[4 Secrets] That Will Increase Your Client Life Cycle

What is the secret that certain companies have that regardless of the economy, changing buying groups, or leadership changes they stay the course? They are on top of their game!

Over the years we have grown up with several companies that have maintained their growth under the above circumstances, while some of these companies continue to flourish.

What is their secret, and how can you learn from them to increase your customer shelf life? I’ll be unpacking this over the next few weeks, but here are some secrets to help you increase your customer’s shelf life.

Secret #1: Recognize that all customers fall into the same model

The customer life cycle serves as means to measure where we stand with the customer and react to their needs. Newly acquired customers require more time on the front end. The customer life cycle is to be used as a simple tool to post their growth over time and to understand that all customers will not follow and develop identically.

Secret #2 New Business Won and Implementation Phase

  • Sales: Dependent upon the industry sales may escalate at a different rate as you work through the implementation phase.
  • Key Point: Start strong! The commitment is made and new relationships begin. Vulnerability is at an all time high. Encourage and stabilize the new relationship prior to transferring to the maturity phase. Establish a time frame to calibrate and adjust to shifting priorities as you move forward. Celebrate and get down to brass tacks.
  • Tips & Tactics: Remove any concerns by spending time with those that are slow to transition. Also careful to work with those that still have strong ties with the incumbent(s). Encourage with the benefits of your offering in enhancing their outcome. Maintain a close eye on your incumbent and like competitors.

Secret #3: Growth and Maturity Phase

  • Sales: Sales and purchasing frequency have increased and the maturity phase is on the horizon. What you do now will determine your future.
  • Key Point: Maximum relationship stabilization and customer loyalty through adhering to your value proposition while adapting to their new challenges and needs. Offering new, fresh innovative ideas is your top priority! Remember their needs are evolving- so should your offering and solution!
  • Tips & Tactics: An organic growth plan should be well underway which includes cross and up selling initiatives. Adapt to their needs. Begin your renewal plan and work diligently to obtain ‘buy in’ from the influencers regarding your new thoughts and ideas. Leverage your key internal and external relationships. Study your competition to and the incumbent to see how they are adapting to your customer market and needs.

Secret #4: Continual Renewal

  • Sales: The future is here! Sales and purchasing frequency are beginning to decline. But there is hope.
  • Key Point: It is time to gain approval and to implement your new solution to match their new challenges.
  • Tips & Tactics: You are now viewed as part of their culture and a reliable resource. With your new offering, check your steps in step #2 and begin the process once again- careful to adapt to your existing relationships and their existing needs.

Maintaining your customer’s life cycle is a possibility that often lies in capitalizing on the investment that you have made in cultivating key relationships, avoiding complacency, and creating fresh and innovative ideas.

My hope is that these four secrets will serve you as well as they have served others by increasing your clients life cycle.

To your success,
Andy

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