“Building trusted partner relationships, which are the foundation for a company’s growth, requires intentional planning and investment – they don’t happen by accident.”
Why it’s Important
The most immediate growth opportunities are almost always found with existing clients. And, increasingly, many large companies expect a sophisticated, all-for-one, strategic relationship management approach from their key providers. The barriers to capturing this new revenue include a reactive mindset, the inability to collaborate internally, a lack of investment in key clients, and low aspirations.
Trusted client partnerships cannot be built by a single rainmaker. These broad-based relationships require both individual professionals who can act as client advisors and institutional support to help build many-to-many relationships at every level.
A number of strategies must be implemented to institutionalize client relationships and realize their full potential. These include key account planning and management systems, appropriate measurement and reward policies, effective internal collaboration, client listening programs, skill development, and others.