QBR stands for “Quarterly Business Review,” and is a review of last quarter’s performance, along with a plan for the next three months. The purpose of the review is to gain a better understanding of your customer’s needs and how you can better serve them. Your team can use the meeting to make adjustments that will improve the value you provide to your customers.
The QBR is a great opportunity to show your customers why you are the best choice for their business. It also gives you a chance to show your executives that you care about their needs. However, it’s important to do it correctly. There are many moving parts to a successful QBR, and a poorly conducted one could have a negative impact on your business.
For most companies, return on investment (ROI) is top of mind, and a well-run QBR is the most obvious way to demonstrate that to your customers. QBRs can be used to set goals for the future, troubleshoot problems, and keep your customers informed of your latest offerings. If your organization is new to the concept, consider targeting two accounts in your target market, and focusing on a few select objectives. You can start with the basic QBR, then add more advanced topics in subsequent meetings.
Ideally, a QBR should be designed to deliver the best possible value to both the customer and your organization. A good example is the benefits of a high-level partnership. When you have a strong relationship with your customers, you can help them reach their goals. Likewise, when you are able to provide them with products and services that meet their specific needs, they’ll be more likely to become loyal to your brand.
Getting the most from your QBR can be as simple as having the right people involved. An ideal meeting includes a moderator who can facilitate discussions. Having a clear and concise agenda makes the process run more smoothly. One way to avoid a boring and disjointed meeting is to send out invitations that contain information on the metrics and statistics you intend to discuss. This will ensure that everyone in the room is on the same page, and the meeting will be a success.
Other components of a QBR include a discussion of strategic obstacles, a look at KPI benchmarks, and a list of suggested action steps. Keeping track of your progress during the 90-day review period will prove beneficial to both you and your customers. Even if the meeting is short, it’s a good idea to write a quick summary of what happened during the meeting. Additionally, the meeting is a great opportunity to highlight the ROI of your product and service.
Another nifty thing to do at a QBR is to share your business intelligence with the customer. This is a data-driven approach that can allow you to analyze the client’s performance against their competitors, and show them how they are doing compared to the rest of the industry.