There is nothing that sucks cash like growth in a company.
I know this as I’m taking both Just Williams and The Just Williams Sales Academy on a journey – and its expensive, time consuming and tough. The phrase “Cash is King” we hear frequently and unless you’re raising investment of some kind, your cash for growth comes from Sales.
Growth comes from new business but more importantly looking after your existing customers. Take a moment to stop and think about how much of your company’s income is raised from long-term or repeat customers? And, importantly, what would happen to your bottom line if one day, they all found a new supplier and walked away? Do you have a genuine relationship with them? Do you even have a true retention strategy to make sure you’re looking after them throughout their own journey with you? Because let’s not forget, if you aren’t looking after your existing customers well, there is always someone else who will!
New business is often seen as the ‘way to grow’ for many companies we work with, but ultimately, we know it costs significantly more to prospect, convert and onboard new customers rather than potentially increasing an existing spend by improving relationships. So why do we continually push new business over improving existing?
We presume our customers know all the services and solutions we offer yet rarely do they. The reason they came to us is not always the reason they stay or even relevant anymore. When was the last time you had a deep and meaningful conversation with them?!
Here are a few questions to consider this month:
- Would your existing customers describe the capabilities of your business in the same way that you would?
- What’s your Customer Lifetime Value, and what do you want it be?
- How would you rate your organisation on Customer Service delivery?
- How would your customers rate you on this?
- Are your existing marketing activities and sales engagements portraying your organisations in the way you wish?
Growth comes from existing customers as much as it does from new business.
If this isn’t the case for you – you know where I’m going with this….
Just Williams can support you.
Time to review your customer service, sales and marketing provision.