Recently, I was in a meeting with a client when he disclosed his firm was in a very uncomfortable position.
As manager of a sales group that serviced one of the companies most important markets, he was advised that a very substantial and long standing client would not be renewing their services once the current contract expired in six months.
Of course, this is when most organizations go into panic mode, enlisting the participation of the most senior executives to approach the soon-to-be departing major client in the hopes of reversing a decision already made.
All guns are pulled from the strategy chests; meetings and more meetings are conducted to see what, if anything can be done to save the important account.
All too often I hear the same story, Clients of mine bemoaning the fact that they are about to lose, or have lost, an important long-term customer. More often than not, they had no idea it was coming, nor why it’s happening.
In this world of ‘more business, more business, and more business’, too many companies have lost sight of their most valuable business; the business they already have.
In the pursuit of new customers, many sales organizations have created a culture where little or no attention is paid to the existing customer.
It’s a ‘we already have the business so I’ll call when the next order is due’ mentality that has become the norm, not the exception it should be. This kind of complacency is inexcusable but it malingers in too many sales forces and it is management that supports it and allows it.
The dictionary defines complacency as “a feeling of contentment or self-satisfaction, especially when coupled with an unawareness of danger, trouble, or controversy.”
It serves to remember that while we’re out prospecting new clients and relationships, our competitors are doing the same, and guess whom they are targeting? It’s your best client.
Existing clients, especially really important existing clients, should never be left alone, never be left to feel that all your company cares about is the dollars, getting the next deal, or contract renewal.
Smart sales organizations make sure they have a close and enduring relationship with their current clients, ensuring they take every opportunity to connect and communicate with them beyond the traditional “may I take you order” moments.
Over the duration of a long term client partnership, relationships must be created that live not just at the business level but at the personal level as well.
As a long-term vendor, you should never be surprised or blindsided by a client’s decision to jump ship. You should always be included in the processes or discussions that could lead to that outcome.
At First Approach, we call it “The Pursuit Of Relationship Capital”®
Remember, it’s not enough to want do well, there must also be those around you who wish for you to do well.