By Josie Heskje, GreatAmerica Financial Services – We all know that without growth, businesses can’t thrive; the office technology industry is no different. A focus on growth can influence dealers to put blinders on and think solely about net new business. While net new business is important, it costs at least 7x more to acquire net new customers than to keep existing business. It begs the question, are we putting enough focus on retaining current customers? With so many dealers getting into ancillary products and services, like Managed IT Services, Document Management software, or security, there is great opportunity to add more value to current customers. Are our current customers even aware of the breadth and depth of our service offerings?
You might ask, what can I do differently to keep current customers engaged, satisfied and loyal? To combat the 7x more… here are 7 ways you can protect your most prized asset—your existing customers.
- Do Quarterly Business Reviews (QBRs) with Your Customers
Consistent, well-prepared-for QBRs (or even periodic reviews) will reinforce the value the customer is receiving from your company and help you gain an understanding of what value you can provide in the future. This helps ensure you remain aware of their challenges and growth plans and have the chance to remain relevant to their success. It can also be a great chance to share how your new offerings can help them overcome their business challenges.