Maximising client retention

Whilst developing business with new clients often steals the limelight, research has shown that it costs between five and seven times more to win business from a new client compared to winning more business from an existing client. In other words account management is an equally vital component in the business development toolkit.

In practice, the exact role of account management depends on the lifecycle of the business in question and the nature of services offered. In the early years acquiring new clients is often, quite rightly, the key focus. In addition, some professional services tend to be ‘occasional purchases’ rather than something needed on an on-going basis. In such circumstances expending significant effort on account management may be unproductive. However, keeping in touch at the right frequency can retain long term client loyalty and provide an avenue for referrals. In a nutshell, account management done in the right way has the potential to open up new opportunities that greenfield business development may not uncover.

"In a professional services business, success and growth is driven by the quality and quantity of your client relationships."

At Shaping Business we work with clients to design and implement account management processes that are right for their situation, with the aim of increasing client focus and generating incremental revenues at lower cost of sale. Our approach focuses on:

• Identifying and prioritising key accounts
• Benchmarking existing practices and identifying ways to improve (such as project closeout processes)
• Facilitating the development of client relationship plans
• Embedding the processes and discipline required to keep the plans live
• Establishing targets and processes for monitoring progress
• Collating client intelligence.

Our experience shows that disciplined account management works, allowing our clients to identify and secure revenue streams they would otherwise not have had access to. Clients often retain us after the initial consultancy period to help maintain the initial momentum and support the teams in focusing on the implementation. Our objective approach builds the capability into your business to systematically generate more repeat business and maximise client retention.