How to Retain Client Relationships

 

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.

For the latest news, videos, and podcasts in the Hospitality Industry, be sure to subscribe to our industry publication.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

data migration
Data Experts to the Rescue! Syniti Navigates Your Utility’s Data Migration Maze with Ease
March 19, 2024

In the rapidly evolving utilities industry, the transition towards modern and efficient data management systems is fraught with challenges, yet essential for scalability and sustainability. As companies strive for modernization, data migration emerges as a critical yet complex task, highlighted by the risk of data loss, the need for stakeholder engagement, and the potential […]

Read More
operational technology
Skydio Pioneers Future of Utility Sector with Groundbreaking Operational Technology
March 18, 2024

The utility industry, at a pivotal moment of transformation, is witnessing a technological renaissance, spearheaded by innovative companies like Skydio. The Skydio X10 drone, a marvel of modern engineering, is revolutionizing how utilities inspect and maintain critical infrastructure, offering unmatched precision and reliability. This advancement is not isolated; it’s part of a broader trend […]

Read More
Chad Newtown of Osmose Utilities Services on utility infrastructure
Creating and Preserving Resilience is Priority for Utility Infrastructure
March 18, 2024

Growing conversations surrounding climate change have also intensified discussions on the frequency and severity of weather-related disasters, and the resilience of utility infrastructures, particularly power grids. As a result, examining the dynamic world of utility infrastructure is increasingly pertinent. This urgency to bolster the structural integrity of the electrical grid cannot be overstated since […]

Read More
Al Purves discusses RenewAire BACNet Fan Controller
BACNet Fan Controller Helps Simplify Ventilation for Building Management
March 18, 2024

The importance of efficient and reliable ventilation systems cannot be overstated as it pertains to smart building management. But as buildings become more intelligent, integrating various systems to work in harmony has become both a challenge and a necessity. This is particularly true for systems that directly impact air quality and energy use.  RenewAire’s […]

Read More