Flow insights: Dependancy

What does this post look like?

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Here we track your customer dependance  

 

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Why do we track this?

Understanding which customers you are most dependant on helps you manage and prioritise your customer interactions.

It can also help you avoid the potential risk of being too reliant on a single customer.

 

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What to do with this information?

So now you know which customer you are most reliant on, what do you do with this information?

The first thing to do is think about that customer, and ask yourself some questions about your relationship to help you know if you are at risk.

-How long have you worked with that customer?

-How well do you know the key contacts for that customer?

-How established is that customer? (whats the likelihood of them being unable to pay you in the future?)

-Are there similar businesses to this customer that might also be interested in our services?

Once you have had a think about your customer you will be better placed to understand any possible risk you face from being reliant on this customer.

 

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What to do if you are overly reliant?

Ok, so we have learned from our post, and then thought about our customer and found we are at risk because of our heavy reliance on them.

What action can we take to reduce this risk?

-Seek new customers to spread the risk

-Speak to your customers to sure up relationships

-Make plans for the possibility of this customer closing doors

 

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Summary

Knowing your biggest and best customers is a great first step to managing your customer relationships.

While dependance is important to know, its not always a big problem, if you are confident in your biggest customer and your relationship with them that is the main thing.

However it cant hurt to keep tabs on this stuff with Flow and be prepared for any eventualities.  

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