Why Benchmarking is Vital for Your Account Retention Strategy
In order to ensure that the focus of your entire organization is on prioritizing the happiness of the clients, customers, or patients you provide products and services to you need a consistent way to measure and track that level of commitment. Regardless of the economic environment that an organization faces there is a basic fact that all successful enterprises understand – when everyone knows how their job connects to goal achievement the result is success. Benchmarking enables you to set the bar for winning and keeping accounts and guiding your team over it.
The key to consistent account retention is to get all facets of your business working in sync to meet and surpass the expectations of your customers, clients, or patients. A Benchmarking program customized to incorporate your entity’s unique characteristics and requirements will result in a total awareness by everyone of how their work connects to account satisfaction.
Every organization can be broken down into its functional elements. The objective and benefit of deploying a benchmarking program is that you will know that every day all those employed by you are working toward the key goals you are aiming to achieve. The foundation of a successfully implemented benchmarking initiative begins with your determination of the critical metrics you regularly check to determine the status of your organization’s growth on its path to success. Once the functional performance metrics critical for overall optimized account satisfaction are identified, then a level for each metric above which high performance will be achieved is set. Finally, management communicates with each associate explaining the relevance and importance of their role in driving account retention and subsequent revenue and profitability growth.
A significant benefit from any successful benchmarking program is transparency. Once benchmarking becomes part of your culture, everyone understands both their role and how it affects the customer. Benchmarking provides the structure that enables you to monitor the status of the underlying metrics that reflect the status of all account retention efforts. If properly overseen and consistently checked, benchmarking can reveal underperformance, declining morale, and weaknesses in process leading to customer impacting operating inefficiency. Therefore, through benchmarking your entire entity’s ability to meet and exceed the highest level of account retention will become a reality.