Customer retention: Renewal best practices
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Transcript of Customer retention: Renewal best practices
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Customer Retention: How to Effectively Resell and Renew
Julie Thomas
President & CEO
ValueSelling Associates
October 4, 2013
© 2013 ValueSelling Associates, Inc. All rights reserved. 1
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This document contains proprietary information of
ValueSelling Associates. Its receipt or possession
does not convey any rights to reproduce or disclose
its contents or to manufacture, use, or sell anything it
may describe. Reproduction, disclosure, or use without
specific written authorization of ValueSelling Associates
is strictly forbidden.
© 2013 ValueSelling Associates, Inc. All rights reserved. 2
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The current situation
Current customers are an asset
Sales territories are shrinking
Quotas are increasing
Customer replacement is expensive
Realization differs from expectation
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Hunting and farming
Finding and minding
Customer acquisition vs. customer retention
Where do you place the most rigor in process?
It’s a balance
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Agenda
The importance of a customer retention strategy
How to increase the likelihood of creating
long-term customers
Create proactive customer retention strategies
Create opportunities for additional business
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The first key: Timing
Expectations
Solutions
Delivery
Value
Relationship
The customer retention process begins with the
first contact…before they are even a customer.
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People buy from people
Credible
Knowledgeable
Trust
Follow-through
Accountable
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The second key: Expectations
Establish clear expectations
and communicate them often
Stay in touch –
No hit-and-run selling!
Be aware of Buyer’s Remorse
Reinforce buying decision
early and often
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Client expectations
Add Value
– To the business
– To the individual(s)
Meet needs
– Known and sometimes unknown
Anticipate needs
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The third key: Alignment
Often dissatisfaction arises due to
missed expectations.
Ensure you are not fitting a
square peg into a round hole.
Make sure you have sold the right products
and services to begin with!
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The product is in the mind of the buyer
The right solution to the
wrong problem will not solve anything.
If you have rushed the sales process
or made assumptions –
you could have issues.
Is the customer always right?
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The fourth key: Renewal
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People make emotional decisions for logical reasons
It’s all about Value!
Business Value – (ROI, Cost Justification)
Personal Value – (WII-FM)
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The fifth key: Repair
If something is broken…fix it!
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Be willing to face the truth
It is never too late…it just seems like it is
Small steps can and do make a difference
Don’t go it alone; use your resources
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Strategies for repairing relationships
Preventive
Communicate in writing
Never make any assumptions
Be honest and upfront
Be accountable
Restorative
Back-up and start over
Leverage the positive
Take responsibility
Be proactive
Develop a mutual plan
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Call to action!
Look at your existing customers –
upcoming renewals
Step 1: Assess the health of the situation
Step 2: Determine what you need to do differently
Step 3: Create a strategy to contact the prospect
and revisit the area out of focus
Execute!
© 2013 ValueSelling Associates, Inc. All rights reserved. 16
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Looking for more information
Visit the estore at www.valueselling.com
Books, ValueSelling tools, and eLearning courses
Webcast and Newsletter Archive
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At the end of today’s webinar
Download a copy of today’s presentation from
our website:
• Go to www.valueselling.com
• Under the Knowledge & Insights tab, scroll
down and click on Webinars
© 2013 ValueSelling Associates, Inc. All rights reserved. 18
A gift for you!
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Complimentary enrollment in
Customer Retention Online Course (value $129)
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Next webinar
Getting ready for the year-end push
November 6, 2013
10:00 AM PST
© 2013 ValueSelling Associates, Inc. All rights reserved. 20
Julie Thomas, President & CEO
ValueSelling Associates
(858) 759-7954
© 2013 ValueSelling Associates, Inc. All rights reserved. 21
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