Plugging Up Revenue Leaks
Plugging Up Revenue Leaks
Not leaking water or fluids. But rather leaking REVENUES”. That is, your business is gaining revenues in the front end AND losing them in the back end. Regardless of whether your leak is a small crack or a gaping hole, it is costing your business revenues.
The GOOD NEWS is:
Plugging up your “strategic leaks” is THE EASIEST, QUICKEST way to grow your business ... WITHOUT ever spending a dime. So what is the #1 strategic leak in your business?? The leak that ,if plugged up, can double or triple your revenues in no time??? (Hint: It starts with the letter “A”.)
Give up? The #1 “strategic leak” in your business is ATTRITION ... customer ATTRITION.
The cause of this leak??? No infrastructure in place to do SYSTEMATIC CUSTOMER FOLLOW-UP.
OK, I know that this is boring stuff. Not as glitzy as talking about your future visions or goals. BUT (and this is a big “but”) systematic consistent follow-up is CRUCIAL to your business survival and growth. As Mary Kay put it so succinctly ...
************************************************ “Don’t spend million dollar time on penny tasks.” ************************************************
It is absolutely your **responsibility ** and your **opportunity** to bring the highest value to your current customers. You are doing them a disservice to not follow up about additional products or services that can add value to their businesses and their lives.
Now that you know the critical “why”, how do you get started? Below are recommended action steps for “plugging up your strategic leaks” . Remember: This is QUICKEST, EASIEST way to grow your business ... without spending a dime. Happy plugging!!
************************************
PERFORMANCE MASTERY ACTION STEP
***********************************
STEP 1: Setup your follow up system and identify a follow up strategy. My recommendation is a technology- based follow-up system, like the software program ACT, to save time and handle a large customer base. The most important action is to just get started. The longer you wait, the more revenues you are leaking.
STEP 2: Analyze your customer base for last year. Make a list of your “lost," non-repeat customers and contact them. Ask for genuine feedback regarding their lack of recent purchases. As many as 40% stop ordering due to life circumstances and will be thrilled to become an active customer again. For dissatisfied customers, give them an incentive to buy again - such as free products - and make good on their dissatisfaction.
STEP 3: Plug up those strategic leaks once and for all. Stay in touch with your customers on a consistent basis. Let them know you care. Thank them for their business. Reward them for being loyal. Get their feedback about your products, services and customer service. Your customers are THE single most valuable asset in your business. They are the life blood why you exist.
Plugging Up Revenue Leaks - To learn more about this author, visit Denise Corcoran's Website.
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If you are like 97% of other business owners, your business is probably “leaking”. That’s right ... leaking.
Not leaking water or fluids. But rather leaking REVENUES”. That is, your business is gaining revenues in the front end AND losing them in the back end. Regardless of whether your leak is a small crack or a gaping hole, it is costing your business revenues.
The GOOD NEWS is:
Plugging up your “strategic leaks” is THE EASIEST, QUICKEST way to grow your business ... WITHOUT ever spending a dime. So what is the #1 strategic leak in your business?? The leak that ,if plugged up, can double or triple your revenues in no time??? (Hint: It starts with the letter “A”.)
Give up? The #1 “strategic leak” in your business is ATTRITION ... customer ATTRITION.
The cause of this leak??? No infrastructure in place to do SYSTEMATIC CUSTOMER FOLLOW-UP.
OK, I know that this is boring stuff. Not as glitzy as talking about your future visions or goals. BUT (and this is a big “but”) systematic consistent follow-up is CRUCIAL to your business survival and growth. As Mary Kay put it so succinctly ...
************************************************ “Don’t spend million dollar time on penny tasks.” ************************************************
It is absolutely your **responsibility ** and your **opportunity** to bring the highest value to your current customers. You are doing them a disservice to not follow up about additional products or services that can add value to their businesses and their lives.
Now that you know the critical “why”, how do you get started? Below are recommended action steps for “plugging up your strategic leaks” . Remember: This is QUICKEST, EASIEST way to grow your business ... without spending a dime. Happy plugging!!
************************************
PERFORMANCE MASTERY ACTION STEP
***********************************
STEP 1: Setup your follow up system and identify a follow up strategy. My recommendation is a technology- based follow-up system, like the software program ACT, to save time and handle a large customer base. The most important action is to just get started. The longer you wait, the more revenues you are leaking.
STEP 2: Analyze your customer base for last year. Make a list of your “lost," non-repeat customers and contact them. Ask for genuine feedback regarding their lack of recent purchases. As many as 40% stop ordering due to life circumstances and will be thrilled to become an active customer again. For dissatisfied customers, give them an incentive to buy again - such as free products - and make good on their dissatisfaction.
STEP 3: Plug up those strategic leaks once and for all. Stay in touch with your customers on a consistent basis. Let them know you care. Thank them for their business. Reward them for being loyal. Get their feedback about your products, services and customer service. Your customers are THE single most valuable asset in your business. They are the life blood why you exist.
Plugging Up Revenue Leaks - To learn more about this author, visit Denise Corcoran's Website.
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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