Industry snapshot: Setting the Stage for 2005 with your Customers

Late last year, we kicked off an assignment with a new client to develop a long term value and exit plan. But our conversations about the business kept coming back to a pressing priority of the CEO: the finalization of annual account plans for their customers. These plans are critical because they essentially become a contract for a full year of business with the customer. We shifted gears and tuned up their process, locking in a much better year for the company by doing two things that may also be applicable for you:

• Have strategic conversations with your key customers. Don’t just talk about what you have to sell today. Understand their goals for the year and how your company can help them reach those goals. Also, ask them about the longer term—where they see the market going beyond the year ahead. For more information about this topic, see our article on Strategic Conversations with Your Customers.
• Take a fresh look at your customer communication materials. Are you demonstrating your understanding of their goals? Are you relating the value of your firm? It is always important to make it clear how your services are addressing the client’s pain and making their lives better. Bring up the level of your materials to reinforce your image and your connection with the customer.

Whether or not you work on the basis of annual agreements, now is a great time to tune up your customer relationship management. 2005