Quarterly business reviews (QBRs), are an essential but underutilized part of the customer relationship process. These meetings are an opportunity for businesses to connect with customers, review successes, identify areas for improvement, and maintain strong business relationships.
Everyone knows the old business 101 saying that goes something like, “It’s easier to maintain existing customers than find new ones.” While this may be one of the most cliché business sayings, it is definitely grounded in truth. In fact, it can cost five times more to find new customers when compared with nurturing and growing existing ones. This makes a lot of sense as it requires increased marketing spend, sales visits, presentations, and more just to lock down a new client.
So, how exactly can a quarterly business review build customer relationships and potentially grow their overall spend? Here are some areas to focus on during the next QBR with a client.
Highlight Areas of Success
It doesn’t matter who is sitting across the table; they want to know how this business relationship is benefiting them. When it comes to managed print services, several areas can be highlighted as points of success for the business during a quarterly business review. Depending on the type of client and their stated goals, some areas of success may be more important to them than others.
Cost savings are always a great place to start for any business. At the end of the day, the bottom line is king in business. Pointing out successes like reduced paper usage and increased efficiency is an easy way to put a dollar figure on the benefits of the services delivered. It’s estimated that 3% of a businesses’ revenue is spent on paper, printing, and storage. If a company can see that their printing was reduced by x% then they can clearly see that their net income has grown by x%. These stats can also be used to help highlight the benefits of managed print services when it comes to helping a business achieve its environmental sustainability goals.
Employee efficiency is a little harder to put into a definite dollar value, but there are some ways to help decision-makers across the table arrive at a value. Asking questions like, “How much is the value of your average client?” and “How many more clients can sales staff connect with if they have an additional 1 hour per day?” These questions can identify the value of improved efficiency. If the staff is spending less time fighting with outdated processes and equipment then they can spend their time doing things that actually improve the bottom line.
Look for Areas to Grow
It’s always nice when a client opts for the biggest package of services with all of the bells and whistles right from the very beginning. Of course, this isn’t always the reality of the situation. Many businesses will choose to begin with a selection of services to see if the benefits to their business are worth it. With many clients, there are always opportunities to recommend new services.
A QBR is a great time to bring this up, especially after highlighting some of the successes mentioned above. If a business can see that managed print services are working for them and helping them achieve their goals, they can then begin to trust the salesperson across the table from them and see the benefits in other services that they may not have opted for previously.
There are some ways to broach this subject. For example, after highlighting the reduction in paper usage, you could say something like, “We can help improve that even further by x% just by implementing this service. How much would that mean for your business?” At this point, the client has seen the benefits for themselves and they are eager to keep the ball rolling. Best of all, this type of organic client growth costs nothing other than the time spent doing a quarterly business review. There’s no need for increased marketing costs.
Of course, one of the main benefits of a QBR is merely staying connected. The more familiar clients are with their sales rep or advisors, the more sticky they become. If they can count on their sales rep visiting them quarterly, they are far less likely to look for someone new. It’s also an opportunity to hear minor concerns or questions that clients may not actively reach out regarding. Not only can these identify areas for improvement, they could also identify areas for growth and new services.
The Benefits of Quarterly Business Reviews
Interested in learning the benefits of quarterly business reviews and how to make the most of these meetings? Talk to our expert Matthew McGuire. Matt.McGuire@cloverimaging.com