On my the third cup of Starbuck’s Komodo Dragon blend…
If you go back and look at your books from last year, odds are that you’ve lost quiet a few clients to your tire-kickin’, low-ball competitors. I would argue that 83% of these customers could have been retained had you properly followed up after the sale. Did you think to send a thank you card? How about a quarterly client newsletter and some “special offer” off-holiday postcards throughout the year, or have some one in your office do a courtesy call to see how the security install went and to see if they needed anything else? Did you do any of that? Shame on you if you didn’t, but going forward after this blog post there’s no excuse for not taking better care of your client (money) base.
Making More Money Fast
A great way to make more money is to stop losing clients, beginning with the next one who is about to walk out the door. This will require putting a value on what a client is worth and what the cost of replacing a client really is. It costs way more money to get the client the first time ‘round, then it does to keep a happy, satisfied client in the roost.
So you can decide how much you are willing to invest in NOT losing that client. Take that investment and figure out how much you want to spend on PM (preventive measures) and RR (rescue and recovery) so that you have mechanisms in place to keep your client base intact and happy…the very mechanisms I mentioned in the first paragraph.
If you do the things that I’ve been telling you to do, you will never have to bust your arse drumming up leads, because you will have a highly profitable, referral-based business with folks who are predisposed, pre-sold, pre-interested in doing business with you…Okie Dokie?!
Clients For Life
It costs WAY more money to keep finding new clients, plus it’s 10X easier to sell to existing clients. So why take the rocky, hard road if you don’t have to?
When I have a private consulting day with a client, we focus a lot of time on designing and ramping up multi-step, multi faceted “stick” strategies (for new clients) and “keep” strategies (Life Time Value).
I can’t believe how many security dealers (heck for that matter business owners in general) take paying customers for granted. You’re not doing them a favor because you installed a security system, they’re doing you a favor by calling you to come to their home or office! Why not make them feel real good about paying you to work on their system?
Missing Person Database
Every year you and I are long-lost customers to several businesses and the best part is these companies don’t even realize that we’re lost! I guess they think…Gee, Bob hasn’t been here in a while. Oh well, he must not like us anymore”…if they think anything at all! Every year national companies and local Mom & Pop stores lose me as a customer for not coddling me a little bit and making me feel special. Something a simple thank you card, follow-up phone call, quarterly client newsletter, and some off-holiday postcards would do…just to let me know that they know I’m alive and kickin’ and they appreciate my business! There aren’t very many companies that do anything remotely proactive to win my semi-handsome face back into their businesses.
You ought to HATE –and I mean Hate—losing clients!
Green Bay Packers – Super Bowl Champs
The athletes or the teams that consistently win, are the ones that can’t stand losing. Winning is not sufficient enough. To be a successful security dealer/integrator it’s essential to understand the true economics of losing clients and be super-motivated and highly creative to invest aggressively in not losing clients.
By the way, any old sales rep can get a new client, but it’s the follow-through, that goes on after the sales, that will keep clients happy for life.
Talk to You soon!