We all search for the ‘silver bullet’. We all look for those incremental gains that will increase our bottom line, enhance our pipeline and drive return. Whether that be a new market opportunity, a large contract win or an opportunity to develop a long-term client relationship that will, in turn, open new doors, the silver bullet can look different to every business.
I am frequently asked about it – the one element that will ‘revolutionise a business’, or individual member’s performance. Whether that be in customer service or in business development, it matters not. The quest behind the silver bullet remains the same for everyone, what is the most efficient and effective way to drive sales and grow the customer base?
In last month’s edition I discussed a topic hotter than the British summertime and one I really want those of you with sales targets, portfolios, account management duties, etc to consider; CLV – Customer Lifetime Value. One of, if not the most important aspect of any of the above roles and one no Business Owner should dismiss. Also featured last month was perhaps a new one for you – CPAM – Cost per Acquisition and Maintenance, which leads me nicely to this: If I could tell you one thing to help grow your business, reach new markets, and find that elusive silver bullet, here’s what you need to do…
Develop a Customer Retention and Engagement Strategy
I talk about this so much that I’ve been questioned as to whether in fact, it is in the remit of Sales. My reply – everything you do is Sales. Customers have never had so much choice or information at their fingertips, or so many alternative providers to choose from. If you don’t engage, make them feel valued, and manage the relationship, they will go elsewhere. Let me repeat that, they will go elsewhere. Gone are the days of long-term loyalty. We as consumers want to feel valued, engaged with and heard. And it’s quite simple these days, if we don’t, we will find someone else who listens! Too direct? You should grab a coffee with me and see how animated I get on this subject!
It always amazes me how many organisations and individuals are all about the chase – the win, signing the contract then what? The fun is over, and the customer is left to their own devices – they will suss you out and they will leave. You know how much more expensive it is to acquire a new customer than to retain an old one. But retention isn’t enough. We need to engage with our customers on a deeper level – they have the ability to shape our future innovation, introduce us to their stakeholders, and in turn grow our business exponentially. They have the ability to be our ready-made sales and marketing team, promoting us at every opportunity.
It’s no longer enough to have an annual account review or send a newsletter out once a year calling it “Customer Engagement”. If I could tell you one thing, it would be to create a customer journey – a fully mapped cyclical process. Engage, interact, and above all, make your customer feel valued because if you don’t, someone else wil.
Or if you, like us believe in Outsourcing and focusing on your core expertise, we have a range of sales and / or marketing solutions for you to help you grow your business profile, increase lead generation and are your ready-made Sales and Marketing team. Including supporting your retention and customer journey…
Find out how we can help you with your Sales and Marketing.
- Roots – Sales and Marketing outsourced for small businesses
- Going For Growth – Sales and Marketing outsourced for medium businesses.
We would love to chat to you. Contact me or any of my team to find out more.