#SeriouslySocial - The Radio Show
The Humanistic Approach to Sales and Marketing
Join Simone Douglas for her first radio show episode with the IBGR Network – Results Radio as she shares her insights into The Humanistic Approach to Sales and Marketing.
Week three of your seriously social journey, a path that changed the way I do business forever and whose benefits regularly surprise me in terms of the opportunities they generate. One of our biggest challenges is the balance between selling to the new and servicing the old.
It is easy to get distracted by all the noise in the business world at large but jump day is your chance to settle in and work on your business in ways that allow you to make the most of your opportunities today, tomorrow and forever.
One of the challenges in an established business as you continue to scale is finding that happy medium between servicing the existing clients and maintaining those relationships and acquiring new clients that help you to continue to grow. In today’s show we take what we have covered in the previous episodes and evaluate the challenges and opportunities in getting this right.
IBGR is committed to your success and our programming is designed to give you the tools and resources as well as the one percenters you might be missing that are the difference between feeling like you are treading water and chasing your tail versus on the up track and master of your domain..
Have a fantastic week, hopefully we have turned your hump day into jump day and you are all fired up for success.
Show Objectives – The Why
Striking the right balance between new and existing customers can make you a happy camper – or leave you running in place. The reality of most businesses is that investment in acquiring new customers comes at the expense of nurturing relationships with existing ones, and vice versa. Herein lies the great importance of optimizing the company’s new-to-existing customer revenue ratio, what we call the “customer revenue mix.”
Key Issues – Owner Perspective:
- What is the ideal revenue mix between new and existing customers?
- Is there a correlation between the customer revenue mix and a company’s success?
- Customer retention strategies versus acquisition strategies
- Handing over key accounts as you scale
- How to balance your sales time between prospecting and nurturing
What You Need to Know – The What
- Analyzing your customer ratios
- How does your mix balance against your stage of evolution as a company
- What retention and acquisition strategies do we have in place and what are we missing
- What is our process for our customers journey with our team
- Balancing resource allocation and automation to keep everyone happy and maintain growth..
What You Need to Do – The How
- Basic customer ratio calculations to health check your exposure or opportunity.
- Complete review of resource allocation to account management versus acquisition
- What are the touch points we maintain with our existing customers personal and automated? Are we actually executing them or did we just put them in our strategy document.
- Identify who has the best retention in the organisation and why
- Identify who has the best acquisition ratio to lead and why
- Make a list of and review all of your marketing plans for acquisition and retention and identify opportunities for improvement.
Previous: Episode C3.008 Identify New Users for Existing Offer
Next: Episode C3.010 Customer Recovery
Written by Simone Douglas
The Publican & Licensee of the Duke of Brunswick Hotel, Executive Director for BNI Adelaide North one of the biggest networking organisations in the world, the driving force behind South Australia’s leading social media agency, Social Media AOK and now best-selling author with her first book “Seriously Social – turning your online game into real-world gain”.
You can connect with Simone on any of her seriously social platforms
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Simone Douglas 2:35
Okay, good morning Australia and hello world you are listening to I the geo network and now known as the international now known as International Business Growth Radio Network. I’m Simone Douglas, your host for today’s seriously social journey into the humanistic approach to sales and marketing, and depending where in the world you are joining me from I hope you either have a great cup of coffee or a good single malt whiskey. It’s early morning here. So I am definitely on the caffeine train, although I would happily be on the other end of the spectrum a little bit later today. Throughout the show, I would love to hear from you. If you have questions or comments, you can tag us on Twitter, Facebook, Instagram or LinkedIn, just search IBGR network. And if you tag me in as well, I will be sure to get back to you you will find my links on the show notes which you can download from the IBGR Network website. Alright, so if you’re listening today, you can listen live four times a day, every week, whether it’s 2 to 3pm in Toronto, Canada, local time.
10am to 11 in Sydney, Australia, local time. If you’re in Mumbai, and you’re staying have extra light, it’s 11:30pm to 12:30am by the looks of things and 1pm to 2pm in London time slot, we’ve got the lunch thing happening. So this is Episode Seven in RC lane at IBGR network sales and marketing. So go to our website IBGR.network and download the show notes for today’s show and that will give you the cliff notes version of what it is that we’re going to cover today. Today we’re going to be talking about C 3007. Opportunities to increase share of wallet with your best customers. It’s easy to get distracted by all the noise in the business world at large. But any good business owner knows that the key to success particularly when it comes to your customers is to listen to them and not the buzzwords of the week or the predictions of the analysts. No offence intended to any analysts that are hanging out with us today. So failure to recognise and replicate your best customers will cost you dearly. So come along for the ride today and let’s get down to the business of identifying who these people are, and what makes them tick and how they matter. So the first thing that we really need to get clear about is the owner perspective and what the key issues are for us as business owners or managers that are responsible for particularly sales in this particular episode. So we need to identify our current share of wallet with our best customers. So who those best customers are, what niches they sit in, and how many of our products and or services we’re currently selling to them. Have we actually maximised that as much as humanly possible? Do we even know whether there are opportunities to upsell on sell for those customers? And have we then made that easy for our team to go ahead and do that? We also need to identify our at risk best customers. So one of the dangers in businesses often if we go on being very secure and quite comfortable about our basic revenue line, and our customers and our customer retention model, we can sometimes get caught by surprise. And I can give you a great example of this. You know, in one of my businesses, we look after five of the biggest private hospitals here in Adelaide, in South Australia. And of those five, three of them had budget cuts in the recent new financial year, which meant that, you know, we lost three major contracts purely because they were just pulling that in house. The advantage of being clear about what our at risk customers were meant that we could then replace that revenue within a short period of time because we put strategies in place around how we can then offer those services on to other people in the health industry. So having some clarity around that. We also need to be able to answer the question does our portfolio or service offering satisfy an adequate number of our customers needs and wants, or are we at risk? Okay. And the risk there is a little bit different. So if you look at it from a business to consumer model, you know, again, a great example of this is the petrol station that then becomes the grocery store that also adds on, you know, coffee service and those kinds of things. So that’s a great example of someone bolting things on to their service offering to make sure that their customers don’t go anywhere else, which is really important. Okay, so likewise, when we’re looking at it from a business-to-business market, what are those other services that are aligned with what we’re already doing, that we should be offering to our customers? What are the things that are going to trigger our customers to perhaps go somewhere else to a different business that perhaps can take more of the boxes for them and if we are risk there, who were the referral partners or people that we can have closer relationships with, that will allow us to safeguard that. So my golden rule is always, you know, if I can’t solve that customer’s problems, how can I make sure that I’m the one that’s still in control of that relationship. And from that point of view, we’re looking at other gaps, we have able to be covered through white labelling solutions where we maintain control that relationship. So can I maintain being the interface between my customer and that product provider, or that service provider in a way that ensures that we’re first point of contact because we know that so long as we can maintain that in a way that still ensures the customer is getting the outcomes that they’re looking for, then we’re going to be successful at retaining our customers as well as then building on that customer base, you know, so we put a lot of effort into getting our customers in the first stage. So these things become really important. So by the end of our time together today, you have a clearer understanding of how to focus on the primary factors to identify your best customers, how to identify at risk customers and save or refresh the relationships, starting to cross sell or upsell at the transactional level, and then expanding at the portfolio level to leverage as well as leveraging the power of pricing.
So, you know if this is your first time listening, which it will definitely be, because if this is my first time on air with IBGR then welcome. For those of you who are fans of IBGR and listening worldwide. Thank you for joining me today. So, you know, in the scheme of things as we’re identifying share of wallet, it can be considered a bit of a jargonistic term. And so what you want to think about really is just segmenting your customers into their product or service groups to start off with and the best person that you can get do this is the person that’s responsible for maintaining the relationship with those customers. So as a business owner or a manager, you’re gonna sit down and actually task your team. If it’s not yourself and with identifying what other issues you can solve for those customers. So if I use my social media marketing agency as an example, one of the things that we worked out is because we specialised in social media marketing, our risk factors for our best customers were that they wanted video production and that they wanted Google Ads. And they want to, you know, podcasting or things like that. So, thankfully, we identified that we had in-house capability for a number of those things, but then the trick became communicating that to our customers in a way that they trusted that we had that expertise available to steward them through that process. So that becomes really important as well. So as you’re considering all of these things, you know, you start by identifying where are your niches? Okay. So, what as you are quantifying your best customers, do they fit into specific industries? And are those industries, you know, your strong point where where you play all the time now if if it is what are the aspects of those industries that you need to take care of, or look after? Okay, and then if your best customers for let’s say, into medical like I was talking about before or allied health, then you know, how many additional medical allied health businesses are there out there and so that you can increase your wallet share across a market, okay? So just not with your customers but also across the market as a whole, because those things become really important as well. So once you’ve identified and if we use medical as an example Once you’ve identified that you want to go and play in the hospital space. Okay, so we work that out. And as I said, we’ve got X number of hospitals already on the books. So how many more hospitals are there out there that we can then approach? And what are all of the issues are the pain points that we’re going to solve for those hospitals? And we had the conversation with our existing clients about what their pain points are, and how we need to help them or how we can support them differently. You know, and it’s a really simple question. So you just get your sales team, you know, to go out there and start gathering the data and the information about what are the things that are bugging them? What are the issues that are irritating them, what are the roadblocks to their business right now and how can you potentially support them in fixing it because you want to be that solution provider to the business as well. Okay, so it In this scheme of things in a little bit, we’re getting place to take a bit of a short break, but we’re going to move on from there to what you need to know. Okay? So when we come back, we’ll be running through how to find promising accounts and customers. So what it is that you can do to identify those things, how to find struggling accounts and customers, so the ones that are not particularly happy. Cross selling and setting things up again at the transaction level, which is really important and an easy way to do value add and add things besides expanding at the portfolio level. So you goal there is to prove the value and become the preferred provider for products or services. Okay, and then leveraging the power of pricing. So pricing is one of those things that we tend not when we first get into business. So when we’re in that startup line, we tend not to understand exactly how easy it is to reprice services in a way that allows you to make the most of things. But realistically as we get in now into the C3 stage, so you’re an established business and you’re working out where those gaps are pricing reviews, and pricing bundling become really important. So we’re going to run through all of those things. But right now we’re going to get ready to take a short break and I will join you on the other side.