FMI, the largest provider of management consulting and investment banking to the engineering and construction industry, just released its newest study Loyal Employees, Loyal Clients: Building Your Business The Old-Fashioned Way In the New Cut-Throat Market. FMI interviewed more than a dozen executives who have established best-in-class programs encompassing business development, customer loyalty and employee engagement principles.
Most of these companies are still negotiating work with their clients and circumventing the low-bid game altogether. Discussions focused on what it takes to cement existing client relationships and how companies are reaching out to new customers in these challenging economic times. Building customer loyalty generates higher profitability through repeat work opportunities. Select success strategies discussed in the paper include:
1. Adapt your niche capabilities to your clients’ specialized needs, while always seeking to add value.
2. Drive to create mutually beneficial relationships with your clients, industry professionals and community members.
3. Develop a “doer/seller” mindset, which is driven throughout all levels of the organization.
4. Evaluate and rate potential clients in terms of suitability for your strengths, and prioritize time and resources accordingly.
Other key highlights of the article include:
1. Why vision, value systems and corporate culture are key components to a comprehensive business development program.
2. The oldest trade around: customer relations. Insight and recommendations on how to facilitate customer relationships.
3. What best-in-class firms are doing to strengthen customer loyalty. Case studies include Gilbane, DPR and The Norwood Co.
4. Programming customer loyalty into your work: 10 approaches. Recommendations describing crucial, practical steps toward building a solid foundation for a successful customer loyalty program.
5. The power of emotionally invested employees. Engaged employees are the foundation for a successful customer loyalty and business development program.
To download a copy of the full report visit www.fminet.com/resources.