Customer Alumni Critical to Strategic Relationships
Understanding the Value of Customer Alumni
The Extended Network Effect
A Wealth of Feedforward
The NXT Potential
Customer alumni are underdeveloped by most revenue professionals, their teams, and organizations. It's time to rethink your GTM strategy.
Customer alumni are unknown, undeveloped, underdeveloped, or undercapitalized by most market-facing professionals, their teams, and organizations.
"We should've NEVER lost that deal!" exclaimed the frustrated CFO, as evidenced by his visceral reaction. "What do you mean?" asked the perplexed CRO in a leadership Quarterly Business Review (QBR). "That buyer was in my wedding!" uttered the CFO in response.
The silence in the room was deafening. Without assigning blame, how could this have happened to a team of intelligent, hustling professionals who diligently worked this deal for over six months?
It's not every day that a $5 million opportunity slips through your fingers, only for you to discover the deal-breaker was as close as an old photo album on your shelf – or in this case, in the CFO's Facebook postings. Imagine sitting in a QBR, sifting through the what-could-have-beens of a deal that should have been a sure win.
These could-haves vs. should-have losses in every organization are all too common with Chief Revenue Officers I've spoken with recently. The challenges underscore a lesson that goes far beyond the leadership team or the boardroom: the hidden value of relationships we often overlook. In every organization, there exist connections beneath the surface, brimming with incredible potential, yet they remain unknown, undeveloped, underdeveloped, or uncapitalized — like buried treasure waiting to be discovered by the X on the map, where the X is the relationship you need!
This moment of clarity brought me back to a concept I've long championed but seen many overlook: customer alumni.
These individuals, at some point central to our business stories, have drifted into the background as both our paths and their needs evolved. However, the value they hold—both in terms of potential business and the richness of shared experiences—remains as strong as ever over time.
Here's how you can tap into the often-unseen goldmine of maintaining and reviving connections with customer alumni.
"Every person who has ever been a part of your business journey carries with them a piece of your brand's story."
This realization hit me one evening as I was going through some old project files. Each name brought back memories of challenges faced, successes celebrated, and lessons learned. It became clear that these relationships, even if they seem to belong to the past, hold an immense value that remains strong.
Before I dive into the how-tos and strategic relationship development best practices, let's quickly address the quantifiable opportunity customer alumni often represent.
One of the most convincing reasons to re-engage your customer alumni is the potential to tap into their extended networks. It's really fascinating how a single introduction from a trusted former client can open doors that would otherwise remain closed.
According to a Nielsen study, "92% of consumers are more likely to buy when referred by a friend." Now, imagine the impact when that friend is a satisfied former client who recalls your commitment to solving their complex challenges, helping to tap into new opportunities, and your efforts to create an exceptional experience in working with them.
I've always found that feedforward (insightful to use as you look ahead vs. feedback that may only focus on the past) from those who have direct and highly relevant experiences in working with you is priceless. These are the folks who have seen your business evolve and are often willing to provide candid and actionable insights that customers might hesitate to share. This feedforward is diamonds — a direct line to improve, enhance, elevate, or otherwise amplify your unique value propositions.
The next opportunity to work together is another sizable aspect of reconnecting with your customer alumni. Life moves in a constant state of changes and shifts – from our needs to available options, viable alternatives, new innovative approaches to solving critical challenges, and new opportunities yet to be thought of by the masses, hence creating a first-mover advantage. When you reconnect and re-engage, you open new windows to old familiar dwellings. You get and share updates on the evolution of your respective lives and discuss new challenges, opportunities, and approaches to complex problem-solving.
As Steve Jobs once said, "People don't know what they want until you show it to them." Sometimes, they just need a reminder of your new adventures, evolving alongside them.