Growth and customer retention are paramount for any enterprise. Quarterly Business Reviews (QBRs), once viewed by some as a tick box exercise to conform with contractual obligations, have emerged as a strategic tool for achieving these goals, enabling businesses to not only maintain their client relationships but also uncover new growth opportunities.
Rather than a contractual chore, Quarterly Business Reviews (QBRs) are a lucrative opportunity to showcase your successes and tangibly demonstrate where you’ve gone beyond expectations, giving you an arena to pursue growth, and renegotiate contracts on value, not price.
Clientshare Pulse, the world’s first digitised Quarterly Business Reviews (QBRs) platform, plays a pivotal role in ensuring best-in-class reviews. In this blog, we will explore five ways Clientshare Pulse can help enterprises identify and seize growth opportunities within their client accounts.
1. Regular and Consistent Best-in-Class Meetings
The foundation of uncovering growth opportunities lies in maintaining regular communication with clients. High-quality meetings and discussions are essential components of this process. Clientshare Pulse encourages enterprises to conduct regular business reviews and share them with all key stakeholders. This is essential for any growth potential, with it estimated that at least 3-7 stakeholders should be in regular attendance to facilitate any growth opportunities.
These frequent and structured interactions provide a wealth of information, allowing businesses to understand their clients' growth needs better. By reaching out to various stakeholders within the client's organisation, you can gain more insights and identify growth opportunities effectively.
These insights become a valuable asset in understanding the evolving needs and objectives of clients. By aligning your services with your clients' strategic goals, you create an environment conducive to exploring new opportunities for growth. Rather than hoping arbitrary offerings stick, the key is to engage in strategic conversations during meetings and delve into your client's vision for their business. By demonstrating a commitment to aligning with their mission, you become an indispensable partner in their growth journey, and earn the permission to sell.
2. Identifying Promoters and Advocates
Client satisfaction is a powerful catalyst for growth. One of the ways Clientshare Pulse helps enterprises harness this power is through its Net Promoter Score (NPS) system. Specifically, it identifies promoters – those clients who rate their satisfaction with a score of 9 or 10. Promoters not only enhance your reputation through word-of-mouth recommendations but also present a unique opportunity to explore growth within existing accounts.
Promoters are the clients who not only appreciate your services but also are more likely to be receptive to exploring new offerings and expanding their engagement with your company. By leveraging these advocates, businesses can encourage them to contribute to their growth through various means, such as leaving positive reviews, participating in case studies, and actively promoting your brand. These advocates become the champions of your business, driving both advocacy and growth.
This process also identifies your detractors, giving you the opportunity to address emerging issues as early as possible, boosting long-term retention rates.
3. Stand Out Against the Competition
In a competitive marketplace, it's essential for businesses to differentiate themselves. Clientshare Pulse enables enterprises to stand out by showcasing their commitment to client feedback and improvement. Several clients have reported using the platform as an advantage in tender processes. By highlighting their use of innovative technology for client feedback and the incorporation of feedback into their processes, organisations demonstrate their dedication to listening to their clients.
“The Pulse tool has become a key selling point for our tenders or when talking to potential new clients. It shows that we offer our clients the opportunity to give us regular feedback, that we care about what our clients think about us and that we will take immediate action. That's pretty powerful.” Dan Ekett, Client Solutions Group Director UK&I, SEKO
This distinction is invaluable in tenders and proposals, as it conveys to potential clients that your business values their input and is committed to continuous improvement. It signifies your willingness to listen, adapt, and prioritise customer feedback, which can be a deciding factor for clients when choosing a supplier. Thus, Clientshare Pulse can be a game-changer in securing new contracts and business opportunities.
4. A Holistic View of Account Health
Clientshare Pulse goes beyond identifying promoters and advocates. It provides a comprehensive view of account health, enabling organisations to track and measure the effectiveness of their Quarterly Business Reviews (QBRs). You can see who has (or hasn’t) sent reviews, who received and opened them, and see quantified sentiment scores at an individual account level.
Across the board, only 34% of customers receive any form of review on a quarterly basis, leaving a significant gap in understanding client needs and expectations. However, the best-in-class companies ensure that at least 75% of their Quarterly Business Reviews (QBRs) are conducted, demonstrating their commitment to the process. Moreover, Gartner emphasises the importance of reaching a broad range of stakeholders through Quarterly Business Reviews (QBRs), as the reach of Quarterly Business Reviews (QBRs) influences client sentiment and growth opportunities.
Quarterly Business Reviews (QBRs) are crucial touchpoints in nurturing client relationships and driving growth, but they can often fall short due to a lack of consistency and inadequate coverage across all accounts. Clientshare Pulse ensures your review process is standardised and consistent, regardless of account size, enabling you to focus on growth within your large as well as mid-market clients.
5. Proactively Addressing Detractors
With the data collected from Clientshare Pulse, organisations can take a proactive approach to growing their accounts. This means not only identifying promoters and advocates but also addressing detractors and resolving issues at the earliest opportunity. By using the insights from client feedback, you can tailor your approach to meet the specific needs and preferences of your clients and even uncover avenues for growth that may resolve the reason for the detraction.
Clientshare Pulse ensures maximum stakeholder reach, ensuring that you can maintain strong client relationships even as personnel change roles or organisations. By proactively selling to promoters and managing detractors, enterprises can not only retain existing contracts but also identify innovative clients who are likely to contribute to growth.
Clientshare Pulse is a powerful tool for uncovering growth opportunities in today's competitive business environment. By prioritising regular and high-quality communication, identifying promoters and advocates, and standing out against the competition, enterprises can drive growth within their existing accounts.
A holistic view of account health and proactive, data-driven growth strategies empowers organisations to thrive. Remember, success in business today is not solely about price, product, or service – it's about nurturing client relationships and continuously seeking ways to add value and grow together.
If you feel like Clientshare Pulse might be the right platform for your enterprise to improve their Quarterly Business Reviews (QBRs) offering, take a look at our intro video below. It's less than 90secs and it will highlight the ways in which Pulse is supporting large enterprises in the BPO, IT Services, Facilities Management and Logistics industries.
Are you already convinced? Book a demo with our team below.