What is a QBR in business?

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Sales

Congratulations! You’ve landed a new customer! While you probably want to relax and celebrate now, it’s important to note that your work is far from over. Retaining customers is often even more difficult than landing them in the first place.

There are an endless number of ways to approach customer retention, and companies have tried probably anything you can think of—from gifts to creative customer service and much more. But one of the best ways to keep customers happy is simply by keeping them informed and involved. A QBR is a great way to do this.

So, what is a QBR in business exactly?

QBR, short for quarterly business review, is a regular presentation to customers, outlining the progress of KPIs. These reviews traditionally address the company's goals, challenges, and opportunities to give others an idea of where the business currently stands and where it’s poised to go in the near future. QBR meetings can also be geared toward internal teams or stakeholders.

QBRs can look very different from each other—it doesn’t matter if they’re held in person or remotely, how many people attend, or even how they’re structured. There are many ways to hold a successful QBR, but you should absolutely prioritize holding them.

Use this free QBR presentation template as a starting point to keep the discussion on track.

Learn the difference between deal reviews and QBRs and how both contribute to sales success.

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The benefits of a QBR meeting

There are many reasons why QBRs are important. Here are a handful to consider:

They strengthen your relationship with stakeholders and build trust: Proactively meeting with high-value customers and stakeholders on a regular basis reinforces that you care about their partnership, that you’re available for support, and that you don’t take their support for granted. Plus, the visibility and transparency QBRs offer into your business builds trust.
They reinforce your value: QBRs provide an opportunity for you to share how well the company is doing. You can highlight your product’s ROI and demonstrate how it’s expected to grow in the near future, securing the loyalty of stakeholders and customers alike.
They allow you the opportunity to serve others better: Holding a regular meeting offers a chance for customers and stakeholders to ask questions and voice concerns, so you can serve them better. You’re able to give them personal attention, reinforcing the value of the relationship. Plus, you’ll likely learn more about your customer base in the end, which you can translate into product or service improvements.

How to prepare for a QBR

For a successful QBR, you’ll want to come prepared so the time is well spent. Here are several tasks to include in your QBR preparation:

Define goals: Creating and reviewing strategic company goals is the first step in knowing what to include in your quarterly business review. Once those are defined, you can break them down into SMART goals that ultimately will build up to the strategic goals.
Select an owner: The QBR owner should guide everyone through the process, moderate meetings, maintain focus, and organize details. Because of the impact QBRs can have, the owner is often a company executive or a senior leader.
Invite strategic attendees: The QBR owner will choose who participates in the QBR. This is a strategic decision so that decision-makers are targeted. Invitations should be made with plenty of lead time so attendees can make plans to attend—aim for at least one month. Pre-scheduled QBRs can even stay on the calendar at regular intervals for simplicity, like every third Thursday, for example.
Prepare an agenda: Agendas are vital for every meeting. They keep discussions on track and ensure goals are met without wasting time. When distributed in advance, they also give attendees an opportunity to come prepared with questions and concerns, making participation easier.

What to include in your QBR meetings

There are many metrics and items you can include in a QBR, but overall, they must include a report on what is going well and a plan for the future. Here are some items to consider:

KPIs and business insights

At its core, QBRs should include a measurable way to evaluable the company’s performance, like KPIs. QBRs should feel actionable to reinforce value and drive results. The following questions should be easy to answer after an effective QBR:

What does success look like for the company?
What is the company currently working toward?
What goals are top of mind for this company?
Where is the company currently in relation to its goals?

Benchmarking data

Benchmarking data provides a standard for customers and stakeholders to evaluate the company's performance efficiently. It provides a clear point of reference to compare current performance with past performance, with competitors, or with industry standards in general.

It also provides a realistic point to set further goals for the future and surfaces trends that could help or hinder your company’s overall progress.

Goals and strategic planning

After you’ve clearly laid the foundation of the business's performance, it’s time to share your vision for the future. Share the company's goals, ensuring they align with the goals and pain points of customers and stakeholders. These goals should incorporate market changes, feedback, or new business insights.

Taking time to synthesize goals provides additional insight into what initiatives should be prioritized and what customers want in your product.

This free strategic planning template will guide you in determining the best path forward for your organization.

We’ll walk you step-by-step through creating a strategic plan.

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About Lucidchart

Lucidchart, a cloud-based intelligent diagramming application, is a core component of Lucid Software's Visual Collaboration Suite. This intuitive, cloud-based solution empowers teams to collaborate in real-time to build flowcharts, mockups, UML diagrams, customer journey maps, and more. Lucidchart propels teams forward to build the future faster. Lucid is proud to serve top businesses around the world, including customers such as Google, GE, and NBC Universal, and 99% of the Fortune 500. Lucid partners with industry leaders, including Google, Atlassian, and Microsoft. Since its founding, Lucid has received numerous awards for its products, business, and workplace culture. For more information, visit lucidchart.com.

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