Cost of Ignoring Clients
By Luke Larson
I HAVE WORKED WITH DOZENS of companies over the past several years and have been surprised at how many concentrate more on client acquisition than they do on client retention. Sales managers often make the mistake of focusing their team on acquiring new accounts (cold calling) rather than nurturing their existing accounts.
While cold calling (new business development, client acquisition, prospecting) certainly has its place, giving it paramount importance over growing your current client base may not be prudent over the long haul.
Your client base represents your most valuable asset. It’s a veritable gold mine with abundant, untapped sales revenue potential. Most salespeople simply scratch the surface when it comes to mining their client base for additional business.
Most of your clients are looking for ways to reduce expenses, drive sales revenue, increase productivity, and improve efficiency. You may have the very solution they need to help them achieve their goals.
If You’re Not Selling . . .
By Michael Dalton Johnson
Are you working hard, but not getting the results you want? If you’re a professional salesperson and you’re not selling, it could be because:
You are boring. Do customers cut you off in mid-sentence, or jump in when you pause for breath? Chances are, you’re boring them. Paint a vivid picture and put them in it; use an example or interesting case history to illustrate your point. Whip out some visuals to show them how much they will save.
You insult their intelligence. "Mr. Jones, would you like to save money on your long distance phone bill?" Polling prospects with lame questions in an attempt to get them to say yes is manipulative and insulting. Instead, ask open-ended questions to elicit their needs. Treat them with respect by tailoring your questions to their company, industry and circumstances.
You are uninformed. Take time to visit the website of your prospect’s company. Check out their competition, industry association and trade journals. Remember: the more you learn, the more you earn. If you do not understand what your prospects do, and what issues they face, how can you expect to determine how your product or service can best help them?
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