Sellers as well as buyers are taking stock of priorities as the economy continues to show weakness across most industries. As a result, most sales organizations are pursuing new business—which often means taking advantage of competitors’ complacency or mistakes in providing service to customers. In the face of relentless competitive pressure, sales leaders are looking for smart answers to an urgent question: How can we protect our customer base from erosion as competition intensifies?
While there are a variety of potential answers to this question, most fail to get to the crux of the problem: a lack of understanding of how customers want to buy, and a subsequent failure to apply the right resources in the right accounts to ensure protection from predatory competition.
The following discussion offers three effective strategies for strengthening your relationships with your most profitable customers. The goal is to first free up resources that may be tied up in unproductive accounts. These resources can then be applied to create value for your best customers, which will make them resistant to even the most persuasive cost-cutting competitor.