Book of business,
Definition of Book of business:
A relationship management technique used by businesses in order to maintain a closer connection with high-value customers. For example, a bank might have customers who provide a large stream of revenue, and another set of customers who do not provide the bank with a large stream of revenue. A book of business contains customer data, and allows a business to break the customers into appropriate groups so that it can set appropriate sales targets. The bank would like to retain both customers, as well as to get low-revenue customers to provide more revenue, but might be inclined to focus more on its more valuable customers.
How to use Book of business in a sentence?
- He was very well versed in the book of business and he knew exactly what to do and when to do it.
- After we broke the 1,000 customer level, we decided we needed to have a book of business . We needed to know who were our top revenue generating customers, and who were smaller customers.
- Our company should create a book of business as we need to know who our key customers are so that we can provide the appropriate levels of support and ensure ongoing favorable business experiences for all of our customers.
Meaning of Book of business & Book of business Definition