Thursday, June 9
5 tips on selling deeper into existing clients
Here are five tips on how to sell deeper into existing clients:
1. Account Evaluation
At least twice a year should do an account evaluation; it helps you decide
where to spend your time most effectively. First analyze each account on its
own merit. How much revenue do they account for? What's their profitability?
What's their percentage of your overall business?
2. Develop an Account Strategy
Figure out the ROE of that account - that is Return on Effort! How much do
they buy vs. how much work does it take on your part to generate additional
sales? What is your current position with that account on scale of 1-10? Do
they love you, or are they about to jump ship? Are you a partner or a
peddler in their eyes? And the tough question: Do you keep them or 'fire'
them in favor of more profitable clients?
3. Do a Who-What-Where Analysis
Now that you have looked at the account generally, what are the aspects of
the account you can expand? Are they buying similar product lines or
services from other sources? Can you expand your level of service with them? Can you sell to other departments/ areas/ regions/ etc.? How? Who in the organization can help you? Who outside the organization can help you? What part of the pie do you have? The real question is how can you get 100% of the business from 100% of your customers?
4. ToMA - Top of Mind Awareness
Top of mind awareness should be the goal in gaining more business. Stay in
front of current clients with value. Why? So that when they think of your
product/service, they think of you first! Consider different forms of
staying in touch. What will they respond to and keep? E-mails? Letters?
Offers? Coupons? Industry news? Articles? Newsletters? Develop a 12-month ToMA campaign plan!
5. Leveraging the Layers
Leveraging the layers means knowing all the key influencers in the account.
Think of your current client organizations as a 7 layer cake. Most
salespeople know (and sell to) the top layer – or worse, the middle layer!
And most salespeople stop selling after the first slice is sold! Know all
the layers - get introduced up and down the organization. Then, sell all the
layers. How? Communicate with all of them; share your value and your ideas
with all of them. Finally, develop a 'key employee' exit strategy - in other
words, think about what to do if your favorite contact at that company moves
on. Will you lose the account? You won't if you've done these 5 steps
right!!
1. Account Evaluation
At least twice a year should do an account evaluation; it helps you decide
where to spend your time most effectively. First analyze each account on its
own merit. How much revenue do they account for? What's their profitability?
What's their percentage of your overall business?
2. Develop an Account Strategy
Figure out the ROE of that account - that is Return on Effort! How much do
they buy vs. how much work does it take on your part to generate additional
sales? What is your current position with that account on scale of 1-10? Do
they love you, or are they about to jump ship? Are you a partner or a
peddler in their eyes? And the tough question: Do you keep them or 'fire'
them in favor of more profitable clients?
3. Do a Who-What-Where Analysis
Now that you have looked at the account generally, what are the aspects of
the account you can expand? Are they buying similar product lines or
services from other sources? Can you expand your level of service with them? Can you sell to other departments/ areas/ regions/ etc.? How? Who in the organization can help you? Who outside the organization can help you? What part of the pie do you have? The real question is how can you get 100% of the business from 100% of your customers?
4. ToMA - Top of Mind Awareness
Top of mind awareness should be the goal in gaining more business. Stay in
front of current clients with value. Why? So that when they think of your
product/service, they think of you first! Consider different forms of
staying in touch. What will they respond to and keep? E-mails? Letters?
Offers? Coupons? Industry news? Articles? Newsletters? Develop a 12-month ToMA campaign plan!
5. Leveraging the Layers
Leveraging the layers means knowing all the key influencers in the account.
Think of your current client organizations as a 7 layer cake. Most
salespeople know (and sell to) the top layer – or worse, the middle layer!
And most salespeople stop selling after the first slice is sold! Know all
the layers - get introduced up and down the organization. Then, sell all the
layers. How? Communicate with all of them; share your value and your ideas
with all of them. Finally, develop a 'key employee' exit strategy - in other
words, think about what to do if your favorite contact at that company moves
on. Will you lose the account? You won't if you've done these 5 steps
right!!
