THE TRUSTED ADVISOR RELATIONSHIP – WHY IT’S WORTH IT
THE TRUSTED ADVISOR RELATIONSHIP – WHERE DO YOU STACK UP?
Trusted advisors, if you were to sit down to evaluate your customer relationships, what would you learn about the quality of them? Would you find yourself undervaluing them and missing opportunities to up-sell and cross-sell? Or, would you be over-confident in how they perceive you and actually be at risk for churn? Understanding your clients in more detail, their perception of you, your product and service may just save you from losing some key customers and open the door to creating valuable trusted advisor relationships. Taking the steps to becoming a trusted advisor to your clients has benefits well beyond the obvious of increasing revenue. Follow along and learn more.
Most of the times, when a sale has been completed, a transactional relationship begins to form between the buyer and seller. Once the sale is complete, the account rep may or may not continue having a relationship with the customer. Depending on how the organization is structured, the client services team may step in and the account rep continues working prospects. It’s just the ways things work, but it doesn’t mean that future growth opportunities are not worth pursuing with clients. Selling is only impactful when its focus is on providing meaningful customer experiences. A smart customer experience approach thinks about keeping their clients around, long after they’ve been greeted at the front door. And why is that?
TRUSTED ADVISORS, WHY IT’S WORTH IT?
Think about it, it’s what your clients want and will respond to. Becoming a Trusted Advisor to your clients is Customer-Loyalty-Stats-1beneficial to long-term revenue growth. Becoming a Trusted Advisor means putting your clients interests before your own. Build strong relationships with your clients through integrity and competency. You don’t just sell. You build connections with your clients. The longer a customer relationship lasts, then the more profitable it becomes. In fact, loyal customers are worth 10 times more than their initial purchase. It’s also 6-7 times costlier to acquire a new customer than it is to keep one. While it’s understood that you need to acquire new clients to stay in business, you also need to keep them to stay in business. The higher your client retention rate is, the lower your overall costs become and here’s the kicker, it’s easier to increase your profits through your current customer base. So, ask yourself, “Do I want to become a Trusted Advisor that clients perceive as reliable, trustworthy, and impactful?”
GIVE YOUR CX PROGRAM A SHOT OF ADRENALINE!
Learning how to manage customer relationships effectively is a rare skill to have – regardless if you’re in B2C or B2B, today’s competitive markets are challenging and it’s no longer about price, but about experience and the value associated with it. Knowledge is powerful stuff, and by learning how to measure the various touch points within your customer relationships and identifying where they need the most attention, you can start to become the Trusted Advisor your clients expect you to be.