Client and Customer Retention
The difference between a client and a customer might seem slight, but frequently the terms are used interchangeably to refer to any person or firm that uses your products or services. Regardless of what you call them, understanding their needs and their satisfaction level is critical to the success of your organization.
Today’s clients and customers have high expectations. This becomes more of a factor every year as increased competition presents them with alternative and viable options. Their minimum standard is often that they expect you to provide unequaled service, or a flawless product, and then keep them completely satisfied. Your task is clear yet your way of accomplishing it is not always apparent.
Since its inception in 2005, CommonWealth’s PACE™ program has provided a valuable way to contribute to our clients’ retention efforts. PACE™, or Performance Assessment and Contract Evaluation is a formalized program that centers on high level interviews with key customers.
PACE™ is a third party assessment of your customers’ satisfaction
There is nothing more important to a business than its customers (or clients). Few would disagree that the retention of those that are profitable and long term is the major key to a company’s success. For that reason alone, it would be hard to overemphasize how critical it is to listen to what they are really saying.
From a growth perspective, the satisfied and long term loyal customers are the ones who will promote your name and recommend you to others. Reference selling, and leveraging goodwill and relationships, is perhaps the most effective way to sell. It is a well-known fact that it is many times more costly to add a new account than it is to retain one that is well established.
Just taking the time to review your customers’ satisfaction, and your own performance, shows them that you care. This third party approach can identify customers who are at risk and give you concrete information on how to improve your service. In the end, a PACE™ process can strengthen your relationships and enhance your image.
What we do
CommonWealth conducts interviews with your important customers by telephone during which we ask key managers and executives to speak to various aspects of your company’s services, relationships, products and programs.
In brief, there are a few basic steps in the process. You designate the customers you want to include. CommonWealth then sets up a call with the manager most closely connected to the customer to more fully explain the program. We then provide your management with sample correspondence, verbiage and guidance to help them inform your customer of the program. We then set up the telephone interviews with key customer executives. CommonWealth conducts a 25-30 minute interview and subsequently writes up a detailed report.
How do you benefit?
By utilizing the PACE™ program, you can:
- Enhance your reputation for “listening” to your customers.
- Gain alerts to situations or concerns that you need to address.
- Open doors to buying influences with whom you might want enhanced relationships.
- Secure the candid information that a third party might more easily obtain.