For many, the chase is simply easier than the work associated with building and nurturing lasting relationships. The chase offers variety, an adrenaline rush, and – win or lose – it’s off to the next pursuit. No working through misunderstandings and unrealized expectations.
No – this isn’t a post about personal relationships — parallels notwithstanding. This is about business development. And for some reason, many professional service organizations and B-to-B endeavors invest disproportionate amounts of time and energy chasing irresistible “opportunities.”
In almost every instance, the shortest path to revenue growth lies in meaningful dialogue (the stuff of lasting relationships) with existing clients.
This would seem to be of particular interest in today’s marketplace — where the slightest growth is challenging, and leveraging every investment is a must.
The math is simple. Deepening an existing client relationship is almost always a better investment than the costs — hard and soft — associated with the pursuit of a new target. Deepen an existing relationship, and not only are you on the road to increased revenue; you’ve changed your profitability arithmetic.
Just in case I have to say it — here goes: this is not a suggestion that we should not engage in the pursuit of new clients. It is a reminder to all of us leading business development efforts: when we invest more in the pursuit of new opportunities than in the care and nurture of existing relationships, we may have fallen victim to the thrill of the chase.
Relationships that endure and grow are the result of a calculated investment in the proactive art (and, yes – often drudgery) of dialogue.
Eric Fletcher
Great post Eric! Thanks for reminding us that it’s better to keep existing clients happy than to replace them! Very well said! I love the thrill of the chase but appreciate the long term clients more! Thx for sharing.
I struggle with this one myself. I love the chase – in every way – AND I do appreciate long-term relationships. It’s figuring out that balance – which is sometimes very challenging.
Good post. I have run into this with clients numerous times who are being constantly pressured to bring in new clients from the executives at the top.
I have always found a balanced approach is the best answer; especially where you can leverage current clients to attract new clients via DM and Social Media amongst other things. I always think of it as a customer ecosystem where you are nurturing relationships that are just being born, maturing and reaching the end of their life cycle.
Jeff – Sensei