Generation and Retention
By: brian 2009-03-11 14:16:00 -0500
When you look at businesses that have been in existence for a number of years, you can’t help but ask yourself how they’ve survived for so long. Big names like FORD, Boeing, Hancock Insurance and so many others have been around for quite some time long before most of us were even born. This is not a part of the “ordinary” since the business realm is of the dog eat dog kind. Many have come and gone and this vicious cycle continues till this day. Yet as complicated as it may sound, maintaining a business is not rocket science. A lesson that I have learned from all the companies that I have been with in the past and one that I hold close to my heart is that for any business to continue, their has to be a healthy marriage between generating new business and maintaining current ones.
New revenue breathes life into a business. The money that comes in is used to pay for all the operating and administrative expenses incurred by the company. Any amount left after taxes and other government deductions will be considered profit. In the case of a BPO company, new revenue are the new clients. Once a new client jumps on board, the BPO Company will engage them and work to attain their desired objectives. If a client is satisfied, the probability of a contract renewal is almost guaranteed but may not be the case if results go the other way. Every business regardless of nature should have both an aggressive yet realistic sales force and a responsive client services team. The sales people are the ones that bring in new business while the client services are the ones in charge of making sure the clients stay. Sales and client services need to work side by side to prevent client dissatisfaction. When a client is happy, they stay and may even refer more companies.
The following should be put to heart:
- When a closer negotiates with a potential client, the rep involved must carefully collaborate with each client service manager and must get their approval that a certain campaign is “feasible”.
- Carefully select the right agent and administer proper training.
- Communication between the client service team and the client must be transparent at all times
A rep should always remember that a sale is not all about figures. A real/genuine sale is bringing in clients that you can satisfy/retain. As a rep you need to know your company’s capacity and must never make sky high promises when negotiating. Be realistic. Stick to what you’re company can deliver. Reps should also learn to build good relationships with the clients they bring in. A good rep will even check to see if they can be of any more assistance to the new client they brought in. It’s what you call goodwill. Upon a new client’s entrance, the calling agent should be carefully chosen and trained. The client services team should also remember that through the highs and lows, they need to let the client know everything that is happening with the campaign. No secrets. When something is wrong, let the client know so that a solution may be developed. Engage them from the very start! Some campaigns may not work but let the reason be "acts of God" and not your own negligence.
To sum things up, we need client generation and client retention to flow as one. We need a good sales force to bring in new business and a good team to maintain them. We also need realistic clients or at least clients who we can maintain. Once all of the aforementioned have been met, you’ve got yourself a business that‘ll stand the tests of time.