Taking into account that 80% of a company’s future revenue will come from 20% of their existing customers, it is extremely important to keep a healthy relationship with clients. John Nichols, vice president of account management at Personiv, joins host Lukas Cox to discuss business relationships.
Personiv’s growth has risen substantially based on customer needs. Nichols said that one of Personiv’s specialties is being “focused on knowing specific client needs.” He has worked with Personiv for many years and has been able to see its evolution over time.
Clients have an “expectation of continuous improvement,” Nichols said.
That flexibility and being able to customize the program is the main ingredient in retaining client relationships. There is no set mold for retention for every client, he said, which makes flexibility even more important.
Businesses that boosted customer retention rates by as little as 5% saw increases in their profits ranging from 5% to a whopping 95%. The importance of retaining current customers is huge.
“The key to the positive feedback is being heard by the client,” Nichols said.
He explained that his team will schedule weekly calls in order to make sure they are delivering on their promises, and that companies who use flexibility in their models bring confidence to their clients.
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