent and quality level of service? Do leaders feel close to what customers are feeling and does this drive decision making for the business?
1. Up and cross-selling opportunities are not missed on existing accounts and leaders are able properly support growth opportunities
2. Margin is not lost and renewal conversations are based on value not on price
3. You retain your existing customers – too often issues arise too late and are harder to remedy
4. Business strategy and innovation are driven by customer insight
The challenge for businesses is how to stay close to customers in an environment where costs are tighter than ever and time is at an even higher premium.
- Clear direction should be set by business leaders around the importance of putting customers at the heart of everything you do
- Ask customers for scores and qualitative feedback on the back of existing contracted milestones such as QBRs results in higher response rates at regular intervals
- Effective processes and reporting should be in place for data and insight from customers to enable data driven decision making at both an account and leadership level
- Leadership and account teams to follow up and engage with customers after customers provide feedback and follow up with customers who have not provided feedback
My next blog will be focused on how leaders can use QBRs and regular customer feedback to drive growth and prevent churn. We are always keen to engage with new and existing customers, please get in touch if you’d like to continue the conversation. We would love to speak with you.
Lucy is Head of Customer Experience at Clientshare. She is passionate about listening to customers and using this insight to help drive business strategy. Before joining Clientshare, Lucy spent 10+ years working in strategy at a Big 4 consultancy followed by a technology consultancy and has spent her career working with large enterprise businesses across central government, defence, energy, tech, logistics and facilities management.