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