In today’s world of transportation, carriers and third party logistics (3PL) companies alike are looking to create value for their customers. The customer business review (CBR) has been a go-to resource for many organizations, and for good reason. Its value in a variety of areas is both undeniable and measurable.
3PLs have long seen CBRs as a great way to create value with their customer, as well as retain business, penetrate existing accounts and flush out new opportunities. It also can be used to establish a regular cadence of communication with the customer and serve to reinforce a level of professionalism. Below, we’ve listed a few ways a customer business review can be good for your both your customers and your business.
Discover Unknown Information
Sharing information and details that have taken place on your customer’s behalf gives you an opportunity to highlight the services taking place. But it also gives you a chance to review the information you have. For instance, staff changes, and priorities shift. When you review who the decision makers are in their organization during their CBR, it gives you an opportunity to make sure you’re dealing with the right people when it comes time to renew contracts.
Create a Strategy Together
Another take away from the business review process is the opportunity to jointly strategize with the customer. Including specific numbers in your CBR gives your customer opportunity to ask questions and allows your customer to better understand the market, therefore understanding their pricing plan more clearly. Oftentimes this opens communication into larger discussions such as timing of reduction requests, unique lanes to address, etc.
Declare Performance Indicators
Perhaps the greatest impact from the customer business review process is its measurable results. Establishing key performance indicators (KPIs) early on in the process allows you to probe more into the company’s business. Perhaps they have plans to grow next year. As you review important numbers, they can visualize how it fits in with their business model and a discussion is opened for future goal setting. This allows 3PLs to forecast monthly revenue and volume numbers more accurately.
There is no denying the value to an organization and the lasting effect of a customer business review. Whether it’s using the tool to draw nearer to the customer and create regular and meaningful interaction or as an additional value proposition to maintain account retention, an investment in a CBR is an investment in winning.
The England Logistics Freight Agent Program provides companies with information and tools to expand and allow them to manage their business. Backed by the England Logistics brand, participating agents enjoy increased market visibility and established business connections. Our dedicated team also delivers consistent support for day-to-day operations. This allows freight agents to expand their portfolio while reinforced by a reliable team.