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Viewing Clients as a Unique Market Space is Critical (Part 1)

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Executive Summary.

  1. Why this concept is so important
  2. The first five of ten steps to success
  3. Harvesting existing clients is more profitable than hunting for new ones

pic_andrewWhilst the concept of market share is readily understood, the concept of 'The Client as a Market Space' is one that needs better appreciation, so as to build mutually rewarding relationships that enhance the bottom line of both your Client and your organisation. It's really all about building relationships with your Clients and in doing so, increasing your share of market within their space, by understanding their needs.

This is not the responsibility of a person or a department. It is not the sole responsibility of the marketing and or sales department either. It is not something that you do from time to time, when it suits. It is what business is about, all the time. It is everybody's responsibility.

Viewing the Client as a market space is key to creating lots of opportunities to assist your Clients in meeting their objectives and in doing so, identify revenue and profit opportunities for your business. Hence how do you and your team build a revenue graph, as per the graphic on below, for those clients selected?

may_2011_graph

To leverage them here are the first five of ten thoughts to assist you and your business through the process. The second five will follow in my next newsletter.

  1. Identify which of your Clients present opportunities around this concept. A simple gap analysis will quickly identify which Clients present what opportunities with what potential over time.
  1. Ensure that your whole company is pointed, focused on the Client. Let your Clients know that you are all there for them. Make it simple for them to talk to anyone in your company. Train staff to be competent and comfortable in handling Client interactions. Ensure that you let your Clients know whom to contact for what. A simple credit card format card will do.
  1. Build multi-level and multi-departmental personal relationships. This will ensure the relationship is based on many levels and won't be at risk should a person leave your Client, or alternatively you lose a key person in your business. Ensure that these are mapped so that the primary, secondary and tertiary relationship owners on your side know what is expected of them and when.
  1. Doing what Clients expect is boring. It is also a sure way to lose them. Business is all about competition for the Client's imagination. The money will come later. If you don't light your Clients' imagination, don't expect them to light yours. Use your human resources to brainstorm solutions and create Blue Ocean opportunities for your clients. They'll become firm advocates of your organisation.
  1. Clients matter more than anything. Without them, we don't have a business. Without a business, we can't create jobs. Show Clients that they do matter, again and again. Try driving them crazy with attention. It is hard to do, but the rewards make it worthwhile.

These first five thoughts are just a few ideas to assist you and your business to understand better 'The Client as a Market Space' concept. Given that all the research ever undertaken in the field of sales shows that the cost of acquiring clients is 10 to 15 times that of retaining clients, investing in this concept, will pay handsomely in time to come.

 

Andrew Clare is Managing Partner of reLiance a business to business relationship marketing practice. I focus on improving client profitability through developing, implementing and measuring sustainable, collaborative business to business relationships.

Cell: +27 83 326 2451, E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it , Web: www.rassa.co.za, LinkedIn: www.linkedin.com/in/andrewclare

 

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