Listen: Focus on Capture Planning to Keep Existing Customers
"Today's tip comes from Warwick. Brown Warwick is the founder of account manager tips and helps organizations deliver account growth by empowering key account management with the tools and mindset to succeed where which is an incredible account manager in his own, right? And moves what it means to deliver value as you're about to hear. Here's Warwick this podcast comes. They would warning. I'm about to share with you some scary. Some frightening statistics. Like if your chance to catch it breath, and I'm going to get right into it. So last JC so insight survey of a nine hundred businesses globally and fifty seven percent said new business was they priority. Even though seventy percent of their revenue came from existing customers. Okay. Then sixty five percent of those same businesses admitted they had no confidence in their ability to penetrate cross sell upsell or expand relationships with existing customers probably going with this. Let me give you one more statistic. Arraign group survey found an average of twenty eight percent of south bids with existing customers were lost to competitors. So you're kind is at very high risk of leaving. If it ever gets to in our piece of chosen, so let me this out for you. And then we can start panicking. So even though existing businesses more profitable than new business. Most companies don't know how to grow existing accounts. And when it comes to an R P situation. They don't know how to win them. It was gears. I am. So this is my daily cells tip is to focus on what's right under your nose your existing customers. Cray long-term plan that helps solve your business problems and positions you as the obvious supplier of choice and works towards at holy grail of trusted adviser. So how do you do this capture planning sometimes called pursue planning opportunity planning strategy to win a rose by any other name a common practice to win new business, but often overlooked when it comes to? Keeping existing business. So here's a simple capture plan structure that you can adapt to make your own there's no right or wrong. Just focus on the things that you don't know the answer to and take it from there. The best plan really is the one that works for you. You want to grab a summer, you know, some customer insights include keen directions relationship history and past performance Ican understand where you are today. And how you got there think about your clients most important requirements. What does your client want to achieve? What are they paying points? Go beyond the obvious. Don't just look at what your client already knows think about how you can highlight opportunities to them and solution stem that they don't know. And then rank them in order of importance think about the metrics that matter it's important that you position your renewal in your partnership with a clear return on investment in terms of how your client understands them. What are the key performance indicators at mad at your client? Can you use real data to measure, value and communicate a return on investment, create an influence map? What's the decision making process? Who are the decision makers who are the influences that attractors champions, the ones that are going to self you even when you're not there make. Dan to improving gauge -ment and convert those detractors to support his grown influences heaven, look at competitor analysis. You know, how your competitors placed in the market? How do they score against the most important requirements better worse where the gaps, and even if you don't think your competitors have affording the door, you're probably wrong. So still give this some thought do a swot strengths weaknesses opportunities threats. What successes have you achieve that prove your gripe business partner or concerns might your client have about your ability to help them achieve their goals? What does your client love abate you solution? But don't they love think about all that start to collect stories and evidence of the success of your partnership over the time you've been working with your clients? You're going to want to refer back to those when it comes time to preparing and presenting value proposition. So start today with that don't wait until your client says what have you done for me lately? And then you have to go scramble for some some insights, and then as you get closer to your contract in and you're starting to think about submitting a preemptive proposal to avoid bids and they're going to market you want to start to think about pricing to win. You know, your timelines who you need on your team to help you in and how and win your manage the proposal submission and all that stuff. So let's think about so you can see how if you start to capture plan early. Aren't you start to think about all these various elements as you'll partnership progresses with your client who's going to be in such a stronger position when it comes time to renewing your partnership and be so well aligned in so opposition that it's going to be a no brainer. When it comes to renew ING. So there's there's no time to lose show those existing customer some love and get captured planning now. And when I say now, I mean"