Over the past several months, I've increasingly heard from salespeople and sales leaders that business has slowed. Deals are taking longer to close, and accounts are hesitant to make long-term decisions. With this shift, and the need to drive more revenue, the focus on acquiring new business has increased.
While new business development is crucial for growth, many forget the importance of retaining the business they have worked so hard to acquire and develop! Getting new accounts in the door will add revenue, but it will have less of an impact if you are simply replacing dollars from existing accounts – think of trying to fill a leaky bucket.