Money

How To Master Money-Making Roles

Posted on April 7, 2016 by Ron Sorci

Page 1 of 2

In our industry, we are all striving for ways to increase revenue. It’s a daunting task when faced with local competition, rate structures and the increasing presence of TNCs.

Despite such obstacles, you can use multiple ways to separate yourselves from the rest and grow sales. I’ve researched various recent studies on this subject and share results here. I will also cover in subsequent articles how to achieve profitability on those accounts you have added to your client roster.

We all have attempted to secure accounts in various ways, but one basic sales “rule” stands out. It is the 100-10-1 rule which states that for every 100 calls you make, there will statistically be 10 meetings to evolve. From those 10 meetings, there will be one account that will close. Those numbers vary depending upon who is calling.

Word of mouth is clearly one of the most driving forces in growing revenue, which leads to the survey regarding customer satisfaction.

Make Customers Happy
The study shows that 91% of unhappy customers will never call you again for service. To limit this, please note the following:

• You should consistently survey clients to measure overall satisfaction. You can outsource this function if you lack time, as it will give you critical information on how your clients feel about your service.

• Assess loyalty. To generate repeat business, you must measure client behavior by examining client history, incidents and preferences.

• Apps for monitoring quality service. Two to research: Qualardo and Temper. This will give you feedback on overall client satisfaction.

• Consider a live chat window on your website where you can immediately interact with clients and their issues.

Keeping Customers Long Term
A recent article in Forbes highlighted the seven best practices for building client relationships:

1. Be patient in building new relationships. It clearly takes time, and always remember that no amount of personal connection can substitute for great work. Too often, we believe relationships will solve everything, but they don’t without superior service.

2. You must get to know your client’s industry and, specifically, their company. You don’t have to be an expert, but clients want to do business with someone who can speak the same language.

3. Go the extra mile. Customize solutions. Clients will remember the times you came through for them. It actually may open additional revenue streams.

4. Treat every client as your most important one. When you do, such clients will give you the most referrals. Those decisionmakers also switch jobs and bring your company’s services along.

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