04 Nov What We’ve Learned, What We Believe
What We’ve Learned and What We Believe
Recently, John and I got together, along with two additional Tenacity Partners (Marty and Randy), to spend a day with a diverse group of senior executives. Some knew us and had experience with our firm, others were hearing from us for the first time. They represented a range of industries and companies, but all shared a high-level interest in best practices around account management and client retention.
Typically, we learned at least as much from them as they did from us. We made the decision, however, to organize the content around a short list of principles that combine some of the big things we have learned over nearly 30 years and the central tenets of our beliefs. This was the list:
- Whom you do business with, and under what terms, will determine your fate. It is imperative that senior management makes these decisions.
- Once the selling is completed, how you start operations is a critical time in the relationship.
- The ongoing business relationship between the organizations must be multi-tiered and interdependent.
- You MUST provide value that is “relevant” to your clients at every stage of the relationship.
- Independent assessment of your (former and current) client’s perceptions of your performance is critical to improving client and contract retention.
- Your organization must learn from its mistakes and proactively share this information internally.
- Client satisfaction, in and of itself, does NOT lead to client retention.
- If you leave client retention to chance, the chances are you’ll lose clients.
It was a very full, fast, fun and rewarding day, a day that one attendee described as “like drinking through a fire hose”. We’ll continue to talk about these ideas and others each week in this format.
One additional note, however (and another bit of learning from last week) is that Monday is not a great day to distribute our blog. (Thanks Lizard and T-Bone.) So, we’ll be moving it to mid-week (starting next week).
And, while we’ve learned a lot, please continue to fill us in on anything else you think we should know that we haven’t considered yet. We know that could be a very long list.
As always, John closed our session with these wise words, “To know and not to do, is not yet to know.”