Retaining your customers in 2008 – start the process today.
Many salespeople are guilty of “hit-and-run” selling. They get the
order and then disappear until the renewal is due or they want to
upgrade the customer with additional products or services.
Successful sales professionals understand a fundamental, yet basic
concept: The cost of keeping a customer is far less than the cost of
bringing in a new customer. They intuitively know the importance of
staying in touch with everyone impacted in the purchase decision
throughout the lifecycle of the relationship. Reinforcing,
communicating and reviewing the purchase decision throughout the
relationship will not only help to solidify the business relationship
over time, it will increase the likelihood that they will retain their
customers.
The business of “sales” isn’t simply the acquisition of new customers;
it is also the renewing and reselling of your existing customer base. A
top sales professional that I work with once told me that he wasn’t in
the sales profession; rather he was in the “customer success business”.
The sale of his product and service was a derivative result. A key
aspect of your role as a salesperson is to maintain and grow the
revenue from your existing customers. Losing customers is akin to
losing a key corporate asset.
People are satisfied when their needs are met and value is realized
from their purchasing decisions. Checking in from time to time shows
customers that you see them as more than just a series of commission
checks. It also justifies the trust they put in you in the first place,
which makes the buying process a lower-risk proposition and sets you up
for a successful second or third sale.
So what if you find that it’s been months since you last spoke to a key
customer? What if the “champions” who originally decided on your
solution are no longer in their original positions?
When things change over time in your customers’ worlds, and they will,
the ValueSelling conversation can be used again and again to reconnect
to the new players and executives in your account. Remember the
fundamental principle in ValueSelling, “People need a reason to
change.” Now they will need a reason to change away from your company.
Proactive communications, review of business issues, uncovering new
problems that you are uniquely positioned to address with your
solutions are key aspects to customer retention.
Value in the past doesn’t necessarily guarantee value in the future.
Once a need has been satisfied or problem has been solved, it is no
longer a motivator. Yet most sales people don’t approach renewal sales
with the same rigor of sales process that they do new business. That is
a trap that you can avoid with ValueSelling. Use the process for both
your renewals and existing customers to ensure that they keep doing
business with you and your company.
