Selling after the first sale – Step 3 of 3
Making the first sale to a customer is just the beginning of your business relationship with them. This three-step series shows you how to use this ‘platform’ to grow sales (after that first sale) with medium and large sized companies. Here is step 3 of 3.
Step 3 – Approach internal prospects through relationships and referrals
Once you have assessed the Incremental Revenue Opportunity (IRO), map this against the existing tiers of customer spend. Focus a good part of your time on those accounts which have the highest potential for increase (H1 to H3 in the table below), regardless of the size of current spend. This approach also helps you avoid ‘over-servicing’ large customers from who you already enjoy maximum ‘share-of-wallet’.
In 2008, James began a new role (as an Account Executive) on the team which reported, through his Manager, to me. In his portfolio of medium and large corporates, one of the inactive clients was Australian Consolidated Press in Sydney CBD. Within the first six weeks, he secured an opportunity to meet with the Brand Manager of one of the publications. At that meeting, he built good rapport as well as developed a clear value proposition for his target buyers. He was invited back in a fortnight to present to a team of 14 Brand Managers. That led to the developing of new relationships with individual decision makers in business units and getting a clear understanding of their needs. Within six months, this account went from being inactive to being a highly active relationship.
In a world that is increasingly aware of the power of social media and networking, it is imperative to maximise leverage from our existing relationships. They enable us to establish trust quickly and build new relationships to develop new opportunities.
Here’s to your continued success!
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