SALVAGING AT-RISK CUSTOMERS SALVAGING AT RISK CUSTOMERS. by Brad Linville and Melissa Meier
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1 SALVAGING AT-RISK CUSTOMERS SALVAGING AT RISK CUSTOMERS by Brad Linville and Melissa Meier
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3 SALVAGING AT-RISK CUSTOMERS An account manager receives a phone call from one of their customers, expecting business as usual, only to learn this previously-happy customer is considering shifting his business to a competitor. It s a scenario that happens too often in business today for a variety of reasons larger territories, heavier account loads, not enough time. Account managers and sales representatives increasingly need help to track the day-to-day needs and attitudes of their valuable customers. Proven methods for identifying and even salvaging at-risk customers can be seamlessly woven into existing customer loyalty or customer relationship management program. Walker partners with companies who have successfully accomplished this and with significant success. BEGIN CLOSEST TO THE CUSTOMER CORPORATE STRATEGIES PROCESS AREAS ACCOUNT RELATIONSHIPS Companies launch voice-of-the-customer initiatives for many reasons most commonly to adjust their corporate strategy and to identify particular process areas that need improvement. However, too often, customer insights are not used at their most granular level to impact individual account relationships. By starting at the most granular level, you can segment customers and quickly identify those who are at greatest risk. This provides the opportunity to salvage relationships, improve retention, and accelerate growth. Focusing on individual account relationships can have the greatest immediate impact and is a tangible way to gain executive support and to quantify the return on voice-of-the-customer programs. 3
4 SALVAGING AT-RISK CUSTOMERS CLOSING THE LOOP A RESULTS-ORIENTED SOLUTION In Walker s experience working with business-to-business clients, we know that proactive follow up on feedback from customers is an important tool for managing customer relationships and crucial to capturing customers who are potentially at risk. By closing the loop with these accounts Walker has found that developing an effective, actionable follow-up protocol is one of the best ways to improve customer retention and accelerate growth. Closing the loop may be easy in concept, but is difficult in practice, particularly in large organizations with a large number of complex customer relationships. To make it all work, an effective process and disciplined approach must be in place. Several steps are key to setting up close-the-loop systems that can effectively salvage at-risk customers. 1. Setting Alerts The first step is setting alerts or triggers that will set the system in motion to prompt action. Typically, these are responses to specific questions in surveys from customers. Alerts can be triggered for a variety of reasons whenever a customer indicates they need immediate contact or a survey indicates low loyalty or unacceptable performance in a specific area. Once systems are set up to flag at-risk customers, the information must be funneled to the right person for follow up. 2. Directing the Feedback When designing feedback processes, the flow of information is established so the right information gets to the right person at the right time. This typically means the most relevant feedback is directed to the account manager responsible for the customer relationship. When alerts are triggered, they are delivered directly to the account manager s inboxes, making immediate access possible. 3. Follow up Coordination and Protocol Unfortunately, just getting the information to the right person doesn t guarantee follow up takes place. It s critical that all involved are trained on how the system will work and they understand their role in responding to customer feedback. To guide the process, Walker recommends setting up a company-prescribed procedure for responding to the alert. Once follow up has been completed, the account manager logs the outcome and any notes for ongoing support. Most companies require account teams to complete follow up within a specific timeframe typically thirty (30) days. Follow up works best when seamlessly integrated into a company s existing procedures for acting upon customer concerns, complaints, or opportunities. 4. Documenting Success Every manager wants to understand the return on a program. For this reason, Walker recommends including a documentation of results as part of the online documentation. Results can come in the form of business salvaged or new business achieved through enhanced contact with the customer. Through this mechanism, companies can better understand the return on their investment. The process of closing the loop not only reveals contentious issues before they become real problems, but can also shed light on potential opportunities for new business with existing customers. In fact, this process of following up with customers to take immediate action is one of the most compelling reasons for initiating a customer feedback program in the first place. A CLOSE-THE-LOOP PROCESS HAS SEVERAL KEY STEPS: SETTING ALERTS Feedback programs are designed to include triggers that signal the need for immediate follow up. DIRECTING FEEDBACK Process flows are set up to deliver alerts to the account manager responsible for the customer relationship. FOLLOW-UP PROTOCOL IN PLACE Participants are trained and a process flow is set up to drive action. DOCUMENTATION OF RESULTS Results are recorded to document the impact of the program. 4
5 SALVAGING AT-RISK CUSTOMERS A SUCCESS STORY In 2009 Walker helped one Fortune 500 global technology manufacturer develop and launch a highly successful close-the-loop system after the company faced challenges driving account team engagement in the program. In consultation with the company, Walker recommended a strategy that centered on: Ensuring leadership support of the program and senior leaders commitment to promote it widely Real-time alerting of customer opportunities and risks Feedback and alerts routed directed to account managers A detailed communication and training plan to ensure account managers were set up with the tools they needed to successfully put customer feedback to use An easy-to-use documentation system, allowing account managers to record results of follow-up activities Expressed goals for compliance by all account managers The communication and training plan was essential in securing buy-in from account teams. The easily accessible training plan was offered in two different methods to ensure all account teams could be reached. Several in-depth training sessions were hosted by Walker and facilitated through the client company s online training portal. During the sessions, Walker consultants guided account teams through the background and content necessary for them to be successful with the program. Secondly, the training resources were hosted on the client s online portal, specifically designed to be interactive which allowed users to review the material at their convenience as self-directed, modular online courses. EYE ON RESULTS: The positive results this company achieved were significant. A remarkable 98 percent of follow-up activity was completed by account teams in just the first few months. In addition to the strong participation rate, this company was able to generate a compelling ROI statement for its organization. Account teams were asked, as part of the documentation system, to estimate how much revenue was either saved or created as a result of the close-the-loop alert and follow-up activities. These estimates identified more than $80 million in new business opportunities, and more than $67 million in saved revenue. In continued partnership with Walker, this company is refining its close-the-loop program with the goal of making it even more successful in year two. 5
6 KEYS TO SUCCESS As our success in developing close-the-loop systems with our clients grows, so does our knowledge of what it takes to make these programs successful and worthy of investment. Here s our list of the most critical factors: ACHIEVE LEADERSHIP BUY-IN. Don t underestimate the role senior leaders play in driving participation and acceptance of this type of program. Their commitment to and promotion of the concept is crucial. Executive support should be well established prior to launch so leaders can play an active role in implementation. MAKE IT EASY. If you plan to ask today s account teams to keep one more ball in the air, it should be with as little effort as possible. The most successful close-the-loop systems offer feedback that s real time, highly accessible, and relatively simple for busy account managers to navigate and use. PROVIDE ADEQUATE TRAINING. Tools are only beneficial if you know how to use them. Ensure account managers have ample training available in a variety of formats, including self-directed options that account managers can complete while traveling or on-the-go. REMEMBER THE POSITIVE. We ve been talking a lot of about how this program can aid in salvaging atrisk business, but it s important to build in opportunities for positive feedback as well. Some of our clients have designed their systems to issue recognition notifications or alerts when customers register high satisfaction on a survey, as well as identify new business leads or opportunities. GIVE DEADLINES. Let account managers know specifically what is expected from them in this process, and by when. Make sure they know that participation will be monitored so they get on board. EXPECT SOME SKEPTICS. With estimates of revenue saved and business generated registering in the millions of dollars, the reported results of many close-the-loop programs are astonishing. There may be people who think it s too good to be true. To those skeptical, it is important to remind that these estimates are coming directly from the account managers themselves, who know the relationships best and can differentiate new information provided by the survey versus what they already knew. There are a number of benefits to tracking customer feedback and assessing customer loyalty. However, this feedback is only valuable if it s used to build better relationships with customers. Salvaging at-risk customers is possible and more accurately, probable with the right follow-up program in place. SEGMENTING CUSTOMERS Triggers for identifying at-risk customers can be set up in a variety of ways. One of the most practical and common ways is to use a framework to segment customers based on their level of loyalty. The Walker Loyalty Matrix is structured so two axes represent two aspects of loyalty attitude and behavior. This forms four quadrants to classify each individual contact. Truly Loyal Customers who have every intention of continuing business and have a positive attitude toward your company. Accessible Customers who have a good attitude of working with you, but do not plan to continue their relationship. This typically means something has changed and they don t need your product or service any longer. Trapped Customers who show every indication of continuing business with you, but they re not happy about it. They feel trapped in their relationship. ATTITUDE ACCESSIBLE HIGH RISK TRULY LOYAL TRAPPED High Risk Customers who do not intend to return and do not have a healthy attitude about their relationship with your company. BEHAVIOR This breakdown provides a very practical way of segmenting customers and is often used to identify those customers where immediate follow up is critical. 6
7 ABOUT THE AUTHORS BRAD LINVILLE Principal, Senior Vice President Strategic Account Management As senior vice president, Brad is responsible for the management of client relationships in the communications and technology industries. This includes all aspects of the relationship, from business development through design, implementation and analysis of specific programs, and strategic deployment and alignment consulting to maximize the use of the information. He plays an active role in translating program findings and conclusions into actionable recommendations and works with client executives, management, and employees to facilitate the implementation of quality improvement strategies. In addition to his client services responsibilities, Linville is a leader in process improvement and re-design. Prior to joining Walker in 1990, Brad worked in advertising and media sales. He also spent several years working for General Motors Corporation. Brad earned his bachelor s degree in marketing and personnel from GMI Engineering & Management Institute (formerly General Motors Institute, now Kettering University) and his master s of business administration in marketing and management from Indiana University. MELISSA MEIER Vice President Client Services Melissa serves as the senior client service contact for assigned customer feedback engagements, with an emphasis on industry knowledge, research expertise and creation of valuable insights. She plays an active role with clients from the program design stage through project implementation, and into post-project activities. She is especially focused on assisting clients in translating findings into meaningful conclusions, developing recommendations, and facilitating client organizations in pursing action plans that will have a favorable business impact. Melissa joined Walker Information in While at Walker, she has served clients in a variety of industries, with a specialization focused on key clients who operate globally in the hightech and communications industries. Her industry experience also covers the retail, financial, and healthcare industries. Melissa holds a B.A. degree from Ball State University in History and Political Science, graduating Cum Laude.
8 ABOUT WALKER Walker specializes in customer loyalty and related customer strategies, including innovative approaches to segmenting, valuing, obtaining, serving, and growing customers. Walker s diverse team of consultants provides tailored, comprehensive solutions to help companies achieve their business objectives and, ultimately, grow shareholder value. Walker s consultants regularly conduct workshops and assessment programs to help organizations improve their ability to administer customer listening programs. WALKER CLIENTS INCLUDE: Adobe Avaya Avnet Brightpoint Castrol CDW Cisco D&B Dow AgroSciences ExactTarget EMC IHS McAfee Motorola NCR NetApp Pepsi Tetra Pak THE WALKER INDEX $2,800 $2,400 $2,000 $1,600 $1,200 $800 $400 $ Walker Index S&P 500 Dow Jones Industrial Average NASDAQ The Walker Index is a stock index comprised of current Walker clients. Companies are included in the index only during their tenure as Walker clients. Companies attracted to Walker are committed to using the customer perspective as an impactful management tool. The Walker Index indicates these companies outperform the broad markets. For the most up-to-date Walker Index, please visit walkerinfo.com 301 Pennsylvania Parkway Indianapolis, Indiana Telephone: International: info@walkerinfo.com
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