Driving Retention and Growth in any Economy

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In this economy more than ever, it's important to not only keep your current customers happy but also grow your business. This presentation shows you how.

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  • Explain A+ Explain GPA is the result What’s the process we use to to uncover the answers • Just like back in school, it’s report card process • But back to school example, to boost GPA what did you need to know – know the answers – open book test, questions in advance • To boost GPA, what are the answers you need to know about your customers? • At TEG, the to get the answers, we started asking customers
  • In order to prevent that, we’re going to offer you today a method to get you to more of knowing That’s all well and good, and sets up why we feel so strongly about why knowing what customers want is so important. And how guessing can cost lots of time money and provide unpredictable results. Let’s apply the process that TEG and others on this list have used – it’s our Green Compass report card process. Rather than tell you about it, best we to learn it is going to walk throuhg it…we are going to step you through and let you experience it. Not share or do anything embarrassing We have a handout for you and going to step you through it. Play the role as one of your customers and have you experience the interview that we do [Talk about existing customers???] Write your top 5 existing customers (or initials) In order to make this work for everyone, if you are a startup and don’t have accounts, list 5 people you buy from – WAIT Next put your key contact next to each one (or their initials) - WAIT Circle on that list of 5, the one you wish you had 100 more of, just like them - WAIT Now you are going to be playing the role of the person who is the key contact for the company you just circled Any questions before we go on? Two things – Go ahead and please do this please participate because we have an exercise coming up Be brief – sentence of phrase – let you experience – but can’t do full interactive interview (normally would be a conversation)
  • If that’s something you want to do, let’s just share a few tips from our experience that help make the reprot card process go smoothly Record Easier to have natuaral conversation versus taking notes So you can transcribe call Transcribe 3 rd Party - Here’s our recommendation: Have trusted friend or 3 rd party, who has no stake with the customer, go ask the customer these same questions on your behalf. Why 3 rd Party? In order to keep it objective: Don’t Get Lip service Avoid Commission breath Objection handling – call grand kids not smart/ not good looking Ongoing Things change
  • 5 hours of conversation; into 13 one-page conversation starters
  • Really 3 key things to look for Fix [why] Early warning, major, immediate Execptations Relationship/people Product or service Impacts [why] Quantitiative Qualititative Personal What Else [why] Products / Services Value Add Recommendaitons
  • Driving Retention and Growth in any Economy

    1. 1. Dublin Entrepreneurial Center February 11 th , 2010 Drive Retention & Growth in Any Economy
    2. 2. 56% of vendors perceive themselves as being extremely customer focused.... 76% of senior marketers said they were not realizing the full revenue potential of their existing customers. but only 12% of customers agreed.
    3. 3. Guessing vs. Knowing
    4. 7. <ul><li>Hire a superstar salesperson with deep industry expertise and “killer” rolodex </li></ul><ul><li>Create a “wow” sales presentation and drill each sales person on how to give it </li></ul><ul><li>Focus all sales activity on new accounts and set new quotas </li></ul><ul><li>Change the commission plan to incent more new account sales </li></ul><ul><li>Require all new closed business to be turned over immediately to “non-sales” people to do account management and customer service to keep the sales team focused on new accounts </li></ul><ul><li>Do more quotes and RFPs </li></ul><ul><li>Require weekly call reports that hit target call goals </li></ul><ul><li>Do a weekly pipeline review and require mandatory dollar targets for pipeline increases </li></ul><ul><li>Create a good marketing brochure </li></ul><ul><li>Cut prices to attract new business </li></ul><ul><li>Offer no obligation service trials and tests </li></ul><ul><li>Send more follow-up literature and correspondence of all types to active opportunities in the pipeline </li></ul><ul><li>Do more networking </li></ul><ul><li>Foster a spirit of friendly competition among employees to exceed goals e.g. invoices processed per week per employee </li></ul><ul><li>Freeze salaries </li></ul><ul><li>Give employees free soft drinks and coffee </li></ul>What Did They Do?
    5. 12. Improved performance of 2 mid-sized companies that were sold above market value to Fortune 500 companies Used to drive sales growth for company that reached BusinessWeek’s Top 100 Small Public Companies Guided Columbus-based company to #28 on Business First’s Fast 50 Emerging Companies Helped three companies reach #8, #20, & #87
    6. 13. Why Do a Report Card?
    7. 14. Why Do a Report Card? GPA Grow – Protect - Add Relationships
    8. 15. <ul><li>Collect </li></ul><ul><li>Analyze </li></ul><ul><li>Act </li></ul>DIY Report Card:
    9. 16. Step 1: Collect Report Cards
    10. 18. <ul><li>1. How would you grade them overall from A+ to F? </li></ul><ul><li>What are the positive reason for the grade, if any? </li></ul><ul><li>3. Why did you originally select them? </li></ul><ul><li>4. Why do you stay with them? </li></ul><ul><li>If for any reason you'd stop doing business with them, what would it be? </li></ul><ul><li>6. Have they told others about them? What did/would you have to say? </li></ul><ul><li>Any additional services or products you wish they provided? </li></ul><ul><li>Anything that needs to be fixed? </li></ul><ul><li>Any other feedback or comments about your relationship with them? </li></ul><ul><li>10. In general what do you value absolutely the most from any supplier or vendor? </li></ul>
    11. 19. <ul><li>Record </li></ul><ul><li>Transcribe </li></ul><ul><li>3 rd Party </li></ul><ul><li>Repeat </li></ul>Collecting Report Card Tips:
    12. 20. Step 2: Analyze Report Cards
    13. 22. Finding the Needles “ In general things are very good. The only thing that really bothers me are some of these additional charges we get on our invoice. We pay a monthly fee for their service and a lot of times I wonder why are we getting charged more? Shouldn't this be part of the standard service? “ Fix Impacts “ They negotiate with the vendors and we do not have to get involved with that. It is an additional cost savings. We consolidated services without increasing costs.” What Else? “ We are really happy with the existing product. You know, it would be great if they had a reporting piece. We’ve talked to a few others companies about some solutions.”
    14. 23. Step 3: Act on Report Cards
    15. 27. Finding the Needles “ In general things are very good. The only thing that really bothers me are some of these additional charges we get on our invoice. We pay a monthly fee for their service and a lot of times I wonder why are we getting charged more? Shouldn't this be part of the standard service? “ Fix Impacts “ They negotiate with the vendors and we do not have to get involved with that. It is an additional cost savings. We consolidated services without increasing costs.” What Else? “ We are really happy with the existing product. You know, it would be great if they had a reporting piece. We’ve talked to a few others companies about some solutions.”
    16. 28. <ul><ul><li>The only thing that really bothers me are some of these additional charges </li></ul></ul>Fix /Address Conversation Starter <ul><ul><li>They negotiate with the vendors…It is an additional cost savings </li></ul></ul>Positive Impacts <ul><ul><li>It would be great if they had a reporting piece </li></ul></ul>What Else? Customer: Jane Doe, ACME Company Current Grade: B+
    17. 29. <ul><li>Take Action Quickly </li></ul><ul><li>Be Transparent </li></ul><ul><li>Involve Multiple Titles </li></ul><ul><li>Do Ongoing Report Cards </li></ul>Final Cautions:
    18. 30. “ You miss 100 percent of the shots you never take.” -Wayne Gretzky
    19. 31. Cost of Guessing Return on Knowing
    20. 32. Our Report Card

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