MANY BUSINESS OWNERS are quick to direct their sales people spend time on getting new business.
Often ignoring what they already have.
Its partly the thrill of the chase, the idea of something new.
Russell H. Conwell, tells a wonderful story, Acres of Diamonds, about a young man who left home to roam the world seeking his fortune. Unsuccessful and returned home only to find an acre of diamonds outside the back door of the property he once owned.
New business is expensive to find and win away from current suppliers. Up to 10 times more expensive to do business compared to the those outside your back door. Yes you should always have a stream of new business to offset change in your present clients, but it should not represent more than 20-25 % of your business income.
The good news is every business has low hanging fruit.
Say that within earshot of any sales rep or sales manger and you instantly have their attention.
Yes, they're called existing CLIENTS.
12 ways how you can pick your low hanging fruit
1/ SHAKE UP YOUR SALES TEAMS
Change your sales representatives territory, particularly if they have been calling on the same clients for yonks.
Expect a reaction to this move. But maybe some have been in a comfort zone, and taking their current relationships for granted and not seeing opportunities that a fresh set of eyes might. Have you the strength of leadership to take this action?
An alternative is to allow the sales representatives keep their top 20% but allocate the remainder to new representatives. That way you might get out of the announcement meeting alive!
2/ ARE YOU ENGAGING YOUR CLIENTS AS MUCH AS POSSIBLE ON ALL PLATFORMS AS POSSIBLE?
This was the remark by the head of Disney Studios at a Licensing conference in Melbourne I attended recently. Apart from complaining that he’d never been up at such an hour (7am in Los Angeles) he opened the breakfast saying that the question (" Are you engaging your clients as much as possible on all platforms as possible ?") was asked by his team at Disney at every meeting he attended. It drives their every action. How would you answer that question?
Are you engaging your clients as much as possible on all platforms as possible?
3/ USE EMAIL CONTENT MARKETING
The most cost effective way of engaging and stimulating your clients. No not as a means to convey this month’s specials and use just as as another advertising channel, but with quality content that provides clients with knowledge and value.
If you establish trust and value you maybe be allowed to market directly to them on a 1:4 basis. What is stopping you to use this highly cost effective medium?
What is stopping you to use this highly cost effective medium?
4/ GET OFF YOUR BUTT AND OUT OF YOUR OFFICE
Get out of the comfort and warmth of your nicely appointed work space and visit your clients in their work place. When was the last time the owner or CEO of one of your suppliers visited you at your office? Maybe never! Too busy? What would you prefer to be an overhead or a direct cost (a cost which you can recover from sweat equity!)
5/ SPECIAL SNEAK PREVIEW OF NEXT SEASON'S RANGE
If you don’t have an exciting product or service then make the occasion or location the excitement factor. Invite current and lapsed clients to a special function (drinks and nibbles). Having worked for key brands in the electronics area (Pioneer) they would range their new components twice a year – and invite key clients and media. Why not do the same. At least a good excuse for a party.
6/ ONE WAY TO GET REFERRED BUSINESS
Referrals. Don't get many? Then freely give them! Simple as that. Think about your clients and ways you might refer business. Then leave it to the Law of Reciprocity. Don't be surprised nor disappointed when the referred business to you comes from another direction. That's the Law of Reciprocity working.
7/ DO SOME PHONE RESEARCH
Either personally or commission someone to research customers, both current and lapsed, on what they like about your product or service. If there is any suggestions to improve, or anything they might add, and if appropriate why they haven’t been using your services lately. Former clients may not give the real reason but if the interview is done respectively and sensitively they may be impressed by your want to listen and improve.
8/ SEND THEM FREE STUFF.
We all love free stuff. In your travels you will come across some new and low cost items. Why not buy up a bunch and send them out selectively with a personal note.‘Thinking of you. Thought you might like this.” Or do you have promotional caps and jackets. One of my clients' sales representative gave away a cap and jacket just being polite to someone who doesn’t even use his equipment (in the Ag and Earth moving area). The happy recipient rang three months, later switched brands, and the rep booked an $80 k order.
9/ RUN A PROMOTION
A promotional competition for clients. Invite them to enter. Or you enter them.
If it is a mature product or range a well thought out promotion supported by new point of sale and collateral can give a new and exciting boost to the relationship, Well if Madonna can reinvent herself why shouldn't a makeover to the stars of your range?
10/ WRITE A BLOG AND QUOTE THEM OR ASK THEM TO COMMENT
Appeal to their ego. Take an aspect of your relationship, or borrow from their narrative to feature them in your company's blog. Interview the CEO on the organisation, their service or unique aspects of their value offerings. Particularly valuable to your client if your blog is also followed by their prospective customers
11/ RECOGNISE A SPECIAL Date
Copernicus was wrong. Earth doesn't revolve the Sun. It revolves around us. We are the most important people in the universe or at least most important people in OUR universe. (That is why we send (m) emails.)
So the fastest way to get others' attention is recognise things that they are interested or involved in. It all started at birth. So their birthday is most important (even when they say it isn't). Its an important date to them. So recognise it. Give them a call, text, leave a facebook post, leave a message all Wishing them a great day. Why? Because many will not.
There are other dates that are excuses to just connect. Anniversary of their job, their new role appointment, admittance to a club, a win by their favourite sports interest. Just think if you had to judge when they were good to make contact then every chance these days are the ones. (Whilst saying important to make contact don't break into a sales speil. It will spoil the moment.)
12/ CHECK- IN.
Regularly call (one each day, if possible) a client you haven’t heard from or seen for some time. The contact importantly is NOT a sales call, but just of general interest to see how they are going. Importantly, again, don’t sell on this call even if they initiate the subject. Hard yes. Otherwise it will also spoil the warm 'fuzzy feeling' they will have when they hang up the phone.
Sometimes the best sell is when you don’t sell at all.
SUMMARY
We often leave, in particular, the low maintenance clients to themselves happy to and let the orders flow in at will. Allowing us to spend time with the problematic, low yielding or the vast green fields of prospects.
The most expensive part of a sale is the first transaction. That is where the time is spent, finding, nurturing and selling to them. Then building up initial contacts to builds a relationship. Then we get bored. we get busy, and just as dangerous sales flow in. Dangerous yes. Because complacency follows.
But remember if they have not had contact with us for 90 day or more human nature being what it is, and the frantic nature of our dynamic and competitive workplace, they forget about us. Not just forget, but forget we even walked the planet.
Yes, we must attract new business.
But not at the expense of our true and tried loyal customers.
We must continue, daily, ask our selves the question raised by our Disney executive:
Are you engaging your clients as much as possible, on as many platforms as as possible?"
If not somebody else will!
if you found this blog interesting and of value we invite you to LIKE and SHARE for others to gain from the benefits of looking after your low hanging fruit, their existing clients.
Other posts by this author include:
- Darwin Awards for Sales people
- What is your Coaching philosophy
- Remarkable People leave their mark
- 14 Keys to Effective Checklists
- 7 Things I would tell my Younger self
