Greetings CMA members! I can’t believe that we are in the middle of summer. Time sure flies. For this month’s blog I wanted to talk about our customers and techniques I use to build a relationship with them. Some of our customers drive us mad, some of our customers are fabulous and some are somewhere in between. One valuable tool I use as a credit manager is the customer visit. Understanding that each of us works with a budget (both fiscal and time) that determines who we can visit, I strongly encourage you to attempt to visit as many of your customers as possible.
Depending on factors such as your industry, dollar purchase volume, your company’s risk tolerance, etc., I suggest that you make a checklist of those key customers you would like to see and why. The “why” provides the justification to management for you to be out of the office, and it also proves that you’re taking a proactive (instead of reactive) stance towards your job.
The next step is to approach your boss with the list and be prepared to discuss the “why.” I have found over the years that having that initiating a personal connection with a customer pays off in terms of obtaining financial information, and it provides a far better understanding of the customer’s business including its challenges and a relationship with a company that can directly impact your company’s performance. For example, I had a key customer contact me directly with all the pertinent information regarding the removal of a key member of its management team before it went public just so I would know what had really happened. This is the type of relationship I strive for with all our key customers. Is it practical? Perhaps not, but it is important to try. If your budget is tight and an actual visit is not possible, then I suggest that you give your contact a call to see how he/she is doing and how the company is doing. Be sure to get their e-mail address so that you can touch base periodically. Communication is truly the key to success in any business relationship.
What methods do you use to build relationships with your customers? I’d love to hear about them. Please respond to the blog below.
Have a great rest of your summer. I’ll touch base in the Fall.
CMA Chairperson 2016/2017