customer retention: renewal best practices

Click to edit Master title style

• Click to edit Master text styles

– Second level

• Third level

– Fourth level

» Fifth level

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



– Second level

• Third level

– Fourth level

» Fifth level

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.




– Second level

• Third level

– Fourth level

» Fifth level

The current situation

Current customers are an asset

Sales territories are shrinking

Quotas are increasing

Customer replacement is expensive

Realization differs from expectation




– Second level

• Third level

– Fourth level

» Fifth level

Hunting and farming

Finding and minding

Customer acquisition vs. customer retention

Where do you place the most rigor in process?

It’s a balance




– Second level

• Third level

– Fourth level

» Fifth level

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




– Second level

• Third level

– Fourth level

» Fifth level

The first key: Timing

Expectations

Solutions

Delivery

Value

Relationship

The customer retention process begins with the

first contact…before they are even a customer.




– Second level

• Third level

– Fourth level

» Fifth level

People buy from people

Credible

Knowledgeable

Trust

Follow-through

Accountable




– Second level

• Third level

– Fourth level

» Fifth level

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




– Second level

• Third level

– Fourth level

» Fifth level

Client expectations

Add Value

– To the business

– To the individual(s)

Meet needs

– Known and sometimes unknown

Anticipate needs




– Second level

• Third level

– Fourth level

» Fifth level

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!




– Second level

• Third level

– Fourth level

» Fifth level


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?



– Second level

• Third level

– Fourth level

» Fifth level

The fourth key: Renewal




– Second level

• Third level

– Fourth level

» Fifth level

People make emotional decisions for logical reasons

It’s all about Value!

Business Value – (ROI, Cost Justification)

Personal Value – (WII-FM)




– Second level

• Third level

– Fourth level

» Fifth level

The fifth key: Repair

If something is broken…fix it!


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



– Second level

• Third level

– Fourth level

» Fifth level

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




– Second level

• Third level

– Fourth level

» Fifth level

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!




– Second level

• Third level

– Fourth level

» Fifth level

Looking for more information

Visit the estore at www.valueselling.com

Books, ValueSelling tools, and eLearning courses

Webcast and Newsletter Archive


http://www.valueselling.com/

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


http://www.valueselling.com/

A gift for you!


Complimentary enrollment in

Customer Retention Online Course (value $129)

Be one of the first 10 people to

“like” us on Facebook today, and

share a comment, question,

or success story

Be one of the first 10 people to join our

ValueSelling Associates Group on

LinkedIn today, and share a comment,

question, or success story

Next webinar

Getting ready for the year-end push

November 6, 2013

10:00 AM PST


Julie Thomas, President & CEO

ValueSelling Associates

[email protected]

(858) 759-7954


Contact ValueSelling Associates

customer retention: renewal best practices

Business

customer retention

valueselling

2013 valueselling

julie thomas

success story

president

rights reserved

fourth level