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.
16. Salespeople who seek out and use referrals earn 4–5x more sales
A whopping 91 percent of customers say they would be willing to give referrals for companies and products they are happy with, but only 11 percent of salespeople ask for them!
Salespeople Yikes! These are crazy numbers! And yet, as I read them I know that AS a salesperson, this is my weakest area. Maybe it’s habit, maybe it’s discomfort asking for more than the sale that was just closed, maybe it’s a lack of skill or language to ask with confidence. In any case, it needs to be an essential element of the sales process and of sales training and coaching.
We can focus on marketing actions all day when the closer and more intimate action of asking for referrals lays dormant. Let’s give this a shot and measure the results. Make it a 90-day experiment with frequent reminders, inspection, discussion. This will change when sales managers take this on as a priority and share results with the team.
#14 Continuous sales training = 50% higher net sales per employee
Salespeople who continuously train bring in 50 percent more sales than those who don’t. It’s a no brainer—keeping sales teams up to date and involved means more sales.
Salespeople Even veterans need to sharpen their skills, techniques, and perspective as the market and the prospect/client changes. Retail and showroom people are experiencing less foot traffic and need to learn the skills of outreach sales actions to stay current and to drivetheir business. And as people and technology change and buying processes evolve, sales training is as critical as ever to stay sharp and on top of your game.
Sales Managers Your team is a reflection of you…and they are following your lead. Sharpen your training and coaching skills as you develop their selling skills. Raise your company standards and train to the new level of expectation. There is no END of the journey to keep your team sharp and in front of their game, so get busy and have fun!!