Why Really Understanding Your Client is Way More Important Than You Think!

Kim Peterson, CEO CommonSenseHealth.org for
HealthPRO



Who exactly are your clients?

 
What is their value to you over time?

 
Unfortunately, many companies don’t take the time to calculate the cost of obtaining a new client, verses the profit experienced by keeping them. 

 
Alex Lawrence, writer for Forbes Magazine, states that... 

 
"For those who feel that customer retention plays a relatively minor role in helping a company grow a healthy bottom line, here are a few statistics you might be interested in. According to Bain and Co., a 5% increase in customer retention can increase a company’s profitability by 75%. And if those numbers don’t impress you, Gartner Group statistics tell us that 80% of your company’s future revenue will come from just 20% of your existing customers. Still not sold on customer retention? One final statistic provided by Lee Resource Inc. should give you plenty to think about: Attracting new customers will cost your company 5 times more than keeping an existing customer."    
 
 
If these numbers got your attention and you are looking to put some procedures in place to keep those incredibly valuable clients happy, then take a look at these questions, steps and benefits for thought starters on how to pull it all together for your business. 

 
Questions To Ask:

 

• Do you know what your clients really want and need? Are you reaching out regularly to tap in to how this may change over time?
• Is there a shared understanding of who your most valuable clients are and how to meet their needs?
• Do the right employees have access to the right information about your clients?
• Does everyone on staff have the ability to remedy customer service issues that come up? Why or why not? Should you look at potentially revising your policy?
• How can we make it easier to resolve customer issues before they turn into full-blown problems?

 

 
Steps You Can Take:

 

• Implement a client satisfaction follow up and periodic outreach policy.
• Use data and feedback to predict client behavior and needs.
• Reorganize business functions, based on insights and client needs.

 
 

Potential Benefits Achieved:

 

• Significantly improved marketing and sales effectiveness.
• Empowered employees who can make decisions based on the value of your clients and better address client needs.
• Improved client experience and strengthened relationships.
• Increased lifetime value of your clients.

 
 

The bottom line is this: To deliver the customized and highly personalized products, services, and experiences your clients increasingly demand, you need a highly efficient lens through which to understand them. 

 
To learn what your client really wants, you must watch, talk, consistently reach out to and build trust with them. When you create procedures that cover all aspects of this information gathering process, you will be equipment to keep your most valued clients while laying the groundwork to ensure positive word of mouth generated as a result of happy clients will make it far easier to attract new ones as well.





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