How I Raised Myself from Failure to Success in Selling Ch 30

Customer Retention Strategies

• Prioritizing Existing Customers: Automobile salesmen often forget customers after the sale. This is a common issue, with many people reporting similar experiences. Conversely, companies like Chevrolet Motor Company have seen success by focusing on retaining customers. Their motto: "Never forget a customer; never let a customer forget you." This proactive approach led to their top sales position for many years.

• Customer Service and Relationships: Customers value courtesy, attention, and service. Sales success, regardless of product or service, is improved when selling teams focus on maintaining contact with established customers by offering attention and service.

• Courtesy Calls: The article highlights follow-up calls for customers after a sale. Companies, like Frigidaire, successfully generated additional sales by making follow-up calls a week or so after installation.

• Proactive Customer Surveys - Taking surveys to gauge customer satisfaction and discover pain points is crucial to understanding customers' needs and tailoring services.

Generating New Customers

• Referrals are Key: Often, customers recommend a product or service to others. Over half of buyers indicate a friend or relative influenced their purchase.

• Leveraging Referrals: The use of letters of introduction, whether formal or brief, is highly effective in generating new prospects. A concise letter or card works well to facilitate smooth referrals.

• Identifying New Customers: Focus on new customers to receive strong leads. This is because they are more enthusiastic and likely to promote their new purchase to friends and neighbors.

• Timing is Critical: Act quickly on referrals. Delays in following up on referrals diminish their effectiveness and can lead to lost opportunities. Within six days, or even six minutes, works best.

Showing Appreciation

• Expressing Gratitude: Following up with those who referred your customers is important and shows appreciation. Failure to follow up with the referrer might cause resentment. Providing updates on sales results to the referrer further enhances rapport. Even if a sale isn't made, the referrer may be able to provide a new/better lead or offer insight that helps in the next sales effort.

• Formal Appreciation: Formal letters of appreciation can be an effective way to express gratitude, like the example shared from a bank.

Sales Strategies

• Position and Strategy: Successful salespeople understand the importance of anticipating the next step in a sale and maintaining a strategic position in the industry and toward clients. They anticipate what each step might involve and the client's likely response.

• Proactive Mentality: Maintaining continuous effort to generate new business opportunities is vital. The analogy to shaving is apt: If consistent prospecting is not undertaken, success will inevitably diminish.

Explore effective customer retention strategies utilized by successful companies. This quiz covers the importance of prioritizing existing customers, maintaining strong relationships, and the value of follow-up communication. Learn how proactive engagement can enhance sales and foster loyalty.