Published in Inc. Magazine:
By Robert GlazerFounder, Acceleration Partners, speaker, and author of 'Performance Partnerships'
Having the right team is vital to business success. Here's a role you shouldn't overlook.
My team and I at Acceleration Partners recently decided to cut ties with a vendor. We had been a client for six years and had a six-figure contract with this company, but their team failed to really engage with us as a partner.
We had to deal with a lot of turnover on our account team and ultimately found the vendor was not very responsive to our feedback about ongoing issues.
When the time came to renew our contract, we told this vendor we would be taking our business elsewhere. That's when a funny thing happened. After years of passive service, company executives were suddenly trying hard to sit down with us. Once we told them we were leaving, we were being offered meetings with vice presidents. This turnaround made it more obvious than ever that our business had been taken for granted.
Surprisingly, this is a common occurrence. Companies are so fixated on new clients and sales that they forget to do anything to retain the clients they have. Many companies invest big bucks in acquiring new customers, yet don't spend a 10th of those resources protecting their existing revenue streams. This is a misguided strategy.
In today's marketplace, every company needs to make retention a business focal point. I would go so far as to suggest that many companies need a chief retention officer (CRO), someone whose job is to ensure that client retention is a core business function. Here are three reasons why your leadership team might be incomplete without a CRO.