KNOW YOUR CUSTOMER
What is more valuable in a retention conversation: immediately defending our price or understanding why the customer is unhappy?
Understanding why they're unhappy.
True of False. The easiest way to retain a customer is to reduce their rates?
False.
True or False: A customer requesting a copy of their Agreement can be a retention warning sign.
True
WM partners with approximately how many MLB clubs?
15 Teams
What are some things you should have prepared before a retention meeting?
-Current Service Program/Details
-Agreements
-Any issues
-rev/billing details
-Check snapshots/contamination
-Any business changes/seasonal/permanent/expansion
-Contacts
What are some things customers call a price problem that is actually something else?
Service
Responsiveness
Billing
Equipment
Relationship
Communication
Agreement Terms
Lack of perceived Value
Name one warning sign that a customer may be at risk.
Asking for a price
Reduced communication
Billing Disputes
Agreement Expiration
What was WM originally called before becoming Waste Management?
USA Waste Services Inc
What are your customers interests?
-Family
-Sports
-Charity
-Community Service
A customer says: "Your competitor is cheaper". Name two things you should determine before discussing price.
-What is the competitor offering?
-What is driving the customers decision?
-Is service the issue?
-What does the customer value?
Your customer has declined multiple in person meetings/reviews. They aren't complaining, they're paying their bills, and their service is running normally.
1. Is this a Red Flag?
2. What could it indicate?
3. What would you do next?
1. Yes potentially
2. It could indicate disengagement, a change in decision makers, reduced perceived value, competitive activity, or simply a customer who doesn't see the meeting as valuable.
3. Change the approach. Don't keep sending "Can we schedule a business review?" emails. Find out what matters to the customer and offer something useful.
How many employees does WM have?
60,000+
What constitutes a SORS Call?
Capital at or over $20,000
ALL IN Monthly Revenue $5000 or more
A customer says, "Give me your best price or I'm leaving." We're usually never the cheapest. What should your strategy be?
Shift the conversation from price to total value, understand the customer's actual needs, address service issues, differentiate WM.
A customer has been with us for 10 years and has never complained/contacted us. Should you consider them low risk?
NO. Silence doesn't equal satisfaction. Lack of engagement can itself be a retention risk.
What is WM's all time high stock price
$244.47 (if you're within the dollar)