What does it mean to "close the loop" to create greater value for clients?
A feedback loop is a system where the output of a cycle becomes the input for the next cycle or iteration of the system.?It's an essential engine that drives organizational learning, synergy and innovation.?Ultimately, it leads to greater value to the clients you serve.
Applied to business development, it could simply mean really taking good care of existing clients (below the funnel) so that you can more efficiently and more effectively develop new business (above the funnel). In general, it takes more effort, time and resources to develop new business than it is to maintain and grow existing ones.
If you do a good job with an existing client and they're happy with the value you create for them, they will give you more business.?If they're a sizable organization, they might even give you a chance to work with them across multiple functions, levels, business units, or geographies in their organization, i.e. they become a key account.?They introduce you to multiple decision-makers and stakeholders in their team.?They could even refer you to other clients or put in a good word for you in the market.
Whenever that happens, you can afford to spend less time at the "top of the funnel" (i.e. identifying and approaching target clients that don't really know you), which is more costly to do, and be able to "close the loop" somewhere in the middle (i.e. qualifying the client, understanding what they need, and aligning them with what you can offer), where you can be more efficient and effective at closing a deal.
Easier said than done!?This is why CGL has focused on building not just a system -- but a culture -- of internal cooperation and sharing that allows each consultant to "close the loop" by building on top of the success of their team mates.?True synergy! It has created an environment where the whole is bigger than the sum of its parts.
A shining example of this is Murphy Yang, a young CGL Partner who's been dubbed the "King of Volumes" for being able to maintain one of the busiest business pipelines in the #company despite hardly ever having to do any new #businessdevelopment .
"I never do new business development, but my pipeline can never be finished," he said in a recent CGL article (originally in Chinese and auto-translated into English).?Read more about Murphy's amazing #journey to building a #sustainable practice and becoming a #topperformer , and how CGL has created an environment where 1 + 1 can indeed be greater than 4.
Stay tuned and follow CGL Consulting Co., Ltd. for more insights on #creatinggreatervalue as part of your #2022goals and to keep abreast of #China 's exciting #talentmarket !