Customer relationship value reflects the present value of all future profits generated from a customer relationship. The application of the value concept to business relationships in the context of supplier and customer relationships; this is your relationship value.
When was the last time you discovered how your most valued customer felt about you and your service?
- What is important to you and your business?
- What customer relationships are important to you and why?
- Where are your most valued customers: (location, relationship value, sales cycle, product cycle, volume, value, frequency)
- What value do you uniquely add and offer?
- How important is your difference to your customer?
- What is their untapped market potential?
- What is the measurable consequence of inaction?
- How does your client feel about you and your business?
- What does your client feel about your products and service?
- How do they feel about your competitors?
- What do your customers they feel about their environment?
Do you have a process for proactively gaining feedback?
It is hard to nurture your most valuable customer relationships if you do not know the answer to the questions above. If not, the rug is likely to be pulled from under you and you will be left wondering how it happened so fast. The fact is, there are many warning signs but unless you can interpret the signals you have no chance of developing the relationships.
Your feedback process is your early warning system, a detector of opportunities and a process to nurture relationships. Many business relationships start at a transactional relationship, your job is to develop the transaction into a dialogue, moving towards an agreeable relationship then on to a mutually beneficial strategic partnership.
Feedback is your best chance of developing relationship value. Feedback allows you to adjust your offer and value to your customer and it allows you to build your relationship to anticipate demand and develop a strategic partnership.
1. Researching your customer and carefully considering the value you add to solve their immediate problem, only giving what they need to know at that particular point in time; will help you lay the foundation for a successful relationship.
2. Freely give before you receive: Sharing your knowledge and information about the industry, client or trend is a way to provide value and develop the relationship.
3. Work to establish multi-level connections with all levels of the decision-making process, understand that each has a different pain point and requires a relevant solution presented.
4. A well-researched understanding of your clients business and pain points gives you the best possible opportunity to develop a strong value adding relationship.
5. Once you have built some genuine trust and interest in your capabilities, make it count. Present brief presentation clarifying your difference, value proposition with metrics.
6. Build high-quality bonds and contact portfolio relationships with sufficient breadth of relationship value across the whole organisation.
Remember every interaction matters and you must be proactive and flexible to the needs of your diverse customer decision making unit. When you consistently demonstrate a clear understanding of the ‘big picture’ and the value adding detail, with your distinct capabilities within your solution delivery process, you will provide the relationship value that your clients wants and needs.