It's the perfect time of year to give thanks and show appreciation for the people in your life who help you succeed—friends, family, colleagues, and clients. When it comes to the relationships you have with your clients, thanksgiving isn't the only time of year you should work on appreciating and building them. You should always be looking for ways to strengthen your business relationships.
Why is building these relationships so important? Put simply, it's less expensive and easier to sell to already-established buyers. Bain & Company reports that retaining current customers costs 6 to 7x less than acquiring new ones. Repeat customers also spend 67% more on average.1
Yet, most organizations are not effective at developing the relationships necessary to grow their existing clients.
In our recent RAIN Group Center for Sales Research study, The Top-Performing Sales Organization, we found that only 38% of respondents agreed they are effective at maximizing sales to existing clients. This factor represented the biggest gap between Top Performers and The Rest (61% of the Top-Performer group2 chose "Strongly Agree" or "Agree" vs. just 32% of The Rest).
If you are looking for tips to build your client relationships during the holiday season and all year round, check out these 5 articles on how to strengthen relationships and grow your existing accounts:
1. Sarabjit Singh Baveja, Sharad Rastogi, and Chris Zook, “The Value of Online Customer Loyalty and How You Can Capture It,” Bain & Company, http://www.bain.com/Images/Value_online_customer_loyalty_you_capture.pdf.
2. We considered the following when we defined the Top Performer group: high win rates, annual sales goals met, if they set challenging sales goals, and if they mostly captured maximum prices in line with the value provided.