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PM Forum - Bristol
How much money are you leaving on the table?
In early March former marketing directors from industry and professional services Gordon Brown and Sebastian Fox from brown fox consultancy presented their views and tips on improving client relationships to a PM Forum audience in Bristol. They challenged existing ways of managing client relationships by identifying areas where professional services advisers might be leaving too much to chance in their client relationships and as such are leaving money on the table.
Sebastian began by asking the audience if they ever lose work from their existing clients to competitors. If clients are saying things such as "I didn't know you did that sort of work" or "I haven't heard from you since the last deal" then competitors may be winning work by default. He explained that one of the biggest problems is that Client Relationship Management (CRM) is often done to clients, not with them. Often there is a strong focus on the "M" of CRM, the management, rather than the "R", the relationship. When firms spend a large amount of time, money and effort in implementing a CRM system, there is typically an element of bureaucracy involved in getting it to work and it's not clear whether the form filling and updating actually supports the actions and needs of clients. Another obstacle to a productive relationship is insufficient or inadequate listening by partners. They may be too busy, lack the necessary relationship skills, fail to follow up on actions identified from client meetings and may not be accountable for inaction.
Sebastian and Gordon advised us to avoid missing out on valuable opportunities by ensuring that relationship roles are assigned to the right partners and that these partners maintain a strong focus on the relationships as well as the service issues. Partners should ask clients what they want, how they want it, how it will help achieve their objectives, if they are satisfied with the relationship and what more the firm can do in order to meet their needs. Subsequently the partners should share this information with the CRM team on a regular basis.
Sebastian also suggested that firms show clients that they understand their objectives and how important they are, demonstrate an awareness of current events in the client sector, conduct research before meeting a client and keep an eye on the latest news. Clients will also appreciate it when partners stay in contact in between deals, by doing this the firm stays in the clients' minds and will be in pole position for the next deal.
Sebastian recommends to remember, however, that there is no such thing as a "one size fits all approach". Be specific, listen to clients and tailor the approach to their specific needs. In the current economic climate, now is the time for firms to secure their client relationships.
Judith Jansen
TLT
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