The average American company loses 23-30% of its customers every year. The reason? A lack of customer loyalty.
So if you’re rapidly losing clients and aren’t sure why this is happening, you need to take immediate action to fix this.
One of the best things your company can do to keep clients is to conduct a quarterly business review, also known as a QBR. In this type of review, you meet with clients every quarter to review your business goals together.
Not only does a QBR reinforce your relationship with your client, but it also gives you early warning signs that a client is about to leave. This way, you can fix the situation before the worst happens.
Ready to conduct your own QBR and increase client satisfaction? Keep reading to learn everything you need to know!
1. Create an Agenda
Remember that a QBR’s business analysis is all about how you can help the client. Keep this in mind as you decide on your QBR agenda.
A QBR agenda can include:
- Reviewing product usage goals
- Reviewing the client’s company performance
- Discussing obstacles to growth
- Planning for future growth
- Previewing upcoming improvements to your product
Remember that a QBR is not a sales pitch or a time to brag about your product or service.
2. Prepare for the QBR
Review the company’s goals and make sure you have a good understanding of what the client wants to achieve.
Prepare a review of your KPIs (key performance indicators) so you can see how well your product is helping the client.
You’ll also want to prepare specific questions about where your product is helping the client meet their goals and where it could improve.
Next, make sure you have an updated report of your client’s company performance so you can address any current (or upcoming) issues.
And if your business processes aren’t improving, you can try a service like Zolicity business process improvement.
3. Meet With the Client
During quarterly reviews for business, showcase your recent product achievements. Make sure these are related to what the client could use in his or her business.
Don’t forget to share upcoming business opportunities with your client. These can include new product features or collaborations your client would be interested in. You’ll also want to review business goals to see what your client has planned for the future.
Don’t be afraid to share any challenges you’ve had while trying to serve your client. Not only does this build transparency, but the client can collaborate with you on solutions.
Common mistakes to avoid during your QBR are being defensive and blaming your team. You also don’t want to waste time troubleshooting small issues.
Increase Customer Retention With a Quarterly Business Review
Conducting a quarterly business review is one of the best things any company can do to retain customers and grow its revenue.
The benefits include building transparency, identifying obstacles and opportunities for growth. With a QBR, you increase the chances that your clients will be satisfied and stay loyal to your company.
For even more helpful tips, be sure to check out more blog posts from our business category!