NEW CUSTOMER ACQUISITION IN TOUGH TIMES
4 Positive Sales Boosting Ideas
I think all of us can agree that it's going to be very rough going - certainly in the short to medium term. Do the bean counters have you running for the hills ... cutting back on all your marketing expenditures?Are results from your current marketing and promotional activities falling?Do you have a tough times strategy in place?The phone stops ringing. Inquiries from your advertising dry up. Response rates from direct marketing activities shrink. Web inquiries slow down. Click through rates decline. Even worse, sales leads and New Customer Acquisitions are hit. If you don't take precautions and prepare to beat the worst you could be seriously affected.Even if yours is a regularly used product/service the ability of companies which need your goods or experience may be seriously compromised by the difficult economy that could encompass us all.Is there anything you can you do to avoid being one of the many companies which will suffer worsening revenues?The good news from ETI is that companies which have been actively seeking new customers via ongoing sales lead generation and qualification campaigns these past few years, already have in place a virtual "machine" for replenishing their sales pipeline with "ready-to-close" sales leads.True, even these pipelines are bound to suffer some reduction. However, this loss can easily be recovered by an affordable budget increase. This is as much as it takes to make it significantly worthwhile to continue to feeding the machine which feeds you, your investors and employees. "Ready-to-close" sales leads in the hands of your sales force will undoubtedly produce new customers and profitable new sales.We should not shy away from looking at the alternative. If you cut your marketing investment and with it your new customer acquisition activity, this could seriously result in a hurtful drop in business. Few new customers beat their own path to your door in the good times; they are even more unlikely to do so in tough times.If revenue from new customers decreases, lack of sales will inevitably lead to business constriction. Sadly many formerly sound firms will not survive.
Could you actually BOOST sales and revenues in tough times?
Did I say BOOST? Yes, and I dare to say it with full confidence because New Customer Acquisition projects by ETI Sales Support can hike sales force productivity by as much as 100% to 300%. That's the range of result our clients have consistently achieved.Can that continue in tough times? Yes, there are several reasons to expect equally good results.
- First because your competitors are likely to cut back. This will open up the field considerably, permitting you to promote and interact with a much broader if tougher market.
- Your competitors will be cutting back on market spend while you can count on getting more bang for your buck.
- They'll be cutting back on sales reps too, while you could be benefiting from improved sales force productivity
Here are specific revenue boosting ideas to help you through the tough times:
Revive Existing Opportunities
Select all those companies which did not purchase from your company in the past. Either because of inaction or because they selected the competition. In fact we've had some great success for certain clients by calling companies which had previously been touched as long ago as 4-5 years!
Revive Inactive Accounts or Marginal Accounts
Has this ever happened to you? You buy a product or service � then you never hear from the seller again. Your existing customer base probably holds a greater sales potential in the short term than the virgin route of New Customer Acquisition.
A top priority. Instruct your sales force to develop a list of 50-100 top prospects they've given up on. So long as these companies are still buying your products or services, a few whales are more profitable than millions of sardines.
Nurturing leads which are not yet ready to buy is a costly and complex task. Yet when correctly applied it's been ETI's experience that some 30% of prospects who did not buy when last called, will close positively over time. Assuming, of course, they are stroked, nurtured and developed as only ETI knows how.Assume if you will, that your sales force only succeeds with 20% - given the tough times - you'll surely agree this is still a significant market victory with the potential of substantial sustained revenue. Experience testifies that these hard to sell companies represent larger and more worthwhile opportunities. Supporting the budget investment to nurture these leads effectively will certainly be money well spent.There is a need to cut in tough times - but not the ground from under one's feet. Tough times do not justify bypassing the opportunity to develop additional sales lead opportunities to make new customers.And this is important: ETI can help you maximize your sales productivity for less than the annual cost of just one sales person.Call us at 914.747.3030 to initiate a discussion on how we can help your company specifically, to maximize its sales opportunities - even in tough times.