Retaining and expanding existing clients must be, or remain, an essential strategic imperative for the survival of any firm today. Firms for years have talked about “cross-selling” yet it remains an elusive concept that escapes many firms. Here are some tips for retaining and growing existing clients and/or industry segments.
Go talk with the clients. An essential part of any client retention and growth plan is to make sure the responsible team at the firm knows a) the client’s strategic growth goals; b) key executives at the client organization (above and beyond perhaps, the individuals one already knows); and c) the competition and the type of work they receive. There is obviously more to know. These are the key areas about which the firm must have information. Go ask the clients. If there is hesitation to do so on the part of the partner(s) or the client, then that should signal a big concern.
Build relationships across peer groups. The…
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