EXISTING ACCOUNT MANAGEMENT
Acquiring a new customer cost more than retaining an existing customer. Increasing customer retention by a tiny percentage can increase profits considerably.
If you can spot a customer who might be about to reduce spend or sever the relationship, and take steps to address any problems or meet needs, so that they remain a client it not only keeps the revenue, but you also have the opportunity for growth. If you can excel at account management and build a strong relationship with your existing base, you will increase customer satisfaction, customer spending, Customer live time value and even get advocacy in the process. What not to like?
Record customer meetings and account reviews.
Track key stakeholders and identify their role in the organization.
Capture order history to identify buying trends and up-selling possibilities.
Identify ‘at risk’ customers and prospects and put processes in place to mitigate these.
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