Sell More Now With Relationship Strategies

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Defines the relationship process for creating value; a roadmap for making the process scalable and repeatable; and gives you six things that you can do to SELL MORE NOW.

Published in: Business, Technology

Sell More Now With Relationship Strategies

  1. 1. Relationship Strategies Will Help You Sell More Now. (You’re already spending the money.) Customer Value. Right. Now. 1
  2. 2. What’s going on? Customer Value. Right. Now. 2
  3. 3. Customer Value. Right. Now. 3
  4. 4. Customer Value. Right. Now. 4
  5. 5. Customer Value. Right. Now. 5
  6. 6. Customer Value. Right. Now. 6
  7. 7. You’ve done all you can with price and product. Customer Value. Right. Now. 7
  8. 8. You’ve done all you can with price and product. Customer Value. Right. Now. 8
  9. 9. With price and product optimized What is your path to success? Customer Value. Right. Now. 9
  10. 10. The customer relationship is all that’s left. But do we know how to define it? Customer Value. Right. Now. 10
  11. 11. Let’s define customer relationship. Customer Value. Right. Now. 11
  12. 12. The definition of customer relationship is a bit of a black box. We can define the process of developing relationships. Customer Value. Right. Now. 12
  13. 13. Your Is helpful and Company responsive. Your Provides feedback Customer and insight. Uses customer Your feedback to Company create value. Is more satisfied, Your loyal and profitable. Customer Customer Value. Right. Now. 13
  14. 14. This makes sense to me. I want to do this. Customer Value. Right. Now. 14
  15. 15. Hold on a second. Relationships are for the long-term. What’s the short-term payoff? Customer Value. Right. Now. 15
  16. 16. The relationship process does get short-term results. Customer Value. Right. Now. 16
  17. 17. Cases Customer Value. Right. Now. 17
  18. 18. Admin Case: Insurance Beneficiary Mailing   Insurance carrier serves the education community   Administrative requirement to confirm beneficiary status   High cost with little/no tie to sales   Opportunity to use relationship process to sell more now. Customer Value. Right. Now. 18
  19. 19. Your Is helpful and Company responsive. “Life changes all the time. At Teachers Life we’re passionate about protecting you and your family as your situation changes. Please tell us a bit about yourself so that we can continue to develop products to serve you better.” Customer Value. Right. Now. 19
  20. 20. Your Provides feedback Customer and insight. Personalized Microsite   Presence of children (and ages)   Home ownership   Specific insurance needs:   “Ensuring I have enough Life Insurance to protect my family”   “Insuring my children and grandchildren for life”   “The flexibility of using Life Insurance to protect my mortgage or new home”   “Protecting assets and insuring myself against critical illness”   “Other” Customer Value. Right. Now. 20
  21. 21. Uses customer Your feedback to Company create value.   Thank the customer   Reference their feedback   Customer knows we listened   Information requests and leads sent to sales   Provide sales with support material   Follow-up scripts   Email copy   Relevant collateral Customer Value. Right. Now. 21
  22. 22. Is more satisfied, Your loyal and profitable. Customer Results  Short-term: Generated 15% of annual sales target (from just this one program)  Long-term: Feedback results in •  Relationship information for future use •  shorter sales cycle •  more efficient future spend Customer Value. Right. Now. 22
  23. 23. Marketing Case: Pharmaceutical Advisory Board   Small event for key customers to garner insight and establish strategy for the broader market   Broader community (prescribing and non- prescribing) are not engaged in the process   Opportunity to use the relationship process for greater impact in the marketplace Customer Value. Right. Now. 23
  24. 24. Your Is helpful and Company responsive. “Janssen-Ortho regularly seeks feedback and insight from leading experts regarding issues most relevant to our brands and the physicians that prescribe them.” “…The insights you share with us will direct the conversation at the Advisory Board meeting” Customer Value. Right. Now. 24
  25. 25. Your Provides feedback Customer and insight.   Importance of Agenda Items Screening   Differential Diagnosis   Treatment Goals   Managing Co-morbidities   Other     Attendance at the National Conference   Requests for additional information/materials Customer Value. Right. Now. 25
  26. 26. Uses customer Your feedback to Company create value.   Thank responders and send summary of Advisory Board discussion.   Re-engage and share results with non- responders   Offer additional support materials from Medical Information Services team   Responses sent to Sales force as suggested discussion at next meeting Customer Value. Right. Now. 26
  27. 27. Is more satisfied, Your loyal and profitable. Customer Results  Participation (response) rate: 18%  Short-term: •  Enables sales dialogue based on stated attitudes. •  Validates segmentation. •  Indications of changes in prescribing behaviour.  Long-term: •  Opens door to subsequent rounds of feedback-based communication •  Reinforces commitment to supporting physicians Customer Value. Right. Now. 27
  28. 28. Sales Case: Financial Services Prospecting  Business as usual was not working  “Product performance” message falls on deaf ears over time  Traditional approach has been for Sales to cold-call unrelated to other Marketing activity  Opportunity to rethink the way we prospect – use an offer of information to earn the right to a sales conversation. Customer Value. Right. Now. 28
  29. 29. Your Is helpful and Company responsive.   Invitation to receive timely insights and articles sent from Financial Advisor   Advisor follows-up with a call   Deliver a helpful, responsive experience Customer Value. Right. Now. 29
  30. 30. Your Provides feedback Customer and insight. Preferences Needs and Competitive Interests Relationships Objections
  31. 31. Uses customer Your feedback to Company create value.   Thank the prospect   Send selected articles of interest over time   Earning the right to have a conversation about products and services   Provide Sales with support material.
  32. 32. Are more Is more satisfied, Your satisfied, loyal They loyal and profitable. Customer and profitable. Results  Short-term: Relationship approach yields 160% greater sales (prospect conversion) over control  Long-term: Feedback results in more effective sales and marketing based on: •  Stated needs •  Uncovered opportunities  Results have held for over four years Customer Value. Right. Now. 32
  33. 33. Service Case: The Call Center  Property and Casualty (P&C) insurance carrier  They speak with a very high percentage of their customers for service related issues throughout the year  Service contacts are typically being used to engage in sales efforts  The relationship process can be used to dramatically increase success Customer Value. Right. Now. 33
  34. 34. “Thank you for being our customer. It is very important to us to better understand your needs and preferences so that we can satisfy them more effectively.” Sale Issue Inbound Call Resolved No Sale Initiate Collect Dialogue Feedback Automated Relationship Sales Program No Close Feedback The Call
  35. 35. Your Provides feedback Customer and insight.  Feedback:   What are we doing well?   What could we be doing better?   Do you intend to renew?  Feedback then combined with historical data: Affinity group   Renewal date   Tenure   Cohort statistics   Demographic, geographic   Customer Value. Right. Now. 35
  36. 36. Uses customer Your feedback to Company create value. Customer Value. Right. Now. 36
  37. 37. Are more Is more satisfied, Your satisfied, loyal They loyal and profitable. Customer and profitable. Results  Short-term: •  Increase sales more than 5.6% •  20% of all respondents self-identified for cross-sell  Long-term: •  Retention holds over long term  The simple act of saying “thank you” generates more sales now Customer Value. Right. Now. 37
  38. 38. How can you apply the relationship process at your company to sell more now? Customer Value. Right. Now. 38
  39. 39. Relationship strategy: delivers a repeatable and scalable process that leverages relationship (rather than price and product) to sell more now. Customer Value. Right. Now. 39
  40. 40. Your Is helpful and Company responsive. Four key elements in the relationship Provides feedback Your process. and insight. Customer How do you Uses customer Your feedback to make this Company create value. repeatable and scalable? Is more satisfied, Your loyal and profitable. Customer Customer Value. Right. Now. 40
  41. 41. Create value. Customer Value. Right. Now. 41
  42. 42. sales Be helpful and marketing responsive. Integrate investments in existing activities. support
  43. 43. Collect feedback. Uncover the key data needs, preferences, and other essential feedback. Customer Value. Right. Now. 43
  44. 44. Sell more now. Use insights to enable higher conversion today and lay the foundation for longer-term success. Customer Value. Right. Now. 44
  45. 45. Relationship strategies are powerful when applied to each stage of the lifecycle. Reactivate Retain Referral Acquisition Cross-sell Up-sell Welcome Prospect Active Customer Inactive
  46. 46. Relationship strategies are powerful when applied to each strategic segment. Why are customers in the segment? What are the drivers that will change their behaviour?
  47. 47. Six things you can do right now (All testable. All with existing budgets.) Customer Value. Right. Now. 47
  48. 48. Thank your customer and ask for feedback. Show them you listened. You will sell more now. Customer Value. Right. Now. 48
  49. 49. Offer your customers help in making their purchase decision (even if its not with you). Give them a calculator, information, workshop or other tools to guide them. You will sell more now. Customer Value. Right. Now. 49
  50. 50. Use your administrative contact (e.g. a statement mailing) to collect actionable feedback. You will sell more now. Customer Value. Right. Now. 50
  51. 51. Present your customers with a “no-strings-attached” value program. You will sell more now. Customer Value. Right. Now. 51
  52. 52. Give your customers access to experts who can help them grow their business. You will sell more now. Customer Value. Right. Now. 52
  53. 53. Have every salesperson ask two key questions in their next sales call. Take action on what they hear. You will sell more now. Customer Value. Right. Now. 53
  54. 54. Thank You. 2 www.raybec.com martin@raybec.com 1 416.951.3873 3 Customer Value Program

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