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We've now reviewed 6 of 10 Business Truths That Matter. Those goal minded business professionals who utilize these truths can position their business for a more successful return on the investment of time and money.
This week we're looking at #7 and #8:
7) Broaden your sales and leadership skills, the skills of your team; and, your product and service knowledge. School must never be out for you or your team if you are to better protect your professional expertise. Ask yourself these questions:
- Where do you stand in your sales proficiency? Where does your team stand?
- Do you find yourself leading or managing?
- How do you determine what product or service best fits your client’s needs or which client or prospect is best suited for your product or service?
- What learning and development programs are available in the marketplace that might benefit myself and or my team with our sales and leadership skills?
- What type of internal developmental programs do we conduct? What is missing from our offerings?
It was once said that there is no substitute for knowledge. Legendary Communications Professor Herb Dordick was credited with stating, “Getting informed and keeping informed produces knowledge that, when applied, generates substantial payoffs.” Thus we never stop learning by always searching for positive and influential lessons. When we broaden our skills, and the skills of those in our control; and, when we also expand our product and service expertise, we put ourselves in position to lead in our market and exceed our goals.
8) Build your business retention results by growing your client knowledge level. Retaining business can be an overlooked strength in today’s very competitive arena. Many business operations place a high value on attracting new business but often don’t put as much attention to retaining its current client base. It costs nearly 6 times more to get new business than to keep existing business. While new growth is critical for any business operation, it is also imperative that a business strive to retain as much of its current client base so that growth might have a compounded impact. Business retention demands a focus on clearly discovering the continued expectations of clients and striving to transform an initial business association into a growing relationship. Here are some key questions to consider:
- What do your clients expect from you? How do you know?
- How do you stay in touch with clients? What is not working? What is working?
- What one action if initiated today would without doubt increase your retention results?
- What were the top 3 reason that you lost clients over the past 12 months? What have you done to correct this?
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What processes are you utilizing to better solidify a relationship environment with your clients?
Walmart’s founder Sam Walton once said, “Exceed your customer’s expectations. If you do, they’ll come back over and over. Give them what they want-and a little more.” In essence when you are able to fulfill Sam’s directive, you too should see your retention levels grow.
Begin today to utilize these Business Truths in your endeavors. They will enable you to better achieve the results you seek IF you will put their messages into action.
Next time we'll look at Truth #9...
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