I came across Key Security Indicators (KSIs) from a former client of mine’s training workshops. They sought to develop customer retention policies, during the Winter of 2005.
The idea was to identify potential areas of risk in their customer relationships. Could you pinpoint their strength, and then the degree to which they required to be either protected or improved?
15 questions were created with a list of prompted responses. Each answer could be converted to a numeric value. The resultant totted up score allowed the judging of security achieved within an account.
The questions assessed areas including;
- contact spread
- number/type of meetings
- service level measures
- total spend proportion
- new product take-up
- account growth
- bespoke versus standard split
It was also a framework for monitoring how the things that need to happen to keep a customer onside were taking place.
I was reminded of this example when looking into helping someone maintain momentum in a new product launch. I was thinking of ways in which to more closely entwine a suspiciously once-off launch with runrate products.
It’s a worthwhile exercise in its own right. It is very rare you find retention proactively tackled in a selling process.
If you can crack making it a non-disruptive addition to your routines, then you’ll certainly be on top of customer attrition.