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Typically, companies provide comprehensive training for their new representatives on how to acquire the initial sale, but omit building client loyalty and revenue. Unfortunately, the company is missing out on substantial business due to trainers omitting the importance of servicing clientele. The essential yet overlooked part of sales training raises the question, ‘Are you building client loyalty?’
Given I wasn’t permitted sales training, I initially set out in my territory to inquire of prospects about how they prefer to buy. As a child, I was taught to ‘treat others as you would like to be treated.’ Accordingly, I applied the same to my prospective clientele. Doing so became my differentiator for success.
Imagine finalizing a sale to a large company. Upon doing so, it is likely to help you meet your quota and celebrate with peers. But what happens after the fact? Sales representatives often believe the client will not need anything else for a long while, so the communication drops off. The worst error one can make is not to remain in touch with clientele. Why? Consider the financials for a moment.
Now envision a sought-after sale officially finalized. After checking all the boxes for completion, the representative leaves the premises to hunt down new prospects. The total on a spreadsheet remains at the exact figure for the year. Now consider another representative having a different territory. The rep checks in with each client within the first month to inquire that everything is performing to expectations. From that point forward, the salesperson makes a specific inquiry about every client’s preference for check-ins and the method for doing so to then align with their preferences. Professional relationships soon develop as check-ins occur per each client’s request.
Over time, more minor and significant sales will occur that add substantially to the initial amount of the sale. For example, another $20,000 worth of products and services continue to sell within the year. Now multiply the extra revenue times the number of new clients one earns during the year. For example, should a representative acquire fifteen more clients, multiply 15 x $20,000. The total monetary value is $300,000 gained versus the amount lost, as indicated in the first example.
Now imagine several representatives on the corporate sales team who are not in sync with building client loyalty and revenue. How much money is the company losing?
Today may be the day to revamp training.
Management will do well to review the performance of their representatives. Reviewing who has a loyal clientele and those who don’t will be an excellent starting point to improve training. The next step for a business is to multiply the example of an extra $300,000 lost revenue by the number of employees lacking a loyal clientele.
Company financials negatively impact the bottom line when representatives do not experience training in building client loyalty and revenue.
But it’s not just about larger organizations losing out on revenue due to not building client loyalty. Many who enter entrepreneurship have little familiarity with proper sales development and the necessity for appropriately developing their client base. Entrepreneurs will do well to read sales books authored by men and women to gain varying perspectives and apply the insights that both match and challenge their thinking.
Building client loyalty and revenue becomes more significant than the standard company gains. Treating prospects and clients with respect, striving to build trust and credibility, and earning the sale puts one on a higher plane.
Are You Building Client Loyalty and Revenue?
Take time to reflect on the training received or that you provided, and whether it was beneficial overall. Review what can use improvement to assist oneself, a team, or an entire staff. It is never too late to instill new training or take classes on your own. All business requires we remain current, on top of changes in society and with our clientele.
Answer the following questions for ‘do you’:
- Ask the prospect what caught their interest to take time to speak with you?
- Respond to the prospect’s initial answer to then ask more questions for a fuller understanding of their perspective?
- Inquire about client goals?
- Ask for specifics they seek from vendors?
- Inquire about the timeline?
- Ask for what they need in place upfront to enable moving forward?
As prospects see you striving to work on their behalf, their interest will increase as will the number of questions from both sides of the table. The dialogue becomes a relaxed style of negotiation that serves a beneficial outcome for all parties. All of the above leads to building client loyalty and revenue.
In Conclusion: Building Client Loyalty and Revenue
When we operate by putting the client first, our clientele becomes our salesforce providing rave reviews and excellent introductions over time. Sales training improves the effort by teaching how to build client loyalty and revenue. Developing a referring clientele enables us to remain in business for the long term, making the goal of building client loyalty and revenue essential.
Sales Tips: Building Client Loyalty and Revenue
- Review your client roster to determine whether you are building client loyalty and revenue.
- Compare the percentage of one-time customers vs. the long-term to determine if there is room for improvement.
- As an entrepreneur, consider taking classes and reading books to sell better.
- Management can begin improving by asking their sales staff the type of training they see as beneficial for helping to increase their numbers.
- Ask employees to reveal what does not work well for them and alternative suggestions.
- Consult with current clients on how your efforts may improve.
- Ask prospective clients why they are considering a change of vendors.
- Research how other vendors serve their clientele to decipher if you may do something differently.
- Strive to build client loyalty.
- Celebrate Success!