Every day we build relationship equity with our clients. For the Client Team it’s the most important part of their job. If we build equity, we build value. If we build value, we can get a return on it. Typically that return is the form of additional business. Winning new business from existing clients is always going to be more profitable growth than winning new business from new clients.
Moreover you’re 5x more likely to win from your existing clients.
Even so, there are many reasons why Client Teams often fail to realise these relatively ‘easy-win’ revenue opportunities.
One common reason is that we can all be a bit “English” about New Business, thinking that selling is a dirty word and we don’t want to rock the boat – head down and just deliver the project. It is actually both professional and expected in some cases, to ask a client for more business. One thing you can be sure of is that if you’re not asking for it, then another agency will be.
In our experience, Client Teams already have a good working knowledge of where more business can be extracted from their clients. However, if this isn’t written into a plan, then this stays in their heads whilst the important and urgent takes priority. If each individual Client Director acted on 2-3 initiatives in a year, this could bring in some serious additional revenue whilst also bedding-in and contributing to the all-important retention of clients.
To rise to the top of an agency, client-facing individuals need to demonstrate they can grow existing client business and generate client value.