Have you been wondering why your customer retention is not higher? Or is customer retention good but new business generation is below expectations? Are you unable to attract the right employees? These and similar issues may be indications that you’re not be able to see the true you in the mirror! I often listen to CEOs and their leadership teams talk about their companies in ways that defy the facts. It is great to be proud. It’s important to be positive, and having the right attitude is critical. After all, people are not going to want to follow you down the highway to hell. The problem begins when you are not willing to face the brutal facts.
New Customer Acquisition
When new clients are not easy to acquire, it may not be a problem with the industry or the prospects. You have to look in the mirror. The marketplace is telling you that even if you are different from your competitors, the differences in your products and services are not compelling enough to the buyer; your marketing and sales efforts and materials sound like everyone else’s; or there are breaks in your sales and marketing processes that are going unchecked. If you do not address these issues, the prospective buyers will continue to believe you are just like everyone else and will see no compelling reason to use you to solve their needs and problems.
If you cannot fill positions in your company, lack of available talent is not usually the problem. The problem lies with 1) the person you have made accountable for filling the position; 2) the process you are using for filling the position; or 3) how attractive it is to work for your company. You need to address these issues, or you are likely to hire the wrong person or not fill the position.
If customer retention should be higher, it is not because customers are not loyal and the product or service you’re offering is an inferior commodity. The problem is 1) the person you have made responsible for overseeing the processes for retaining customers is not the right person (or you don’t have one); 2) the unique attributes of your products or services are not compelling enough for them to stay; or 3) you have the wrong team, and the mistakes they are making are causing you to lose clients.
Key Performance Indicators and External Feedback Will Set You Free
So I challenge you! What key performance indicators are you using to effectively look in the mirror and see where your internal problems lie. What external surveys are you using to help you see where you are losing opportunities? How quickly are you addressing these issues and seeing improvement?
Call Howard Shore for a FREE consultation at (305) 722-7213 to see how an executive business coach can help you run a more effective business or become a more effective leader.