At conception, all companies are created equal. In Business 101 you are told; offer a product and or service that meets the needs of an expanding market, be it emerging or established. Without exception the companies that experience exponential growth have distinguished themselves from their competition. Whether they utilize price, superior quality or service, all three are inconsequential. In fact most sales guys will tell you, they have the best product at the cheapest price with the best service.
The key ingredient of a company’s growth/success is its ability to establish and maintain a reoccurring sales cycle. This in turn creates a residual revenue stream and turns sales people into order takers. You will find this common denominator in every single Fortune 100, 500, or 1000 company. This process is started at the point of sale and continues until the day your customer places his/her last order. From that first contact whether by telephone or in person, an impression is made and an opinion is formed. This can be the beginning of a long and prosperous relationship, or a single sale. The choice is yours.
The initial sale to the company is what we all want the result to be. However, this should not be the end result. Even though we have generated revenues for the company which keeps the doors open and the bills paid and hopefully turns a profit, this is just the beginning. We should look at the long term relationship with this customer as just that, a relationship. One that needs to be developed nurtured and maintained. If your customer has agreed to purchase your product or service, then you have also convinced him you are the right man/woman for the job. In the beginning his belief in you will be enough to keep the account. After all you are in the honeymoon stage. In the months and years to come, you will be measured against the bond you have formed and the service you provide. If there is no personal bond or relationship formed, one small mistake could cost you the account.
The actual maintenance of a customer starts BEFORE the initial sale is made. This is accomplished by utilizing phrases in your sales pitch that make a customer feel like they are in a partnership with you. At the same time, as apart of your close, set up scheduled meetings, whether it’s by telephone or face to face. These meetings will allow you to bond with and further service your customer. Let your customer know that you are working on their behalf, that you are always available for them. Reiterate, when they succeed, you succeed. And finally, emphasize that he/she is a priority and important. This will create a comfort level and fuel the beginning of a long and profitable relationship. The process of “Creating and Maintaining a Residual Revenue Stream” has now begun.
The second phase of customer maintenance is the scheduled monthly, bi-quarterly or quarterly meetings. These meetings are the best opportunities to schmooze, bond, and interact. Make suggestions, ask questions but most of all, “LISTEN” to your customer. Make sure that you have any type of statistical information, industry news, charts and graphs or any props that will give you the tools you will need to substantiate and reaffirm the value and wisdom of the initial purchase by the customer. These meetings whether by phone or in person serve as a reminder to the customer that you are monitoring the account and it keeps your name and your companies name fresh in the mind of the customer. The customer feels like he is getting a valued service and gives him or her a sense that they are important to you. It also allows you the opportunity to diffuse any problems that may have arisen and to get a sense of the customer’s demeanor.
The final thirty days prior to the client’s contract coming up for renewal is the most important phase. This is when you reinforce the value of your product or service and point out all of the benefits that their company has received. In all sales that occur, an investment by the client has taken place. This is the time that you show the client that his “Return on Investment”? (ROI) has paid off. As stated above, the use of statistics, charts and graphs or any positive result that has occurred over the last year that is directly or indirectly related to the clients investment in your product or service should be defined.
Creating and Maintaining a Residual Revenue Stream requires the efforts of the entire company from the receptionists, secretaries, and sales associates, all the way up to the management team, even the president and CEO. Remember it’s the people that make an organization succeed or fail both the employees and owners. By properly maintaining a customer over the course of the contract and doing the things that take little time but can be very beneficial when it comes time for renewal, the probability of the customer remaining your client has increased tremendously. This in turn will allow your income to increase month after month, and year after year.
Making the transition from successful domain name owners, dealing with PPC, PPA, and/or search engine rankings, to successful business owners utilizing our digital assets, is an arduous process, but certainly one that can be accomplished. At Recall Media Group, we prove that everyday.
Always Remember: “It’s what you learn after you know it all
that’s important”?
Jerry Poole
V.P. Business Development
Recall Media Group
Related ASSISTA Searches:
Revenue Stream
Exponential Growth
Reoccurring Sales
Residual Income
Sahar -
I really like the Assista terms at the bottom of the posts - quick way to reference other sources from the article.
Steve
—-answer—-
Thanks Steve, it will get better very soon. Working on a related blog module to post it nicer (and for me on the back-end, easier).
Sahar