In our industry, we are all striving for ways to increase revenue. It’s a daunting task when faced with local competition, rate structures and the increasing presence of TNCs.
Despite such obstacles, you can use multiple ways to separate yourselves from the rest and grow sales. I’ve researched various recent studies on this subject and share results here. I will also cover in subsequent articles how to achieve profitability on those accounts you have added to your client roster.
We all have attempted to secure accounts in various ways, but one basic sales “rule” stands out. It is the 100-10-1 rule which states that for every 100 calls you make, there will statistically be 10 meetings to evolve. From those 10 meetings, there will be one account that will close. Those numbers vary depending upon who is calling.
Word of mouth is clearly one of the most driving forces in growing revenue, which leads to the survey regarding customer satisfaction.
Make Customers Happy
The study shows that 91% of unhappy customers will never call you again for service. To limit this, please note the following:
• You should consistently survey clients to measure overall satisfaction. You can outsource this function if you lack time, as it will give you critical information on how your clients feel about your service.
• Assess loyalty. To generate repeat business, you must measure client behavior by examining client history, incidents and preferences.
• Apps for monitoring quality service. Two to research: Qualardo and Temper. This will give you feedback on overall client satisfaction.
• Consider a live chat window on your website where you can immediately interact with clients and their issues.
Keeping Customers Long Term
A recent article in Forbes highlighted the seven best practices for building client relationships:
1. Be patient in building new relationships. It clearly takes time, and always remember that no amount of personal connection can substitute for great work. Too often, we believe relationships will solve everything, but they don’t without superior service.
2. You must get to know your client’s industry and, specifically, their company. You don’t have to be an expert, but clients want to do business with someone who can speak the same language.
3. Go the extra mile. Customize solutions. Clients will remember the times you came through for them. It actually may open additional revenue streams.
4. Treat every client as your most important one. When you do, such clients will give you the most referrals. Those decisionmakers also switch jobs and bring your company’s services along.
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5. Respond promptly. One of the biggest complaints from clients is how long it took to get a response and/or resolve a problem. You must reply to a client’s e-mails quickly as they need the comfort of knowing you are treating their concerns immediately.
6. You must be more than just an e-mail address. In today’s busy business climate, clients need to talk on the phone, on Skype and in person.
7. When discussing any issue with a client, summarize next steps. You should recap the conversation to avoid any later confusion.
Growing Revenues
The final survey, which I found interesting, was published in Forbes and it deals with the five principal ways to pursue revenue:
1. You must have an account strategy. Plan for the long term and focus solely on client needs.
2. Be an introvert and extrovert. It takes both personality traits to achieve increased sales. The introvert listens carefully to customers and avoids the appearance of being overly confident or excited while the extrovert is assertive and enthusiastic to persuade a close to get the account. Mastering a combination of those traits will separate you from the rest.
3. Be driven. Showing that you possess an overwhelming desire to succeed, while being competitive, optimistic and ambitious are further strengths to help generate sales.
4. Use social media. 78.6% of those who use social media outperform those who didn’t use it. The Harvard Business Review reported that LinkedIn proved to be the most effective social media tool.
5. Be either a closer, use a consultant or become an expert to obtain sales. The closer can generate large sales but at times their talking style doesn’t work well for selling services. The consultant listens well and would be a good problem solver when faced with challenges from clients. The experts are typically well rounded and excel at all facets of selling.
If executed properly over time, all of the above pointers will help you grow sales. I wish each of you the best as you build your business.
Ron Sorci is the founder and CEO of Miami-based Professional Consulting Resources Inc. (www.pcrforyou.com). A former senior executive at public and private companies, Sorci most recently worked as CFO of Aventura Worldwide Transportation in Miami. He also served as President of the National Limousine Association from 2009-2010. He can be reached at Ron@pcrforyou.com or (786) 229-3662.
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business growth finance financial planning operator finance Profit Driven profits revenue growth revenues Ron Sorci
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