Managing your customers can yield additional revenues while building a significant competitive advantage. Our beliefs stem from directly addressing their pain points as opposed to the traditional but generic differentiators such as short lead times or even years of experience. Today it is considered to be just a 'ticket to the game.'
Our approach positions you to be a leader within the context of the needs of your customer, such as – Easy to find you, Easy to work with you & Easy to buy from you. This proven method results in a loyal customer, thus, increasing the life-time value of your customers.
There are three main reasons to invest conscious effort towards managing your current customers, i.e. customer retention
Competitors are constantly prospecting since Industrial Manufacturing in the United States grows in single digits.
A customer with a high level of allegiance shares a deeper and emotional connection to your team. If so, the customer is a perfect ‘prospect’ as well. They would be open to Up-Selling opportunities or introduce you to a peer in a different department to expose Cross-selling opportunities
A happy customer may be amenable to provide a glowing testimonial. In this ‘always on’ world, it helps build your online credibility to prospects who may know little about you. Feedback from peers is proven to be an important criterion in a decision-making process when it comes to working with a partner like your company.
We think there are three types of customers:
Loves your company!
Convenient, no time or priority to look for alternative, content with you
Commodity, looking for the lowest price from a vendor like you
With the advent of technology, your customers are working smarter and as a result, they’re managing multiple threads simultaneously. This, in our experience, mandates you to make your customer’s life as easy and predictable as possible by making it...
Our primary objective with customer retention in the industrial manufacturing industry is to build a deeper relationship by increasing your customer’s trust in you. This mission is accomplished by two things:
On-going communications about the current relationship
Validate decision to work with you and your team
We advocate a ‘give to get’ mentality. In other words, we like to educate your end-customers and find new and innovative ways to help them be better at their job within the context of your relationship. This enables our clients to be positioned as trusted and credible partners, not vendors.
Our approach can be summarized in two specific stages.
In the assess stage, we establish a baseline and get a perspective on the current lay of the land as it relates to your existing customer-base.
Categorize each customer
Calculate the Life-Time Value for each customer using metrics like deal size, order frequency, tenure of the customer, etc. to allocate retention efforts across the ideal customers
Identify a propensity to detect and deploy a Net Promoter Score survey to map each customer to three distinct categories - Allegiant, Acquiescent & Apathetic customers
Once we have established a baseline, the next stage – Advance, focuses primarily on advancing the clients to be Advocates. This is accomplished by leveraging an off-the shelf marketing automation platform. This platform allows us to craft personalized conversations while tracking and scoring every touchpoint.
Escalate the Apathetic & Acquiescent to Advocates
Demonstrate for Apathetic Customers a differentiated value, connect similar customers, etc.
Develop for Acquiescent Customers a deeper relationship via personalization, and finding unique ways to recognize and appreciate them
Prioritize Advocates and find ways to make them feel ‘special.’ For instance, shorter lead time, direct access to engineering, innovate around their core needs and wants, etc.
With over a decade of experience in working with hundreds of industrial manufacturing companies, our contribution and results speak for itself.
Industrial Manufacturing Clients
Million Attributable Revenue Impact
Successful Project Rate