As companies become more focused on growth and all the strategic initiatives associated to grow, look to the “low-hanging fruit” – the obvious place to begin establishing the additional revenue your company desires. Low-hanging fruit represents the clients you currently possess strong relationships with that trust and believe in your company, products or services.
Searching for ways to help your clients doesn’t need to be a systematic approach. Simply listen to their concerns, issues, desires and needs to establish how your professionals can assist. Looking at your copmany’s current client base will help you to determine how to cultivate, educate, ripen and harvest them.
One example of how you can cross-serve your clients is to look at your current list of product / service offerings and begin organizing them based on your client base. For example, if your company has construction or real estate clients, educate them on what a cost segregation study can do for them.
To put a viable program in place, begin by establishing a “Hit List” program. This program encompasses the top 10% of your clients that you would like to protect from your competition. These clients are not necessarily the top 10 revenue generators. It could be top 10 based on relationship, revenue, potential, etc.
Putting the following strategies into place will help to retain, as well as cross-serve your “hit list:”
- Have your highest executive / point person compile a schedule as to how many times to meet with the client, then get them on the calendar (the executive’s and the client’s)
- Hold a two-hour meeting every month or two with the service team to discuss what issues are of concern to the “hit list.”
- At the meeting, have each person spend 5-10 minutes discussing their understanding of the client’s needs, how to address these concerns and how your company can assist. Each person may have differing perspectives, so this is invaluable to the learnings of the client.
Before you know it, your team has identified many ways to cross-serve your top clients to safeguard them. In turn, this will identify ways to increases the revenue from the client, without making cold calls, writing a proposal or networking.
Another strategic approach is a“Client Spotlight” program. This program takes your top clients, based on revenue only, and puts into effect the following communication tactics:
- Have the owner, managing partner, or highest executive set a client meeting at least every year (not a scheduled meeting, but an additional ‘surprise’ meeting.)
- Prior to the meeting, create a letter stating what initiatives your company currently executes for the client and additional items for the client to think about regarding their strategic vision.
- Meet with the client to discuss their strategic initiatives – and of course, how your company can assist (but this comes later.)
- This meeting will give you a better understanding of the client’s full breadth of needs and will help to determine if / how you can help meet their needs.
By utilizing a “Hit List” or “Spotlight” program, your company will have a directed approach to cross-serving your client base. Picking the low-hanging fruit will help your firm to grow and more importantly, serve your client’s needs fully.