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
Latest
From Athlete To Executive: Navigating Healthcare’s Competitive Landscape
Navigating healthcare’s competitive landscape requires innovative solutions addressing care quality and affordability. CapExpert is a game-changer in outpatient healthcare. It enhances asset management, ensuring the best care for patients. Luke Johnson, Co-Founder and CEO of CapExpert, spoke with Highway to Health’s David Kemp on how CapExpert enhances asset management, bridging visibility gaps and streamlining […]
How do Noise-Canceling Microphones Work?
Have you ever wondered how noise-canceling microphones work? This brief product video from Icom provides the answer. Icom’s advanced F7000 Series P25 radios, along with select IDAS models like the F3400D boast cutting-edge noise-canceling microphone technology. Icom achieves noise canceling through the AMBE+2 vocoder, distinguishing between speech and background noise, converting the former into […]
The SOC Landscape is Seeing a Gradual Change as Professionals Pivot from GSOC to CSOC
Professionals from the GSOC environment are moving over to the CSOC landscape, and this is a very noticeable change and sign of the SOC industry’s evolution. The transition unveils an unprecedented layer of similarities and experiences, clarified by the willingness to be the learner in the room. As the world moves toward navigating […]
