An Often Overlooked Source of Revenue
Sales Training Article: An Often Overlooked Source of Revenue
By John Holland, Chief Content Officer, CustomerCentric Selling® – The Sales Training Company
Image courtesy of Stuart Miles at FreeDigitalPhotos.net
Most couples would be better served not to think of the ennui that has settled into their lives. Over time there is a tendency to take certain things for granted. The relevance of the expression: “The honeymoon is over.” awaits most newlyweds.
The same analogy can apply to new vs. existing customers. When going through buying cycles with prospects, sellers are careful to ensure they gain access to Key Players that will be involved in making buying decisions. After buying decisions are made, most of the contact with the account will be with middle to lower levels. Sellers may also believe that if any requirements arise, customers will contact them.
Within CustomerCentric Selling® we define prospecting as taking Key Players from latent to active need for a business outcome that can be achieved through the use of an offering. The vast majority of sellers view business development as an activity for finding new accounts. Whether prospects or customers, there are far more Key Players with latent needs than those that are actively looking to make buying decisions.
Prospecting within the customer base offers several advantages:
1. Key Player contacts are already established.
2. Contact with Key Players within your accounts (whether or not new buying cycles start) is important.
3. Contracts/legal agreements are already in place.
4. Buying cycles should be shorter.
5. Win rates for add-on business will be higher than for new accounts.
In determining how you’ll make this year’s quota, be sure to factor in business that can be gotten from your install base.
Take a look at the sales training workshops available to you and improve sales performance.