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Good Products Aren’t Enough

Customer Retention is one of the primary focuses of contemporary sales and marketing Sales Process commands and controls What is so important about the sales process? Tracking customers and prospects are mandatory. Good Products Aren’t Enough. Goals. Acquire and retain customers

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Good Products Aren’t Enough

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  1. Customer Retention is one of the primary focuses of contemporary sales and marketing Sales Process commands and controls What is so important about the sales process? Tracking customers and prospects are mandatory Good Products Aren’t Enough

  2. Goals • Acquire and retain customers • Reduce administrative time (sometimes 50% of a sales rep’s time • Robust account management (especially Opportunity Management – and what does OM buy the CEO) • Improve sales rep effectiveness and efficiency (examples) • Increase profits

  3. Losing a customer – drains psychic and financial resources Understand the switching costs of your product group Direct Marketing Acquisition costs, $10:1-customer Internet Marketing text says $3:1-customer Other sources 5:1, 7:1 Customer acquisition costs contributed to the Dot Com bust Keeping Customers vs Acquisition Costs

  4. Measurement of what a customer is projected to be worth over a lifetime CLV (Customer Lifetime Value) = NPV of all orders (revenue or profit) over the next N years less the acquisition cost A customer’s (prospect) relative CLV enables you to allocate resources in pursuit of customer loyalty Customer Lifetime Value

  5. Competition is vicious in acquiring the same customer Challenges in measuring CLV Average $ / order Actual customer retention rate Number of orders per year per customer Cost of acquisition Profit per order Customer Lifetime Value

  6. No. #1Sales don’t use it Many factors contribute to non-use Big brother Others ?? Barriers to Success

  7. Creates more closings per rep; increase profits Increased customer acquisition rate Reduced customer service costs Increased customer loyalty, satisfaction;CLV Improved workflows: increased efficiency Measuring the success of marketing campaigns Many, many others ROI

  8. Knowledge Management Incentive Compensation Analytics Territory Management Product Configuration Customer Needs Assessment Marketing Encyclopedia Functionality

  9. Lead Management Opportunity Management Contact Management Sales Methodology Framework (know the steps). Post Sale with a sub step called “Collect the Money” Funnel / Funnel Analysis More Functionality

  10. Partner Management Expense Reporting Proposal Management Quote and Orders Pipeline Management And More Functionality

  11. “ Show people what they want most, and they will move heaven and earth to get it.” Translating our strategy #1 in customer experience across all services Drive 2x revenue growth in expanded markets Grow operating profits 3x over FY02 Achieve above targets within 4 years Sales – Key differentiators “ Ability + attitude + activity – excuses = Sales Success “

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