Quarterly Business Reviews (QBRs) are beneficial to both customers and suppliers in a variety of different ways. They encourage open discussions about the successes and challenges of a partnership and provide visibility into the health of accounts. Business Reviews benefit teams across the business, but they are particularly useful for Customer Experience (CX) teams who manage these relationships daily.
Here are a few ways I have found QBRs to be vital to CX success:
Business Reviews are one of the best opportunities our customers have to raise questions, give feedback and gain a greater understanding of the value we offer. This can only be achieved with a relationship based on honest and transparent communication. With this approach, your team can be assured that nothing flies under their radar, and the customer knows they are listened to and can see results. The benefits of this are clear.
In addition, open communications directly drive accountability for both customer and supplier stakeholders. Any action or next step agreed in a meeting should be assigned to someone to reduce the chance for confusion around responsibilities. If this practice is followed life will be easier when the next review comes around as everyone is clear about who should have completed each task.
Implementing a structured approach to Quarterly Business Reviews for all accounts, big and small, enables CX teams to track success and feedback over time. In a situation where every customer is unique, this is a valuable way to maintain a high level of understanding around account health across your entire portfolio.
You can also use this as an early warning system for any risks with an account. You are able to identify ongoing issues versus one-off problems, and drill down into the finer details where an account is underperforming, by looking at customer sentiment over time. Both Account Managers and senior leadership are more informed about their customers thanks to these insights, paving the way for better business conversations.
It is very important for us to view our Business Reviews as an opportunity to inform our key contacts about the value we can offer them both now and in the future. Adding regular updates with customers enables us to manage their expectations and ensure they are kept up to date with any new developments we have in progress.
Effectively explaining to any stakeholders what you, as a supplier, can offer and how it will happen empowers customers to make informed decisions. This is especially important when you have a situation where many different industries are coming together. It can be a huge learning curve and clear, consistent communication is the best way to handle this.
Successful account management teams harness the power of feedback, transparency, and accountability by embracing a structure governance framework with solid Quarterly Business Reviews. They provide the stage for meaningful discussions and collaboration in a way that is accessible for everyone from Account Managers to senior leadership. Teams are able to optimise their operational efficiency while elevating the overall experience of their customers.