If you are like most SAMs, you have a target that is tied to growth within your accounts. Whether it comes from within your existing customer base, or from new accounts, the objective is clear: grow the value of your portfolio.
I’ve spent the last few weeks thinking about growth from a slightly different perspective – the perspective of ‘not shrinking’ or, customer retention. In the push to get new pieces of business or new customers in through the front door, we often overlook one of the simplest ways to lay the foundation for growth: shut the back door. Retaining more of the business that you already have with your existing customers will reduce the pressure to win new business, and make it easier to achieve your growth targets.
Next week, I’ll be taking a group of Walker Information’s clients through some tips and tools for securing existing business, and even finding growth opportunities within current portfolios of business. At the most basic level, the process is simple:
- Assess what you know about the business you have with each of your clients – think about degree of loyalty and share of spend relative to your competitors
- Identify business that is at risk, and take steps to prevent that loss
- Identify opportunities for growth, and put a strategy in place to capitalize on them
Take a look at your portfolio, and make sure all those back doors are shut tight.
VP, Strategic Accounts