3 more ways to improve your Quarterly Business Reviews (QBRs)

Alarmingly, 88% of buyers feel as though their suppliers aren’t delivering the value and innovation they expect to see in these meetings, resulting in 82% cancelling supplier contracts. This move has a clear negative impact on your revenue and retention, with the effects being felt throughout the business.

'What is the purpose of this Quarterly Business Review?'

This is the most important question for suppliers to ask themselves each time they hold a Business Review. A good Quarterly Business Review (QBR) invites spokespeople from both sides of a business relationship for an open discussion about the progress and potential of their partnership.

“If key client stakeholders don’t feel that they’re getting value attending QBRs, they soon stop coming. The opportunity to have meaningful business conversations (and to upsell new services) is lost and, somewhere down the line, the buyer will make the decision to explore the market.” – James Ward, Managing Director, Clientshare

The current state of the QBR 

Buyers are increasingly relying on QBRs as a platform for suppliers to showcase their expertise, insight and innovation. However, a significant majority of buyers express growing dissatisfaction with their experience of Business Reviews. 

Buyers have a multitude of frustrations throughout the entire Business Review process. Many criticise the substandard quality of review sessions, pointing to poor-quality materials, the lack of attention given to innovation and strategy, and a lack of emphasis on how suppliers intend to address ongoing challenges. 

What can you do to improve your Quarterly Business Reviews? 

1.  Consistently gather feedback

Consistency is key when approaching Business Reviews as it proves the dedication each party has to growing and developing the relationship. For example, one of the biggest frustrations buyers have around QBRs is that they are not being held at the agreed cadence. This is an easy problem to solve as all you need to do is ensure all stakeholders are willing and able to keep to an mutually-agreed plan. With 98% of buyers more likely to choose from suppliers who consistently listen to their feedback, it’s a no brainer.

2.  Act & deliver on feedback

There’s no benefit to holding a Business Review, even a high-quality one, if you then don’t follow through on the commitments you’ve made. 76% of buyers feel that QBRs often feel like a tick-box exercise for their suppliers, a sentiment that is often driven by a lack of tangible results. It’s therefore essential that you go above the bare minimum and are proactive about responding to the feedback your buyers offer.

3.  Provide evidence of value & innovation

99% of buyers are more likely to renew with a supplier who consistently communicates and provides evidence of the value they have delivered. They see regular review meetings like QBRs as the most important opportunity for you to evidence this value, alongside the innovation you offer. Many suppliers aren’t keeping pace with changing client expectations, ignoring key topics such as AI and ESG. Addressing subjects like these and providing forward-looking insights gives you an undeniable competitive advantage.

 
Final thoughts 

Perhaps the most surprising takeaway from this study is the strength of feeling that now exists among almost all buyers. It doesn’t matter which industry they’re in, buyers are losing patience with suppliers that are content with delivering the bare minimum.

“Having the right tools in place to obtain and respond to client feedback, both inside and outside meetings, is game changing.” – Jon Boden, Business Unit Director, CEVA Logistics

99% of buyers are more likely to buy from suppliers who use the latest tech solutions to improve their customers’ experience. Clientshare Pulse is a cutting-edge tool that enables you to get the most out of your Quarterly Business Reviews. You are able to collect client feedback, manage risk and identify growth opportunities all in one place, that’s visible across the business.

Learn more about Clientshare Pulse, book a demo today