I’m not sure which of the elements are the most driving… Continue reading
19. Retaining current customers is 6–7 cheaper than acquiring new ones
It’s not a new sales enablement statistic, but it’s just as true today as it was in the past. It’s cheaper to keep your current customers happy than to spend time finding new ones.
Is follow up a scheduled part of your weekly sales actions? Do you ask ‘What’s next?’ with each sales opportunity that closes? Like asking for referrals, staying connected with current clients is low hanging fruit (I dislike that phrase, but it works, doesn’t it?), and doing both will likely produce a 15% increase in business without relying on the company to drive new prospects to you. Make it part of your workweek and practice with other team members before you make any ‘warm’ calls to clients.
If there is encouragement for salespeople to do this, then it must be a priority for a sales manager to check on the actions and the results they are achieving. Be prepared to practice with your team and help them to develop ‘learned dialogues’ that make keeping in touch with clients easier. Knowing that there is value in this sales silo is not as good as taking actions to mine for those opportunities….as actions are the only things that produce results.
# 12 Up to 70% of product information is found online, not through sales reps
Self-discovered information is becoming the norm for product research and purchasing decisions. Your company needs to have targeted and relevant sales materials that are easy for customers to find.
This is true for B2B sales and B2C. The prospect no longer relies heavily on the salesperson for information where there is much to be found online. And researching online is such an integral part of the buying process that it needs to be part of the Discovery Questions that the salesperson is asking their prospect: Where have you been looking? What have you found? What questions do you have? What do you like/not like about what you have learned? Rather than resist internet research, embrace it and ask more questions about it. What we resist, persists!
Have your sales team research what their prospects are searching for so that they know what they are being told. Is the information accurate? Current? Complete? Does it skew toward a particular direction?
Coach your team to include internet research in their Discovery Questions and ask about it in your one on one sessions. Roleplay this area with your people so that they are comfortable having this conversation with their prospects. Otherwise, their prospect knows more about the marketplace than they do…not a good place to sell from.