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Archive for the ‘Account Management’ Category

Post Sales Follow Up

Posted in Account Management

Post Sales Follow Up

After-the-Sale Service Practices

The Return on Your Investment
One of the reasons so many sales people have trouble committing to after sales service and follow up is because they cannot see the return on their investment. Many people feel that once the sale is closed and the commission earned and spent, any further time allotted to the customer is a waste. After all, you are paid to make sales not to “hold a customer’s hand” after the sale is done. However, effective sales follow up will do more than patronise your customer; it will bring you more sales.

Follow up also doesn’t mean you must bend over backwards and “jump through hoops” at a customer’s whim. While you should always provide your clients with a value that is greater than the money they paid, you will still perform a service. Follow these three simple steps:

1. Continue to sell
2. Make yourself available
3. Become a liaison for everything

Continue to Sell
What happens to your enthusiasm for your product or service once you close the sale? Usually when the customer has signed the order, received the goods and paid the bill, the sales person discontinues the “selling.” At first glance this appears to make sense, because the customer has bought the product; the client has agreed to the service and therefore no more selling is needed. The sales person feels no need to continue to try to convince the customer, because the customer is “sold.” However, this instant “drop” in your enthusiasm for your product or service can have a detrimental “buyer’s remorse” effect on your customers.

From the client’s perspective, you were first very excited to get the opportunity just to speak to the client about your wonderful product. You and your company spent a lot of money promoting this product and securing an appointment. You jumped up and down about how essential the product was to your customer and pushed for the sale. You pushed the client to buy the product NOT because you needed the money but because you felt the customer needed the product. You assured the client that you had his or her best interest at heart. You insisted the prospect buy the service because he would benefit more than anyone. You emphatically claimed that your primary motive was to help the customer and the money was only secondary. Then, once you “got the money,” that was it. It all stopped and you disappeared.

If you are genuinely excited about a product, that excitement should remain with you after the sale, whether the customer makes a purchase or not. Also, it is after the customer makes the initial purchase that their doubt and second thoughts begin to creep in. It is after the customer has spent his money when his neighbor tells him that he made a mistake or the husband tells his wife she should not have signed the agreement. It is after the sale that the true “OBJECTIONS” arise. You have to continue to SELL your product to the customer almost as if the customer did not buy: continue to sell the product long after the sale.

As you visit the customer and continue to sell the product for which the customer has already made the purchase, it strengthens the buying decision in the mind of the customer and raises your level of professionalism. The customer realises that you are still selling even though there is no commission to be made. The customer realises that you actually believe in what you said. The customer’s trust in you grows and this is where the customer will begin to “open up” and inform you of their other needs.

Depending on the product or service you sell, this continuation of the sale, can be simple or very complex. If you sell services that interconnect, then this process will be ongoing and more detailed. You want to come up with three to five ways that you will continue to sell your product AFTER the sale. Here are a few examples:

A. Security systems sales person closes the sale for an alarm system with the business owner. Two weeks after the sale, the sales person visits and takes the customer some recent news articles about robberies in the area, reassuring the customer that his decision was sound and well timed. Another two weeks later, the sales person sends customer a letter in the post with some statistics that show that owners of their systems have never suffered a break in.

B. Car sales person sells new car. Four days after the sale, sends customer a news clipping that shows the car has won new awards for safety. Two months later, sends the customer a birthday card and a note that the demand for the car they bought has increased and pushed up the price and value of their car.

You want to have three to five after the sale “Selling” points for your customer. This can happen over a period of a few months or years due to the nature of your product. In either case, over the course of time, develop and deliver three to five selling points. You can use the form at the end this document to keep track.

Make Yourself Available
Let your customer know that you are “available” anytime for anything. Make an occasional telephone call or send a letter that tells the customer that you are “there” to assist. It is important NOT to sell on these occasions and you can combine this with your staying in touch occasions. Create three to five ways to inform your customer that you are available. Remember, these can be days apart or months apart.

Become a Liaison for Everything
One of the most effective ways to maintain account management and to follow up is to become a liaison for your customer to other services and needs. Become someone that the customer can call for ANYTHING that they may need even though it may not relate directly to your product or service. Become a “resource” for your customers.

For example, let us say that you sell executive training services and your client, Mr. Jones, is a happy customer. Of course, you will stay in touch with Mr. Jones in as far as providing him with additional training services. However, what of Mr. Jones’ other needs? You find that Mr. Jones is in the market for a new car. You do not sell cars, but one of your clients owns a dealership. You also have clients involved in technology, real estate, finance and insurance. You want to inform your client that before he goes to search the telephone directory to buy anything, to call you first.

Sales Person: “Mr. Jones, please remember that you can call me for anything and I mean anything. As I mentioned, I have a lot of customers in all types of industries in this area. They are all successful people just like you. So, when you need an estate agent or a lawyer, don’t pick up the telephone book, call me first…”

You then become a major resource for the customer; a super directory: a Super Sales Person. This networking will bring you a lot of extra business in addition to keeping your customers happy. Over the course of time, make three to five actions that inform your client that you are the conduit to all of his or her needs.

Happy Selling!

Sean

Sean McPheat
Managing Director
MTD Sales Training

Telephone:
0800 849 6732

Posted: September 22nd, 2008 | | Email Post | Add comment

Cultivate Your Accounts

Posted in Account Management

How To Cultivate And Manage Your Accounts

Ok, you’ve located the prospect, qualified the lead, made the contact, secured the appointment, made the presentation, presented the proposal and finally closed the sale.

You now have a customer; that is someone who has done some business with you.

But now what do you do?

How do you turn that customer into a loyal CLIENT?

Understand this: creating long-term client relationships is not as easy as it once may have been.

Today’s consumers are sophisticated, educated, savvy buyers who have a whole world of information at their fingertips.

Add the fact that your competition has become fiercer and are constantly trying to “buy” your customers and the result is buyers who are far less loyal then in the past and stand ready to “trade up” the moment you miss a beat.

You must know how to build “relationships” and become an integral partner in such that you transcend the lure of a discount.

In reviewing your account base for more business remember three words: Care, Cultivate and Consult!

Care – for the Customer

The dictionary definition for “to care” means to be concerned.

The first thing you must do is demonstrate that you are concerned; you care for your customer and their business.

Note the word I used was “demonstrate” and not “talk about.”

You can tell the customer how much you care but you have do actually show that in what you do. How often do you call to ensure their needs are met?

Not to see if you can get another order; but to see if you can be of SERVICE?

As you work with your base, you want to contact your customers and show that your concern for their well being and success goes beyond the commission you already spent.

Send an email asking new questions, continuing to sell your services and the fact that you are always available.

“Hi Miss Customer; of course you know we sell software solutions, but I noted the last time I was there that you were having some problems with your file and print servers. I was just wondering if I may be of some help.”

Let your customer know that you are there to assist even in areas were you do not get paid to do so. Keep notes in your CRM database, keep your eyes open for industry news that may apply to the customer and ask questions.

Listen, you did things like this when you were trying to impress the prospect to get the first sale—now keep it up!

Cultivate – the Relationship

Most sales people believe that the way you cultivate and build a relationship is to go out of your way to become drinking buddies or golfing partners with your customers and while such may sometimes be the end result, it is not the path.

The correct path to a deep relationship is to continually provide valuable services, solve problems and become a close “partner” to your customer.

By doing this, the personal relationship will automatically develop—but it will be sincere! Look, people are not going to remain loyal to you just because you sent a bottle of scotch or ‘butter them up’ with false flattery every time you see them. Be sincere and help them.

“Mr. New Customer, I came across this article on international mortgage rates and I know you are looking for a new location, so I thought you could use this information…”

A good way to cultivate is to ask the customer to explain and boast about their achievements. As they do this, it gets you deeper in to the company and closer to the client.

“Miss New Customer, since you took over IT at XYZ, you increased efficiency 85% and I am glad I was able to help with our software solutions. But I would really be interested to know how you overcame so many other challenges like high turn over at the help desk. Could I buy you lunch and…”

Consult – Always

Continue to be a consultant, which means to give advice; to be a counselor, industry authority and mentor.

“Mr. Customer, there is a conference next week on international shipping; it might be a good idea if your shipping manager could be there.”

“Mrs. Customer, I know you have a booth at the upcoming convention and I would like to give your sales team a few extra tips on using our CRM that will help them maximize the amount and quality of the leads they capture…”

For solid account management: Show you care. Cultivate and broaden the relationship and continue to be a consultant.

Until the next time, take care of yourself and happy selling!

Sean

PS If you want to improve the performance of your sales people please click on the link below and send me an enquiry:
http://www.mtdsalestraining.com/enquiry.html or please give me a call on 0800 849 6732

_______________________________

Sean McPheat
Managing Director
MTD Sales Training International

Telephone:
0800 849 6732

Website:
http://www.mtdsalestraining.com

Posted: July 8th, 2008 | | Email Post | Add comment

Managing Accounts Tips

Posted in Account Management

I received an email last week from Trevor Borrows who is a newly appointed National Sales Manager in charge of a team of Account Managers.

__________________________________________________

Here’s what Trevor asked:

"Hi Sean, being a new National Sales Manager I need to understand how to develop account strategies. I’m really wet behind the ears with this.

I appreciate that you run courses around this and I will be asking you to come in and help us to put strategies in place and then to train my team in account management best
practices but for now, could you give me some guidance whilst I secure the funding? Thanks Trev Borrows"

__________________________________________________

My exact reply was:

Hi Trevor,

There are various labels that can be used to describe the way a sales team is set up to approach its market, covering the sales approach and parts of the structure.

The "traditional" approach:

- Get new accounts
- Get the order
- Push for the option to discount
- Give extra services etc to get the sale
- Treat all accounts the same way
- Sell to anyone
- Think that everyone in the organisation should fit around your
   promises to customers
- Feel that certain internal functions are a nuisance and only
  there to block sales.
- "Lone ranger" mentality

 
Relationship selling

- Manage existing accounts
- Develop wider contacts
- Focus on service and support
- Create a sense of partnership
- Can see everything from the customer’s point of view
- Inclined to want (or need!) to be liked

Consultative selling

- Can add value, not just talk about it
- Knows customer and their industry very well
- Probes and questions to explore issues
- Keeps learning and developing
- Harnesses team to work together with the client
- Works on a business partnership basis – supported by personal
  relationships where appropriate

Which describes your approach?

A bit of everything maybe?

To go forward into the future with confidence and success your team has to be geared towards working with profitable accounts. 

This involves the following:

* Account selection
* Account retention
* Account dominance (becoming the preferred supplier)
* Getting the price
* Managing the selling and service cost

Account selection:
Identify, and develop the relationships, with accounts you want to do business with – and who may want to do business with you.  Too many sales people chase accounts where there
is not a good fit or who will never buy.  Part of this is having the skills to know which business to not do.

Account retention
This is the key to real profitability – if managed properly. 
The better the relationship then both parties know how to work together and so costs are reduced.  The costs of acquisition become absorbed and so the relative and actual profit increase. 

Account dominance
If you can get to the position of being the dominant supplier, then the account becomes even more profitable.  Most major organisations either choose to, or have to, multi-source and
will often split business between 3 providers.  However, this is often done unequally and major supplier often has a number of advantages in terms of prices and profitability.

Getting the price
The professional sales force need to be able to understand their pricing and also the costs involved in servicing the client. The need to have a grasp of the cost of their own time, what it
means when they offer "specials" and trials to clients and how all of these effect the bottom line.  Learning to negotiate is key!

Managing the selling and service cost
This links closely with the previous point.  The professional seller is careful about this and ensures that they do not over-commit themselves or the company and hit the profitability of the account.

We can cover all of the above during our training but your new approach needs to:

- Identify and focus on the potential high profit accounts

- Retain existing accounts

- Aim to become the principle of preferred supplier

- Manage each account for the long-term business and profitability

- Price for profit

- Understand the cost implications – and manage the accounts for profit

To help this – follow these points:

- Get aligned with the customer on their fundamental business issues

- Keep the aim on a long-term relationship

- Customise solutions to meet the customer’s particular needs, using technology when you can

- Constantly learn about the customer, their business and their needs as they change – and be willing to adapt to those

Thanks again Trevor, I look forward to hearing from you shortly

Sean Mc

Posted: August 19th, 2007 | | Email Post | Add comment



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