If a salesperson or business owner wants to energize their business in the second half of 2014 they can’t confuse sales activity with sales productivity! As a matter of fact, the most successful salespeople and business owners I know establish processes that are repeatable and scalable. That way they know what they did when things are going well and they know what to address when things aren’t going as well. One process I suggest they consider is to take my 5% Challenge:
Improve Customer Retention by 5%
– Track customer retention numbers on a monthly, quarterly and annual basis.
– Thank your customers for their business they’ve given you in the past, tell them you want to continue to earn their business today and ask what you can do to delight them in the future!
Up-Sell/Cross-Sell 5% of your Customers
– Offer additional products/services to your customers.
– Establish up-sell/cross-sell goals on a daily, weekly and monthly basis.
Get Referrals from 5% of your Customers
– Make a list of five customers you’d like to ask referrals from
– Create a script (or email template) for them to use when introducing you.
“Win Back” 5% of your Former Customers
– Make a list of five customers that haven’t purchased from you in the past twelve months.
– Create a list of what’s new (i.e., new products and/or services, new locations, new people, etc.) since the last time they bought from you.
– Reach out to them (phone, email, letter, etc.) and let them know you’d love to “earn” their business once again.
Improve your Close Rate on New Business by 5%
– Profile your best customers and sell to more that look like them.
– Leverage referral selling since referrals close at a significantly higher rate than cold calls.
– Improve your negotiating/objection handling skills.
So what can 5% increase in any of these areas mean to you? It’s not a linear projection…meaning it’s not a 25% increase. A 5% increase in customer retention could mean a 20%, 30% or 40% lift in performance. “Winning back” 5% of former customers (and getting them to buy at previous levels) could double your business.Improving your close rate by 5% could mean thousands of additional commission dollars in your pocket.
In closing…I’m positive if you successfully complete our 5% Challenge 2014 could become your best selling year ever!