sales training

We all search for the ‘silver bullet’. We all look for those incremental gains that will increase our bottom line, enhance our pipeline and drive return. Whether that be a new market opportunity, a large contract win or an opportunity to develop a long-term client relationship that will, in turn, open new doors, the silver bullet can look different to every business.

I am frequently asked about it – the one element that will ‘revolutionise a business’, or individual member’s performance. Whether that be in customer service or in business development, it matters not. The quest behind the silver bullet remains the same for everyone, what is the most efficient and effective way to drive sales and grow the customer base?

In last month’s edition I discussed a topic hotter than the British summertime and one I really want those of you with sales targets, portfolios, account management duties, etc to consider; CLV – Customer Lifetime Value. One of, if not the most important aspect of any of the above roles and one no Business Owner should dismiss. Also featured last month was perhaps a new one for you – CPAM – Cost per Acquisition and Maintenance, which leads me nicely to this: If I could tell you one thing to help grow your business, reach new markets, and find that elusive silver bullet, here’s what you need to do…

Develop a Customer Retention and Engagement Strategy

I talk about this so much that I’ve been questioned as to whether in fact, it is in the remit of Sales. My reply – everything you do is Sales. Customers have never had so much choice or information at their fingertips, or so many alternative providers to choose from. If you don’t engage, make them feel valued, and manage the relationship, they will go elsewhere. Let me repeat that, they will go elsewhere. Gone are the days of long-term loyalty. We as consumers want to feel valued, engaged with and heard. And it’s quite simple these days, if we don’t, we will find someone else who listens! Too direct? You should grab a coffee with me and see how animated I get on this subject!

It always amazes me how many organisations and individuals are all about the chase – the win, signing the contract then what? The fun is over, and the customer is left to their own devices – they will suss you out and they will leave. You know how much more expensive it is to acquire a new customer than to retain an old one. But retention isn’t enough. We need to engage with our customers on a deeper level – they have the ability to shape our future innovation, introduce us to their stakeholders, and in turn grow our business exponentially. They have the ability to be our ready-made sales and marketing team, promoting us at every opportunity.

It’s no longer enough to have an annual account review or send a newsletter out once a year calling it “Customer Engagement”. If I could tell you one thing, it would be to create a customer journey – a fully mapped cyclical process. Engage, interact, and above all, make your customer feel valued because if you don’t, someone else wil.

Or if you, like us believe in Outsourcing and focusing on your core expertise, we have a range of sales and / or marketing solutions for you to help you grow your business profile, increase lead generation and are your ready-made Sales and Marketing team. Including supporting your retention and customer journey…

Find out how we can help you with your Sales and Marketing.

• Consultancy
• Mentoring
• Roots – Sales and Marketing outsourced for small businesses
• Going For Growth – Sales and Marketing outsourced for medium businesses.

We would love to chat to you. Contact me or any of my team to find out more.

Jessica

Who doesn’t love an acronym?!

Well dare I tell you; the world of sales is no different – we too like the odd acronym. Perhaps, not in the volume some other sectors do but well, we just don’t like to feel left out.

So here is a new one for you. One we’ve been talking about a lot of late. A methodology we’ve been honing with our clients and running training sessions over the last six months.

CLV = Customer Lifetime Value

CPAM = Cost per Acquisition and Maintenance

ROI = Return on Investment

You’d be forgiven for not coming across the phrase Customer lifetime Value before and perhaps Cost per Acquisition and Maintenance, but Return on Investment should be a staple. So, let’s explore these in detail and look at why they are so vital to your business and why in my opinion, all and every person in every business should understand and know these numbers.

Customer Lifetime Value (CLV) is not a new concept, but one we have become more and more aware of. Distasteful, absolutely not – the value of your customers over the lifetime they remain a customer is an essential element to understanding your retention and customer acquisition strategy – ultimately fundamental to your overall business strategy.

Your CLV is the value (financial and otherwise) your customer represents over the term they remain a customer – so based on either their average spend over the term, or your ideal spend and term per annum i.e., 30K per annum x 3.4 Years = Customer Lifetime Value. You will have your actual versus your ideal.  It is this metric I recommend embedding into your annual Key Performance Indicators both company-wide and on an individual basis.

Imagine the difference it would make to your bottom line if you increased your Customer Lifetime Value by 10%. Often when we look to grow our businesses, portfolios and product lines, we focus on new business growth, new customer, new opportunities, new markets, new geographies. We forget our existing customers, we get complacent and, in a market, where very few of us are the sole provider of our service of product, i.e., we have competitors – what is our differentiator when it comes to retaining our customers? We have to add value at every turn; our differentiators cannot be price, people or market position or even a product as all of these elements can be replicated. We have to go above and beyond and give reasons for our customers to remain loyal. It is far more cost effective to retain customers than to acquire new ones, up to 125% more so (HubSpot, 2022). The Cost per Acquisition and Maintenance (CPAM) of your customers is another important metric to consider when establishing Return on Investment. What elements go into acquiring new customers? From marketing campaigns, sales campaigns, time, events, networking costs (ask NetKno about this) Platform costs, membership organisations, publications – the list can be endless. Not only the cost of acquiring but also maintaining and account managing. But have you ever sat down and worked out how much it actually costs to acquire a customer and then retain one? Few of us have and I can pretty much guarantee once you have, you will place more focus on your retention strategy!

Return on Investment (ROI) – an acronym you really have no excuse to not know. What return do you have to make on your investment to break even? In sales we can look for anything from a 2.5x ROI – 100x dependent on your market, manager or product / service.

Understanding your sales cycle and pipeline are a critical aspect to all the above and the timeframes involved. We’ve been running workshops, training days and mentoring sessions for the last eight years on how these elements can be embedded across a wide variety of markets – so if you would like some additional information on any of the topics, give my team a call.

Or if you, like us believe in Outsourcing and focusing on your core expertise, we have a range of sales and / or marketing solutions for you to help you grow your business profile, increase lead generation and are your ready-made Sales and Marketing team.

Find out how we can help you with your Sales and Marketing.

• Consultancy
• Mentoring
• Roots – Sales and Marketing outsourced for small businesses
• Going For Growth – Sales and Marketing outsourced for medium businesses.

We would love to chat to you. Contact me or any of my team to find out more.

Jessica