book (noun, book, \ bʊk \) of business (noun, busi-ness, \ ˈbɪznəs \)
Definition: is a relationship management approach incorporated by organizations that strive to maintain a close professional connection with their top clients. A company’s book of business can exist in the form of either a physical book or virtual database that includes all vital client information and gives an organization the opportunity to: a) divide its customers into groups, b) develop group-specific tactics and strategies, and c) find the golden balance between focusing on the high-value clients, and maintaining a healthy relationship with low-revenue customers.
In a Sentence:
- I think we can greatly benefit from putting together a book of business. Keeping and updating such records will allow us to determine the key clients of our bank and increase the customer support we offer them.
- Once Swift Printing reached a total of three thousand customers, the management concluded that a book of business is needed to improve the company’s strategies. By analyzing a detailed breakdown of its clients, the enterprise would know how to maximize its profits.
Synonyms and related words: insurance, customer relationship management, book value, book building
