View more on these topics

Keep adding value for your top clients

Jeff Knight
JEFF KNIGHT MANAGING DIRECTOR TONIC MARKETING SOLUTIONS

Many readers will be familiar with Pareto’s 80/20 rule – 80% of business is generated from 20% of clients.

When it comes to holding onto your top clients the best form of defence is attack. This is because you can’t assume they will remain loyal forever and they will cost a lot to replace if you lose them.

So take the following steps to protect and grow your business.

First, assess your sales data and identify who your top clients are. Do this often as it can change. Without this knowledge, it’s hard to keep hold of clients.

Next, understand your top clients’ needs and expectations. Do some simple research and listen.

Third, think and plan. Be honest with yourself and assess how well you are meeting the needs of your best customers. Make changes building on your strengths and mitigating your weaknesses.

Then find ways to continually add value. Value means different things to different people so you don’t have to adopt a ’one size fits all’ approach. You can do something special just for your top clients.

Stay in contact with them but don’t bombard them with pointless communications. Know how best to communicate with them, what to say and how often. With the general election over you have a great opportunity to do this.

Finally, find out how loyal they are, and there’s a difference between loyal clients and advocates – the latter can generate business so be sure to identify these.

It’s time to go on the attack and make things happen by finding out more about your top clients.

Recommended

Paul Muolo

Law-makers must get real about risk

Never before in the history of the US has Congress (pictured) attempted to undertake the sort of massive regulatory reforms that are now under consideration for the financial services industry. Actually, I shouldn’t say that. Back in 1982 Congress and President Reagan decided to deregulate the sleepy but money-losing savings and loan industry, an idea […]

5

Bring Me Sunshine

Not since the glory days of Morecambe & Wise have a double act so apparently “in tune” with each other graced our TV screens.

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 

Newsletter

News and expert analysis straight to your inbox

Sign up