Dave Walmsley: Keys to gaining a full share of potential business from your existing customers – Look after them and their needs !
I started by trying to convince you of the value of an effective retention strategy. Now I want to look into some of the key elements we should focus on to help us maximise sales from this valuable source.
Communicate, Communicate, Communicate
No matter how you look at it, communication is key to customer satisfaction. Many think that because they are sending out the same old boring content time and time again to their customers, it equates to a customer communications strategy. What they fail to realise is that their customers will just switch off and begin ignoring any messaging you send to them. A very dangerous habit to get into. Be engaging through the content you send. Send thought provoking content that makes them ask questions. One thing many companies fail to do is make customer communication a 2-way street. Ensure you and your sales staff solicit feedback from your customers so that you can plan and adjust your service to ensure you maximise your share of business from this group. Get your communication right and they will keep coming back for more.
Make it personal
"We are entering an era where one size no longer fits all…. We are entering an era where one size fits one. It is highly personalized, customer-centric, customer-driven." One Size Fits One: Building Relationships One Customer and One Employee at a Time by Gary Heil, Tom Parker, Deborah Collins Stephens A very true statement, but since the time this book was written – we are now well and truly established in this era. Customer Relationship Management is at the core of all successful modern customer strategies. Again it comes back to your customer communication. Encourage them to provide you with information about them that will help you when you are trying to sell the next service. What is changing in their business or their business strategy ? What challenges or competitors are they facing and how can your company support them? It will help align you with their strategy and goals and above all help gain their trust. Customers who feel that they are being treated as an individual are much more likely to remain an active customer. The key questions I would recommend any sales person to ask their customers revolve around making their lives easier as in my experience the more I make the life of the customer easier, the more share of the wallet comes my way:
Q1: What keeps you awake at night?
Q2: How can I help you get promoted?
Q3: How can we help you earn your bonus/rewards ?
I hope you find this small selection of suggestions thought provoking to assist you when looking at ways to increase share of wallet from existing customers. If we get these key areas right, then we are well on our way to maximise our share of potential business from our existing customers. The core message of this article is look after your customers, listen to them, and communicate with them as an individual - they are sure to repay you with repeat and expanded business.