Accelerating Business Growth

Friday, January 20, 2006

“Unlocking the Potentiality Lying in Your Existing Client Base!”

Today I want to share one secret with you of how to unlock the REAL potentiality of your clients and customers – allowing you to harvest the windfall profits lying dormant in your business. And the idea is based on this focused question;

Are you maximising and realising the true potentiality of your clients and customers?

Whenever I start with a new client on a coaching or consultancy engagement I have three accelerator questions I always ask.

The first is how many customers do you have? And of course with a bit of digging into records most businesses can give me this information.

The second question is what do those customers spend with you in total? – and to keep the exercise simple I base this on an annualised spend. Again with some research we can identify this figure.

And the third and most important question; How much could they spend with you based on your current product and service offering? Or phrased a different way how many of your clients or customers are multi sourcing or simply buying elsewhere products and services they could be buying from you?

Most clients don’t know the answer to this question so we set a project plan for the customer service or sales people to go and speak with all their customers – making sure they educate them on the full range of products and service they can buy from them and ascertaining their real potentiality through some well thought out and structured questions that we prepare together.

You can imagine how excited the sales and customer teams are once they’ve done this exercise and the typical responses which come back from the customers. “I didn’t know you did that”, or “I’d never thought about coming to you for that product”, being just two of the typical responses.

And yet we’ve already invested the time and effort to develop the relationships with those customers – they’ve already bought from your business – they’re already bought into your brand – to you and your team – now is the time to realise their true potentiality and worth to you and your business.

Having done this exercise with hundreds of businesses I’ve yet to work with any business where the potentiality v the current spend hasn’t been at least double – yes double and sometimes the potentiality of the existing customers has been as much as 10 fold the current spend.

Perhaps it would be worthwhile running a session with your team and answering those three focused questions

I wonder what this figure would be for your business?

Written by Royston Guest, Sales and Marketing Director of Pti International, the UK's leading personal and business growth organisation.


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