As a salesperson, you always get a kick out of winning a new customer. All your efforts have paid off and you can look forward to some steady income from your latest acquisition. But what about the customers you already have in your kitty? Selling more to them is crucial to keeping your business afloat.
What many sales executives do not understand is that:
(a) It is far more expensive (up to 50% more) to grab a new customer than to maintain an existing one
(b) Your existing customers will spend more on your products than new ones.
So it’s time you started focusing on the profitable loyalists within your grasp. Here is are 3 tips to doing it right -
INCENTIVES WIN
Do not look at your existing customers on a “been there, done that” basis. Look at their value in the long run, and give them reasons to come back…in the form of your products and services. Give them complimentary upgrades, flexible payment options, free servicing or tutorials for their staff. When they know that you value them, they will not let go of your service. And even better – they will recommend it to others. Another way to strengthen the relationship is to up-sell and cross-sell. Ask your customer if there is something more you can do for them which is within the realm of your suite of services. Charge for services that they will require and do not mind paying for, and position piggyback products which can be used with your main product.
KEEP IN TOUCH
Constant communication and contact drives all relationships, including your business ones. Go beyond just the follow-up and thank you emails. Write to your loyal buyers every once in a while; send a year-end greeting highlighting the different kind of work you have done, and who you have worked with. It could be a friendly message reminding them about all your products available, and the new ones you have introduced. You can also say hello and ask if everything is going well, and offer alternatives or consultations. Whatever it is, keep the conversation flowing…you do not want the only point of contact to be the “Customer Complaint Team”!
LET THEM HAVE THEIR SAY
Give your customers a chance to give public feedback on your business. This could be a product review, or a poll on your website asking them to rate your products, or even an open ended quote about your services. This also shows customers that you value their business and their opinions. In fact, once you post their opinions on your website or email newsletter, send them a copy with a ‘Thank-You’ note.
In short, do not forget your existing clients while you are searching for new ones.
Trust is an important aspect in any interaction, monetary or not. And today, with corporate governance and economic stability gone awry, salespeople need to gain their customers’ trust more than ever. But building credibility and trust does not happen overnight. Here are a few things to keep in mind.
PUT THE CLIENT’S NEEDS FIRST: Your client needs something from you, which is why they have approached you. First off, you need to demonstrate that you understand their needs and that your solution will influence their business. You need to share a common interest with them, which is to achieve their goal.
BE HONEST AND MANAGE EXPECTATIONS: You need to know whether you can deliver. If your solution will not work for them, be honest and walk away. No one wastes time and no one is disappointed. Also, your client is buying into a certain level of risk along with your product or service- it is all part of the sales game. You have a clear idea of what they expect. To assuage some of that risk, you need to manage their expectations. Hold their hand, guide them through every part of the sales process. Your client needs to be certain that you will deliver on your promise.
COMMUNICATE FREELY AND OPENLY: When you are doing business with a first-time customer, there is bound to be some starting trouble with the issue of trust. So you need to keep your lines of communication open at all times- even if it is just to reassure your client that things are going smoothly. However, if things are taking a slightly different course than expected, let them know. Brushing things under the carpet will not help- you will end up losing their trust.
BE CONSISTENT: In a nutshell, deliver on your promises. Everytime. Otherwise, you end up with a lot of one-time customers who will neither recommend your service nor use it again. People like going back to what is familiar to them because it works and they do not have to worry.
There is no single solution or approach to building trust with your customers. And it does not help when businesses view salespeople as someone who is only intent on making a quick deal. Patience is a virtue that cannot be overstated when you connect with your prospects and leads. Always remember that the first impression that the prospect gets about your company and your brand is from you. Building trust from the beginning will end up in a long-term relationship and brand loyalty – something every sales leader aims for.
Knowing what you are selling, where, and whom you are selling it to are three cornerstones of sales. If you do not have the answers to these, then there really is no point in trying to sell – you might as well go home. Before you begin the sales process, do some prep work and focus on the three critical aspects of your sales strategy – product, market, and audience.
KNOW YOUR PRODUCT
Rule number 1: if you do not know what you are selling, no one wants it. How many times have you received a marketing call from your bank or credit card company saying they have an amazing scheme for you, but on further questioning, cannot explain it? Pretty irritating, right? And you probably hung up. You need to know the answers to everything a potential customer may ask. Why is your product priced the way it is? How does it work? How long will it last? Unless you know your product, you cannot sell the benefits. Having solid product knowledge builds credibility.
KNOW YOUR MARKET
Sure, your customers are out there, and so are your advertising and marketing campaigns…but are you present in the same areas as they are? Your brand’s presence needs to be seen and felt by your target customer. This must be establish before you begin running your campaigns. If you are selling women’s beauty and haircare products, then your brand needs to advertise on women-centric sites, magazines and on television channels that have a high female viewership.
KNOW YOUR AUDIENCE
This part is all about the customer demoraphic or profile. Who is going to buy your product? What kind of people are you making it for? Who will find it useful and who needs it? And if your buyer and user are not the same, ensure your sales message addresses both their concerns. For instance, when parents buy toys for their children, they are concerned about safety and education, while the kids want the latest and coolest gadget they can show off to their friends!
Narrow these down so that you get your specific target audience. By profiling your ideal customer, you will also be able to gauge a host of other things: how much they are willing to spend, how often they will spend, their lifestyles and their needs. This helps you make improvements to your product line and your business.
Whoever your audience may be, when it comes to approaching them with a proposal, TinderBox has the solution. From simple proposals rich in content to custom made multimedia proposals, the TinderBox sales proposal software has a great product suite to cater to your needs. Our proposal management system allows you to create, track and manage proposals online.
What drives a sales team to perform better? Well, every manager has been looking for the perfect answer to that for years now. And today, with increased competition and a talent pool that is shrinking, it is imperative that you motivate your sales force so that your growth stays on track.
SUSS OUT THE STRENGTHS
Do not look at the strength of the team as a whole, but as individual strengths brought in by each member. Once you assess these strengths, you can define a growth chart for each executive. See where they stand and what is expected of them going forward.
PRAISE AND THANK YOU
All of us love a pat on the back, and in the case of salespeople, you can multiply that by five. Be specific when you offer praise- don’t just say “great job on the Lexington account”. Tell them what made their performance stand out. Praise members in front of the rest of the team or department: a public pat on the back goes a long way. And as always, remember to say thank you for a job well done…and if you can take it beyond email and send a handwritten note, even better. Add a human touch to all your interactions.
FIND WHAT MOTIVATES THEM
Everyone responds differently and appreciates different things. For some employees, monetary gains may be what drives them; for someone else it may be added power or responsibility. Whatever it may be, once you identify these motivators, you can work towards maximizing potential by offerring these tangible goals.
COACH AND LET COACH
If you see that someone needs help in a specific area, offer help. Some team members may need additional guidance and support to perform at their best. Everyone has a different style of working. Conversely, if you see that there’s a sales executive who is great at something, get him to coach the rest of the team.
SET GOALS AND COMMUNICATE
Before you can get down to selling as a team, you need to define what your selling goals are, and establish a timeline for the same. You should also give your team constant feedback so that they know where they are going wrong, and when. This also prevents leaks in your sales pipeline.
If you had a penny for every time you heard someone say – “Time is money”! And when it comes to qualifying leads, this could not be more true. With everyone strapped for time, and with relatively easier access (thanks to information that can be gleaned from social media and corporate blogs) to a giant pool of potential clients waiting to be tapped, you need to have a quick and smart process to qualify the right leads so that you do not waste time on dead-enders.
B-A-N-T
Many salespeople stick to the tried and tested BANT approach to qualifying leads, which was pioneered by IBM. BANT (Budget, Authority, Need and Timeline,) means determining whether your product or service is in line with the prospect’s budget, their needs, and can be delivered in a time frame that works both ways, and finally, whether you are pitching to the right person or authority. Those are some pretty simple rules to follow, but there is more.
ASK FIRST, PITCH LATER
Sales requires you to understand your prospect’s needs first and foremost. Hosing the prospect down with all the great features of your product will not address their concerns. Ask open-ended questions so that you can draw in as much information as possible. This will help you determine the nature and scale of the problem, and help you figure out if you can actually provide a working solution. If you do not have the resources to solve their problem, move on.
DO THEY REALLY WANT IT?
This is another important factor. How pressing is the potential prospect’s problem? Do they really want your help? There are prospects out there who will humor several possible salespeople, shopping around for the best bargain. You can gauge genuine desire through a few interactions, through body language and more. If your prospect appears dismissive, uninterested, then perhaps they already have someone else in mind or are just looking to negotiate a better deal.
Applying some of these techniques can help weed out the dead-enders from the dealmakers. When you pitch to the right prospects, it saves you time, effort, and money too!
Once you identify your prospects, you can be sure to seal the deal with a smart sales proposal using the TinderBox online proposal software. Our web-based interface can be accessed anywhere and comes with zero installation charges. Once you sign in, you can edit, research, store data and send your proposal with ease.
Do not look at your existing customers on a “been there, done that” basis. Look at their value in the long run, and give them reasons to come back…in the form of your products and services. Give them complimentary upgrades, flexible payment options, free servicing or tutorials for their staff. When they know that you value them, they will not let go of your service. And even better – they will recommend it to others. Another way to strengthen the relationship is to up-sell and cross-sell. Ask your customer if there is something more you can do for them which is within the realm of your suite of services. Charge for services that they will require and do not mind paying for, and position piggyback products which can be used with your main product.
