How to be Indispensable

Retention drives growth—it’s that simple. But here’s the catch: your customers won’t stick around unless they see the value you bring.

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So we talk a lot about customer retention because you can't grow your business if you're not keeping your customers. And so I was looking at some data the other day from Gartner and found that customer retention is highly dependent on the value that the customer perceives they're getting from you. In fact, say that they will stay with you longer if they understand that value.

So how are you communicating your value to the customer? I think there's two different ways and two different types of value that you need to communicate.

There's the direct value that your product is supposed to deliver, right. Saving time, automation, helping reduce workplace injuries, getting them more people, helping them make more money... Whatever that is, we want to show that value.

There's also the peripheral value. If you've given them access to free services or free products, if you've introduced them to other people who can help them grow their business. If there is peripheral value, meaning other people in the organization are benefiting from the primary value that you're delivering to your customer, your contacts, that needs to be communicated. And it needs to be communicated on a regular basis for your largest customers, who might be seeing tens, hundreds of thousands or million dollars worth of value on an annual basis, why not put that in front of them monthly, at least quarterly, And give it to them in a format that they can share with others.

A great way to do this, of course, is a business review. Because when they see value with you, they're going to want to stay with you, and they might even want to grow with you.

Don't forget to check out: Sharing is Caring - Profitably!!